Income Tax: Submit investment proof soon to prevent TDS from eating into your salary
11 months, 1 week ago

Income Tax: Submit investment proof soon to prevent TDS from eating into your salary

Live Mint  

If you have already made investment in some of the tax-saving instruments such as insurance, PPF and NPS, among others, it is imperative that you submit the proof of your investment at the earliest so that your employer does not deduct more tax than required. But when you didn’t submit the documents, the tax towards this income of ₹1.5 lakh was also deducted, thus reducing your cash in hand. Limit of ₹1.5 lakh is sacrosanct: You can make as much investment in tax-saving instruments as you want, but remember that deduction will be given only for ₹1.5 lakh in a financial year. And the limit of ₹1.5 lakh includes all investments put together such as in the PPF, NPS, ULIP, Sukanya Samridhi Yojana, tax-saving fixed deposits and ELSS, among others.

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History of this topic

Income tax share from below ₹10 lakh group shrinks over 10 years, high earners dominate
Trending News
1 month, 1 week ago

Income tax share from below ₹10 lakh group shrinks over 10 years, high earners dominate

Live Mint  

Data from the Income Tax Department reveals a shift in India’s tax landscape over the past decade, with the share of tax collected from individuals earning less than ₹10 lakh dropping from over 10% to 6.22%. Tax collection from this group has tripled, rising from ₹2.52 lakh crore in 2014 to ₹9.62 lakh crore in 2024, data showed. “Tax liability …

It is time India started indexing tax slabs and exemptions with inflation
Trending News
1 month, 1 week ago

It is time India started indexing tax slabs and exemptions with inflation

Live Mint  

NEW DELHI : One of the big stories of the Indian economy has been the sharp increase in personal income tax collections. As the government’s revenue from personal income tax rises, it will likely face greater scrutiny and higher taxpayer expectations regarding the tax system's efficiency, transparency, stability, and fairness. The old tax regime evolved over several decades, allowing individuals …

Income tax benefits, capital gains tax hike, cheaper phones | Key Budget takeaways
5 months ago

Income tax benefits, capital gains tax hike, cheaper phones | Key Budget takeaways

Hindustan Times  

Finance minister Nirmala Sitharaman on Tuesday proposed the much-awaited change in the income tax slabs as she tabled the first Union Budget of the new Narendra Modi government. "Under the new tax regime, tax rate structure to be revised as follows - ₹0- ₹3 lakh -Nil; ₹3-7 lakh -5%; ₹7-10 lakh-10%; ₹10-12 lakh-15%; ₹12-15 lakh- 20% and above ₹15 lakh-30%," …

New Tax regime rules to come into effect from today: Check deductions, rebates, changes in tax slab
8 months, 3 weeks ago

New Tax regime rules to come into effect from today: Check deductions, rebates, changes in tax slab

India TV News  

As the new financial year begins on April 1, there will be changes to India's income tax regulations. The Centre will implement the New Tax Regime as the default setting, which implies that unless individuals manually choose to abide by the old tax structure, taxes will be automatically assessed and applied according to this new system. The tax slabs will …

Small tax demands up to ₹1 lakh waived, bringing relief for income tax payers
10 months ago

Small tax demands up to ₹1 lakh waived, bringing relief for income tax payers

Live Mint  

The government has recently announced a scheme to waive off small outstanding income tax demands, setting a ceiling of ₹1 lakh per taxpayer. The scheme aims to provide relief to taxpayers burdened with old outstanding tax demands. Criteria for waiver Finance Minister Nirmala Sitharaman had announced during the interim budget that small outstanding direct tax demands of ₹25,000 or less …

Income Tax saving: 5 things taxpayers can do before March 31
1 year, 9 months ago

Income Tax saving: 5 things taxpayers can do before March 31

India Today  

Taxpayers have already started planning investments for the next financial year as the current one ends on March 31, 2023. Firstly, taxpayers can claim a deduction of up to Rs 1,50,000 by investing in ELSS, PPF, NPS, EPF, tax-saving fixed deposits, and other instruments under section 80C. Taxpayers can claim an additional deduction of Rs 50,000 in addition to the …

How taxes are calculated on salary above ₹7 lakh in new regime? A quick view
1 year, 10 months ago

How taxes are calculated on salary above ₹7 lakh in new regime? A quick view

Live Mint  

One of the biggest limelight of the Budget 2023 is none other than personal income tax slabs which have been modified further and are likely to boost consumption demand. - The income Tax rebate limit is increased to ₹7 lakh from ₹5 lakh - The surcharge rate is slashed to 25% from 37% under the new tax regime. The income …

Budget 2023: How the new tax regime is different from the existing one
1 year, 10 months ago

Budget 2023: How the new tax regime is different from the existing one

Hindustan Times  

A look at the old and new income tax slabs. Those individuals with income between ₹5 lakh and ₹7 lakh had to pay 10 per cent tax. The tax payers earning between ₹7.5 lakh and ₹10 lakh had to pay 15 per cent income tax. Those earning between ₹3 lakh and ₹6 lakh will have to pay 5 per cent …

Budget 2023 | Those earning up to ₹7 lakh a year need not pay income tax
1 year, 10 months ago

Budget 2023 | Those earning up to ₹7 lakh a year need not pay income tax

The Hindu  

Finance Minister Nirmala Sitharaman on Wednesday announced that those earning up to ₹7 lakh a year need not pay any income tax under the new tax regime, giving a push for the regime which disallows all exemptions on investments. Those earning up to ₹7 lakh annually and opting for new tax regime, could save ₹33,800. “It is proposed to increase …

Budget 2023 new income tax slabs: How to calculate your tax
1 year, 10 months ago

Budget 2023 new income tax slabs: How to calculate your tax

Hindustan Times  

In a big relief for the middle class, finance minister Nirmala Sitharaman on Wednesday announced five income tax measures in the last full budget of the government before the 2024 Lok Sabha elections. People earning up to ₹7 lakh annually will not pay any income tax in the new tax regime as the personal income tax rebate limit has been …

Budget 2023: How are old and new income tax slabs different from each other
1 year, 10 months ago

Budget 2023: How are old and new income tax slabs different from each other

Hindustan Times  

The income tax slabs were last changed in 2014, when the personal tax exemption limit was revised, too. From the upcoming budget 2023, taxpayers are expecting the current tax slab with basic exemption limit of ₹2.5 lakh income to be increased to ₹5 lakh, in lieu of rising inflation and cost of living. New tax slabs 1) Annual income of …

How to claim tax deduction on rent if you are sharing the flat
2 years, 10 months ago

How to claim tax deduction on rent if you are sharing the flat

Live Mint  

If you are sharing a flat, then claiming tax deduction on rent can become complicated. Without this, you will not be able to claim tax deduction on the rent you have paid. This requirement applies irrespective of whether you get a house rent allowance from your employer or not, but want to claim tax deduction on rent under section 80GG. …

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