Effective April 1, 2025, new income tax regulations have been introduced following the enactment of the Finance Act 2025. One of the significant changes is the increased income limit for individuals opting for the new Income Tax regime to avail rebates under Section 87A. The threshold has been raised from Rs 7 lakh to Rs … Read more
PAN 2.0: The Government has launched the PAN 2.0 Project to modernise and digitise the existing Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) system. The primary goal is to enhance the user-friendliness of issuing and managing PAN and to streamline the various platforms and portals involved in PAN services. The … 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
The Ministry of Finance has notified the final Cost Inflation Index (CII) for FY25 (Assessment Year 2025-26) at 363. The ministry through the Central Board of Direct Taxes (CBDT), issued Notification No. 44/2024-Income-Tax on May 24, 2024, detailing the Cost Inflation Index (CII) for the financial year 2024-25 i.e. Assessment Year 2025-26. The notification … 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
Meeting in person for the first time in two years, G20 leaders had a full agenda including climate change, the Covid pandemic, a landmark tax deal and global economy worries. Here is a summary of what they agreed. Leaders committed to the key Paris Agreement goal of limiting global warming to 1.5 degrees Celsius above … Read more