Income Tax 2024-25: During the Union Budget proceedings for fiscal year 2023-24, Finance Minister Nirmala Sitharaman declared that the new tax structure will be established as the default regime. This updated approach to taxation was initially implemented in 2020. The present rules stipulate that should taxpayers neglect to declare their preference with their employer, deductions … Read more
New Tax rules 2023: The Government of India announced several new rules for the Income Tax in the Union Budget 2023. One of the significant announcements regarding personal taxation was the declaration of the New Income Tax Regime as the default tax regime. In her Budget speech for 2023-24, Union Finance Minister Nirmala Sitharaman said budget … Read more
Income Tax Returns: Taxable income can be defined as any income you earn during the tax year. Under this, all components of income are included starting from monthly salary, dividends from stocks, other investment income, pensions, capital gains, rental income, business income, hobby income and others. Based on the total income earned by a person … Read more
The government is mulling an increase in the standard deduction limit available to salaried taxpayers and pensioners by 30-35% in the upcoming budget while income tax slabs are likely to remain unchanged given the limited fiscal headroom, officials said. At present, Rs 50,000 standard deduction is allowed to these categories of taxpayers. Industry bodies have … Read more