Zero tax till Rs 12 lakh: What’s difference between rebate under Section 87A, exemptions & deductions?

Zero tax till Rs 12 lakh: What’s difference between rebate under Section 87A, exemptions & deductions?

Budget 2025: The recent announcement of a Nil tax rate for individuals with taxable income of up to Rs 12 lakh in the fiscal year 2025-26 has been met with enthusiasm by those within this income bracket. Finance Minister Nirmala Sitharaman implemented changes to the slabs, rates, and rebates under the New Tax Regime to guarantee … Read more

Income tax relief: Rs 12.1 lakh vs Rs 12.5 lakh vs Rs 12.75 lakh – how marginal income tax will be calculated? 

Income tax relief: Rs 12.1 lakh vs Rs 12.5 lakh vs Rs 12.75 lakh – how marginal income tax will be calculated? 

Income tax calculations: The Union Budget 2025 raised the income tax exemption threshold to Rs 12 lakh, effectively making incomes up to this amount tax-free. For salaried individuals, this limit increases to Rs 12.75 lakh after factoring in the standard deduction of Rs 75,000 under the new tax regime for FY 2025-26. This has become possible … Read more

Tax filing 2024: What all senior citizens should know before filing taxes for AY2024-25

Tax filing 2024: What all senior citizens should know before filing taxes for AY2024-25

Income Tax for senior citizens: As the deadline for income tax filing nears, it is imperative for senior and super senior citizens to comprehend the distinct provisions. The Income Tax Department has designated exemptions, deductions, and advantages designed for senior citizens and super senior citizens in accordance with the Income Tax Act, 1961. The income … Read more