The Marginal Tax Rate refers to the tax rate that applies to each tax bracket in a taxpayer’s income or other taxable income for which they qualify. It is the percentage taken from the taxpayer’s additional rupee of taxable income above a predetermined income threshold. As an individual’s income increases, so does their marginal tax … Read more
Tax calculations: The Centre has once again aimed to enhance the appeal of the New Tax Regime by introducing lower tax rates and reducing deductions. This restructuring aims to simplify taxation, while the Old Regime continues to provide tax benefits through various exemptions and deductions. The proposed income tax slabs in the Union Budget 2025 … Read more
Union Budget 2025: In the Union Budget 2025, Finance Minister Nirmala Sitharaman revealed an increase in the basic tax exemption limit in the new tax regime. The limit has been raised from Rs 3 lakh to Rs 4 lakh, providing a significant benefit to a large portion of salaried taxpayers. With no income tax burden … Read more