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
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 Regime: The Centre introduced the New Tax Regime under Section 115BAC as a new optional alternative to the Old Tax Regime from April 1, 2020 (FY 2020-21) for individuals and the Hindu undivided family (HUF). But after three years, Union Finance Minister Nirmala Sitharaman during the Union Budget 2023 announced that the New … 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
Old Tax Regime slabs vs New Tax Regime slabs for senior citizens: Income Tax return filing is a mandatory exercise for all Indian citizens, salaried, non-salaried, senior citizens. According to the Income Tax department, an individual resident who is 60 years or above in age but is less than 80 years at any time during … Read more
New Tax regime in ITR 2024: In the Union Budget 2023, Finance Minister Nirmala Sitharaman declared that the new income tax regime will be the default one starting from April 1, 2023. However, the minister said that taxpayers can still avail of the old regime. The new tax regime, which was introduced in the Union … Read more
West Bengal Chief Minister Mamata Banerjee. File photo | Photo Credit: DEBASISH BHADURI West Bengal Chief Minister Mamata Banerjee on Wednesday, February 1, 2023 described the Union Budget for the financial year 2023-2024 as an opportunist and anti-poor Budget. Addressing a public gathering in the State’s Birbhum district, Ms. Banerjee also added that the new … Read more
In a relief to micro, small and medium enterprise (MSME) suppliers, the penalties imposed on them for failure to execute contracts will be reimbursed and a mechanism to settle contractual disputes of the government will be put in place. The budget has also paved the way for easier flow of collateral-free funds, lower cost of … Read more
Maharashtra Deputy Chief Minister Devendra Fadnavis watches the live telecast of Union Budget 2023-24 presented by Finance Minister Nirmala Sitharaman on February 01, 2023. Photo: Twitter/@Dev_Fadnavis Stating that the Budget presented by Union Finance Minister Nirmala Sitharaman would give a massive boost for Maharashtra’s sugarcane industry, Deputy Chief Minister and State Finance Minister Devendra Fadnavis … Read more
File picture of a manual scavenger at work. Image for representation | Photo Credit: PTI Coming in with a nearly ₹100 crore allocation in this year’s Budget for the newly christened NAMASTE (National Action Plan for Mechanised Sanitation Ecosystem) scheme, Finance Minister Nirmala Sitharaman on Wednesday said that the Union government is looking to enable … Read more