The Income Tax Department has issued a reminder that the final installment of advance tax for the financial year 2024-25 must be settled by March 15, 2025. This means that only three days, including today, remain until the payment is completed. It is mandatory to settle all outstanding advance tax obligations by the specified date. … Read more
ITR filing: Taxpayers have until March 31 to update their income tax returns for the last two financial years, allowing them to correct any mistakes or omissions. This opportunity, introduced by the Finance Ministry in the Finance Act 2022, is available to those who wish to rectify their returns within two years from the end of … Read more
In Budget 2025, Finance Minister Nirmala Sitharaman unveiled significant income tax savings, giving taxpayers more funds and introducing modifications to the way they compute their obligations. A noteworthy point is that individuals with earnings up to Rs 12 lakh are exempt from paying income tax in the updated taxation system. During her speech, the Finance … Read more
Tax calculator 2025: The Income Tax Department has introduced a user-friendly tool for taxpayers to compare taxes under the New Tax Regime for the financial years 2024-25 and 2025-26 (post budget proposal). This tool allows individuals to determine which tax regime is more advantageous based on their income and deductions. Access the official Income Tax … Read more
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
Tax calculation: In Budget 2025, the Finance Minister announced that no income tax is payable up to an annual income of Rs 12 lakh, providing a tax rebate for individuals earning up to this amount. The tax slabs for different income brackets have been updated, with those earning between Rs 4-7 lakh now required to pay … 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
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 calculations: The Union Budget 2024 has introduced a new set of tax slabs for the new tax regime to provide more tax relief compared to the previous tax system. Individuals may wonder how to determine which tax regime is more advantageous for them. The decision will depend on the specific deductions that each taxpayer can … 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