Union Budget income taxes: In the first Budget of the Modi 3.0 government, Finance Minister Nirmala Sitharaman introduced many important changes to income taxes. The most prominent was the tweaking of tax slabs and increase in Standard Deduction limit under the New Tax Regime. However, she didn’t introduce any change in the Old Tax Regime. … Read more
Union Budget 2024: Finance Minister Nirmala Sitharaman on Tuesday brought in some relief for the taxpayers under the New Tax Regime. After increasing the Standard Deduction limit from Rs 50,000 to Rs 75,000, FM Sitharaman revised the tax slabs for the New Tax regime. She said salaried employee will now stand up to save Rs … Read more
“To me, in terms of the tax rates on cap gains, in fact, if you go back in a year or two, it was expected that they will bring in rationalisation. To be honest, I was just checking in other countries also, you do not have so many multiple rates across that,” says Hemal Zobalia, … Read more
Budget 2024: Finance Minister Nirmala Sitharaman will be presenting the Union Budget for 2024-25 later this month. Since the beginning of this year, taxpayers have been expecting some relief and concession on the tax front. But were disappointed in the Interim Budget as the finance minister proposed to retain the same tax rates for both … Read more
The Income Tax filing deadline is just 46 days away from today, with the deadline being on July 31, 2024. Taxpayers should be ready to file their returns anytime now at the tax rates declared by the government. One should note that there are two types of tax regimes — Old Tax Regime and New Tax … Read more
Sir, I have decided to shift to the New Tax regime. I understand that deductions are not allowed in the new tax regime. Will I lose the tax benefit on the interest income of my PPF account? Please answer my query. — Ganesh By Rajiv Bajaj, Chairman & MD, BajajCapital No, the interest income from the … Read more
Since the Centre made the New Tax Regime the default tax system in 2023, there has been many reports on which tax system is better and what to choose. The government introduced a new tax regime, known as Section 115BAC, as an alternative to the old tax regime. This new regime was optional and started … Read more
The common perception is that individuals earning up to Rs 15 lakh annually cannot completely save on taxes. However, if planned wisely, one can pay zero tax even with a yearly income of Rs 15 lakh. In this article, we look at how to achieve that. Firstly, by utilising the basic exemption limit offered by … Read more
Dear Sir, I plan to shift to the new tax regime starting this financial year. I am a salaried person. Please let me know whether I will be entitled to a standard deduction. Also, what about the HRA exemption, as I pay a huge monthly rent? Shelly Reply by Rajiv Bajaj, Chairman & MD, BajajCapital … Read more
It is the start of the new financial year from April 1. Since last year, it is mandatory to choose the appropriate tax regime that suits a particular investor. Most taxpayers, especially those with high income or those having several tax-saving investments, prefer the Old Tax Regime. Should you have chosen to adhere to the … Read more