ITR filing 2025: The NDA government 3.0 introduced a major income tax relief for the salaried class in the Union Budget 2025. Union Minister for Finance and Corporate Affairs Nirmala Sitharaman announced that individuals will not have to pay any income tax on total earnings up to Rs 12 lakh. This translates to an average monthly … Read more
Tax-Budget 2025: During the presentation of the Union Budget 2025-26 in Parliament on February 1, Saturday, Union Finance Minister Nirmala Sitharaman introduced several measures. One of the key proposals in the new tax regime is the complete exemption for individuals earning up to Rs 12 lakh annually. This move aims to provide relief to the middle-class … Read more
Budget 2025: Last week, Finance Minister Nirmala Sitharaman announced that there will be no taxes on normal income up to Rs 12 lakh starting from the financial year 2025-26 under the New Tax Regime. The Budget 2025 proposed that the tax-free income limit for salaried employees in the new regime will increase to Rs 12.75 … Read more
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
The Income Tax Department has introduced a new feature on its e-filing portal that allows taxpayers to submit rectification requests online, even if their Income Tax Returns (ITRs) are currently being reviewed by the Assessing Officer (AO). This enhancement streamlines the process of error correction and eliminates the need for manual submissions. Taxpayers should be … Read more
ITR filing: The Income Tax Department has provided a significant update by allowing taxpayers who qualify for the section 87A tax rebate for the financial year 2023-24 to claim it now. In a notification issued on December 31, 2024, the tax department stated that eligible taxpayers will soon be able to submit a revised or … Read more
The Bombay High Court has instructed the Central Board of Direct Taxes (CBDT) to issue a notification extending the deadline for revised and belated Income Tax Return (ITR) filings until January 15, 2025. This extension applies only to taxpayers eligible for claiming the section 87A tax rebate. This is in response to a Public Interest … Read more
Income Tax Slabs: The first full Budget presented by the Modi 3.0 government, unveiled by Finance Minister Nirmala Sitharaman on Tuesday, brought in some important amendments to the tax system, especially the New Tax System. The finance minister made some changes in the New Tax Regime tax slabs, which will particularly favour the middle-class taxpayers. … Read more