Budget 2025: One reason Sitharaman can afford to give income tax benefits
1 month, 3 weeks ago

Budget 2025: One reason Sitharaman can afford to give income tax benefits

Firstpost  

Finance Minister Nirmala Sitharaman on Saturday announced major tax benefits for the middle class, with positive tax collections likely being one reason for her to arrive at such a decision Finance Minister Nirmala Sitharaman on Saturday announced major tax benefits for the middle class, with positive tax collections likely being one of the reasons for her to arrive at such a decision. The on Saturday pegged gross tax receipts of Rs 42.70 lakh crore for the next fiscal, an 11 per cent growth over the revised estimates for the current year. The revised estimates for the current fiscal has pegged gross tax revenues at Rs 38.44 lakh crore, higher than Rs 38.40 lakh crore provided in the Budget Estimates. Personal income tax is projected at Rs 12.57 lakh crore, while corporate tax is at Rs 9.80 lakh crore. As per Budget data, personal income tax collections are projected to grow by 14.4 per cent to Rs 14.38 lakh crore in the 2025-26 fiscal beginning April 1.

Budget Income Crore Lakh Sitharaman Tax Benefits  tax  benefits  income  afford  lakh  reason  current  projected  sitharaman  fiscal  2025  crore  cent  estimates  budget  rs

History of this topic

Steep cut in tax won’t be rolled back, FM tells LS
Trending News
1 day, 18 hours ago

Steep cut in tax won’t be rolled back, FM tells LS

Hindustan Times  

New Delhi Union finance minister Nirmala Sitharaman assured the Lok Sabha on Tuesday that the steep reduction in personal income-tax for the middle class would not be rolled back in the future, noting that the government has carefully factored in the ₹1 lakh crore outgo while estimating revenue for 2025-26, which includes a 13%-plus projected growth in personal income tax …

Budget provides ‘marginal relief’ for those taxpayers whose income exceeds ₹12 lakh p.a., says Nirmala Sitharaman
Trending News
2 days, 7 hours ago

Budget provides ‘marginal relief’ for those taxpayers whose income exceeds ₹12 lakh p.a., says Nirmala Sitharaman

The Hindu  

Finance Minister Nirmala Sitharaman on Tuesday said the Finance Bill 2025 provides unprecedented tax relief, and the 13.14% projected growth in personal income tax collection is "realistic" and supported by solid data. Union Budget 2025: Tax bonanza for middle class In the 2025-26 Budget, the government has hiked income tax rebate to ₹12 lakh per annum from ₹7 lakh earlier. …

FM Nirmala Sitharaman: Parliament to discuss new Income Tax Bill in Monsoon Session
2 days, 10 hours ago

FM Nirmala Sitharaman: Parliament to discuss new Income Tax Bill in Monsoon Session

The Hindu  

The new Income Tax Bill will be taken up for discussion in the Monsoon Session of Parliament, Finance Minister Nirmala Sitharaman said on Tuesday. Replying to the discussions on the Finance Bill 2025 in the Lok Sabha, Ms. Sitharaman said the new Income Tax Bill, which was introduced in the House on February 13, is currently being vetted by the …

AP presents Rs 3.2 lakh crore budget for 2025-26, priority to welfare
Trending News
3 weeks, 6 days ago

AP presents Rs 3.2 lakh crore budget for 2025-26, priority to welfare

Deccan Chronicle  

Vijayawada: In a major step towards fulfilling the super-six poll promises made by Chandrababu Naidu, Finance Minister Payyavula Keshav announced substantial allocations for these in the annual budget for 2025-26. Interestingly, the alliance government showed enhanced revenue receipts of Rs 2,17,977 crore, which was Rs 41,946 crore more than the Rs 1,76,031 crore of the 2024-25 revised budget estimates. Further, …

India’s April-Jan fiscal deficit hits ₹11.7 lakh crore, widens to 74.5% of revised FY25 target
Top News
3 weeks, 6 days ago

India’s April-Jan fiscal deficit hits ₹11.7 lakh crore, widens to 74.5% of revised FY25 target

Live Mint  

The Centre's fiscal deficit touched 74.5 per cent of the annual target at the end of January 2025, according to the data released by Controller General of Accounts on Friday. The CGA data showed that the central government's tax revenue was ₹19.03 lakh crore, or 74.4 per cent of the RE of 2024-25. The total expenditure was at ₹35.7 lakh …

Income Tax Bill 2025: Changes under the new bill that taxpayers must know. Check FAQs
1 month, 1 week ago

Income Tax Bill 2025: Changes under the new bill that taxpayers must know. Check FAQs

Live Mint  

On February 13, Finance Minister Nirmala Sitharaman introduced the Simplified Income Tax Bill 2025 in the Lok Sabha. Shefali Mundra, Tax Expert, at ClearTax, said there are several provisions under the Income Tax Bill 2025, the important ones are: The introduction of the concept of Tax Year Use of modern mechanisms for compliance and a more structured tax recovery structure …

Watch | Explained: What’s in the new Income Tax Bill?
1 month, 2 weeks ago

Watch | Explained: What’s in the new Income Tax Bill?

The Hindu  

Finance Minister Nirmala Sitharaman introduced the Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This new legislation, which seeks to simplify and modernise India’s tax system, would replace the six-decade-old Income Tax Act, 1961, when it is passed by the Parliament and when the President gives her assent. The new Income Tax Bill consists of 536 …

New Income Tax Bill 2025: Higher Exemptions, Simpler Rules, Easier Tax Filing – Here’s What Changes For You
1 month, 2 weeks ago

New Income Tax Bill 2025: Higher Exemptions, Simpler Rules, Easier Tax Filing – Here’s What Changes For You

ABP News  

New Income Tax Bill: Finance Minister Nirmala Sitharaman introduced the much-anticipated Income Tax Bill 2025 in the Lok Sabha on February 13. Key Changes Introduced Introduction of ‘Tax Year’ : The bill replaces technical terms like ‘assessment year’ and ‘previous year’ with the simpler ‘tax year,’ making it easier for taxpayers to understand. : The bill replaces technical terms like …

What is the need for new Income Tax Bill 2025? ‘To review…’ says Centre
1 month, 2 weeks ago

What is the need for new Income Tax Bill 2025? ‘To review…’ says Centre

Hindustan Times  

Finance Minister Nirmala Sitharaman tabled the Income Tax Bill 2025 in the Lok Sabha on February 13. Finance Minister Nirmala Sitharaman had announced a comprehensive review of Income Tax Act 1961 on July 23, 2024 and had set a time limit of six months for the same. The bill and act in numbers The Income Tax Act 1961 had 5.12 …

New Income Tax Bill introduced by Nirmala Sitharaman in Parliament, Opposition stages walkout
1 month, 2 weeks ago

New Income Tax Bill introduced by Nirmala Sitharaman in Parliament, Opposition stages walkout

Hindustan Times  

Finance Minister Nirmala Sitharaman has tabled the Income Tax Bill 2025 in the Lok Sabha. Finance Minister Nirmala Sitharaman tabled the Income Tax Bill in the Lok Sabha on Thursday. Opposition raises objections Speaking on objection raised by Opposition MP from Kerala's Kollam, NK Premachandran, on the new bill having more sections than the previous Income Tax Act from 1961, …

New Income Tax bill 2025 tabled in Parliament: Top 10 highlights every taxpayer MUST know
1 month, 2 weeks ago

New Income Tax bill 2025 tabled in Parliament: Top 10 highlights every taxpayer MUST know

Live Mint  

Finance Minister Nirmala Sitharaman introduced the Income Tax Bill 2025 in the Lok Sabha on Thursday, 13 February. New Income Tax Bill 2025 tabled in Parliament. “Based on my cursory reading of the new income tax bill, I feel it is merely a good job of editing the existing Income Tax Act. 8) Taxes for cryptocurrency In Clauses 67 to …

Finance Minister Nirmala Sitharaman Tables New Income Tax Bill In Lok Sabha
1 month, 2 weeks ago

Finance Minister Nirmala Sitharaman Tables New Income Tax Bill In Lok Sabha

ABP News  

Finance Minister Nirmala Sitharaman presented the new Income Tax Bill In Lok Sabha on Thursday, which will replace the Income Tax Act, 1961. The new Income Tax Bill aims to simplify and modernise India's tax system. The existing Income Tax Act consists of 298 sections across 23 chapters, covering personal income tax, corporate taxes, securities transaction tax, and gift tax. …

New income tax bill reaches Parliament: Finance Minister Nirmala Sitharaman tables I-T Bill 2025 in Lok Sabha
1 month, 2 weeks ago

New income tax bill reaches Parliament: Finance Minister Nirmala Sitharaman tables I-T Bill 2025 in Lok Sabha

Live Mint  

Income Tax Bill 2025: Finance Minister Nirmala Sitharaman tabled the new direct tax code or the Income Tax Bill 2025 in Lok Sabha on Thursday. Finance Minister Nirmala Sitharaman asked Lok Sabha Speaker to form review committee for the the newly tabled Income Tax Bill 2025. Naveen Wadhwa, Vice President, Taxmann, said, “The Income Tax Bill tabled in Parliament will …

Budget Session: FM Nirmala Sitharaman to table New Income Tax bill in Lok Sabha today. ‘Complicated’ says, Congress MP
1 month, 2 weeks ago

Budget Session: FM Nirmala Sitharaman to table New Income Tax bill in Lok Sabha today. ‘Complicated’ says, Congress MP

Live Mint  

Finance Minister Nirmala Sitharaman will table the Income Tax Bill 2025 in the Lok Sabha today, February 13. According to the agenda circulated by the Lok Sabha secretariat, Union Finance Minister Nirmala Sitharaman will introduce the Income Tax Bill 2025. Complicated bill says, Congress MP Congress leader Manish Tewari had called the Bill ‘complicated.’ “The Union Finance Minister had said …

Shashi Tharoor’s hilarious Coldplay jibe at Sitharaman’s income tax cuts: ‘Coldplay says fix you, FM says tax you’
1 month, 2 weeks ago

Shashi Tharoor’s hilarious Coldplay jibe at Sitharaman’s income tax cuts: ‘Coldplay says fix you, FM says tax you’

Live Mint  

Congress leader Shashi Tharoor took a witty dig at Finance Minister Nirmala Sitharaman’s Union Budget 2025, using a Coldplay-inspired metaphor. Known for his sharp humour, Tharoor critiqued the budget in an Instagram reel, saying, “Coldplay says ‘Fix You,’ but the Finance Minister says ‘Tax You.’” Tharoor quipped, “Even Chris Martin wouldn’t be able to find paradise in these numbers. But …

New Income Tax Bill 2025: Concept Of "Tax Year" To Be Introduced Instead Of "Assessment Year", "Financial Year" To Remain Unchanged
1 month, 2 weeks ago

New Income Tax Bill 2025: Concept Of "Tax Year" To Be Introduced Instead Of "Assessment Year", "Financial Year" To Remain Unchanged

Live Law  

The new Income Tax bill is set to introduce the concept of 'Tax Year'. For the purposes of this Act, “tax year” means the twelve months period of the financial year commencing on the 1st April. Amortisation of certain preliminary expenses: As per the existing Income Tax Act, 1961, Section 35D states that where an assessee, being an Indian company …

Net direct tax kitty swells 15% to ₹17.78 lakh crore till Feb 10
1 month, 2 weeks ago

Net direct tax kitty swells 15% to ₹17.78 lakh crore till Feb 10

The Hindu  

Net direct tax collection grew 14.69% to over ₹17.78 lakh crore so far this fiscal, government data showed on Tuesday, February 11, 2025. As per the data released by the Central Board of Direct Taxes, mop up from net non-corporate taxes, which include mainly personal income tax, grew 21% year-on-year to about ₹9.48 lakh crore. Gross direct tax mop up …

Oppn slams govt over ‘cruel cuts’ in Budget
1 month, 2 weeks ago

Oppn slams govt over ‘cruel cuts’ in Budget

Hindustan Times  

New Delhi: Senior Congress leader and former finance minister P Chidambaram on Monday slammed the government’s handling of the economy, tore into the 2025-26 Union Budget for “cruel cuts”, and asked why the government has not conferred the Bharat Ratna — the country’s highest civilian honour — upon former prime minister Manmohan Singh for his contribution to the country. Former …

BJP wins Delhi polls, Tax bonanza for middle class in Union Budget, RBI cuts repo rate, and more: The week in 5 charts
1 month, 2 weeks ago

BJP wins Delhi polls, Tax bonanza for middle class in Union Budget, RBI cuts repo rate, and more: The week in 5 charts

The Hindu  

BJP returns to power in Delhi after 26 years The BJP on Saturday returned to power in Delhi after more than 26 years to sweep away the Arvind Kejriwal-led Aam Aadmi Party with a two-thirds majority on the back of a hyper localised campaign. Union Budget: No income tax up to ₹12 lakh, tax slabs revised Finance Minister Nirmala Sitharaman …

New income tax regime: Check revised tax rates, slabs, and will you benefit?
1 month, 2 weeks ago

New income tax regime: Check revised tax rates, slabs, and will you benefit?

India Today  

The new income tax regime is set to become the preferred option for the majority of taxpayers in the upcoming financial year, following the proposals in the Union Budget 2025. In fact, salaried individuals with an annual income of Rs 12.75 lakh won't have to pay any tax, given the standard deduction of Rs 75,000 under the new regime. High-income …

Boost in consumption is necessary, but 'Sabka Vikas' should not be lost
1 month, 2 weeks ago

Boost in consumption is necessary, but 'Sabka Vikas' should not be lost

Firstpost  

While India seeks to counter global headwinds and uncertainties that can mar its economic growth, it should ensure the boost in demands must not result in high inflation or the burden be placed on indirect taxes, as high income divide is an undeniable reality of the Indian economy If we can achieve GDP growth of 6.7 per cent for FY26 …

Income Tax Bill to make rules simpler, easy to read
1 month, 2 weeks ago

Income Tax Bill to make rules simpler, easy to read

New Indian Express  

NEW DELHI: The Income Tax Bill, approved by the Cabinet on Friday, will not have any rate surprises. The bill is a major exercise in making the income tax rules simpler and easily comprehensible. What we are saying is that a law which has been amended more than 4,000 times, and has a lot of redundant provisions, can have a …

Finance Minister Nirmala Sitharaman says income tax and RBI rate cut will boost economy: Report
1 month, 2 weeks ago

Finance Minister Nirmala Sitharaman says income tax and RBI rate cut will boost economy: Report

Hindustan Times  

The income tax relief which the Budget 2025 provided, coupled with the Reserve Bank of India's repo rate cut will boost recovery in consumption in the economy, a report by news agency ANI quoted Finance Minister Nirmala Sitharaman as saying. Union Finance Minister Nirmala Sitharaman during an interview with PTI, in New Delhi, Sunday, Feb. 2, 2025. Besides this, the …

Income Tax Bill 2025: What’s new, what may change, and what we can expect?
1 month, 3 weeks ago

Income Tax Bill 2025: What’s new, what may change, and what we can expect?

Live Mint  

An important piece of law – encapsulating 298 sections – which determines the major sources of income for the fifth largest economy in the world was passed in 1961. In the next 64 years, the Income Tax Act has undergone a flurry of changes almost every year. Over these years, the Income Tax Act has undergone so many revisions that …

NDA govt has left more money in the hands of middle class by lowering income tax: PM Modi
1 month, 3 weeks ago

NDA govt has left more money in the hands of middle class by lowering income tax: PM Modi

Live Mint  

New Delhi: Prime minister Narendra Modi on Tuesday said the income tax rationalization undertaken by the Centre in the last 10 years has left more money in the hands of the middle class. "In the last years, by lowering income tax we have increased the income of the middle class. Presenting the budget, finance minister Nirmala Sitharaman had said that …

Fiscal consolidation to slow as budget relies on tax measures to support economy: Moodys
Trending News
1 month, 3 weeks ago

Fiscal consolidation to slow as budget relies on tax measures to support economy: Moodys

Deccan Chronicle  

Mumbai: Moody’s Ratings on Tuesday said that the income tax cuts announced in the Union Budget 2025 will boost middle-class spending and benefit corporates and the financial sector but warned that the lost revenue could slow fiscal consolidation despite a decline in spending as a share of GDP. Although the government has estimated consequent foregone revenue at around Rs 1 …

When Will The New Income Tax Rates Come Into Effect?
1 month, 3 weeks ago

When Will The New Income Tax Rates Come Into Effect?

ABP News  

Finance Minister Nirmala Sitharaman announced a major income tax relief in her Budget 2025 speech on Saturday, stating that no tax will be payable on annual incomes up to Rs 12 lakh under the New Tax Regime. With the standard deduction of Rs 75,000, this effectively raises the tax-free income threshold to Rs 12.75 lakh for salaried individuals. Revised Tax …

All income groups got a little something from the Budget
Trending News
1 month, 3 weeks ago

All income groups got a little something from the Budget

Live Mint  

The Union Budget 2025 aimed to put more money in the hands of every income group—whether salaried professionals, gig workers, rental income earners, or senior citizens—by tweaking tax slabs, deductions, and exemptions. The Bill proposes that persons opting for the new personal tax regime in financial year 2025-26, and having income upto ₹12 lakh, will not be required to pay …

Respecting service of taxpayers: Nirmala Sitharaman on Budget income tax breaks
Trending News
1 month, 3 weeks ago

Respecting service of taxpayers: Nirmala Sitharaman on Budget income tax breaks

India Today  

Finance Minister Nirmala Sitharman on Tuesday said that the tax relief given in Budget 2025 was Prime Minister Narendar Modi's effort to respect the service the taxpayers are doing for nation building. So this is a continuing part of Prime Minister Modi's effort to respect the service that taxpayers are doing in mission building," said Sitharman at the Budget Round …

Old tax regime: Time to let go after Budget 2025 changes?
1 month, 3 weeks ago

Old tax regime: Time to let go after Budget 2025 changes?

India Today  

The Union Budget 2025 introduced major changes to the new income tax regime, making it more attractive for middle-class taxpayers. NEW TAX REGIME vs OLD TAX REGIME In the past, many taxpayers preferred the old tax regime because it allowed them to claim deductions for expenses like house rent, home loan interest, and investments in schemes like the Public Provident …

5 key tax reforms for middle class introduced in Budget 2025
1 month, 3 weeks ago

5 key tax reforms for middle class introduced in Budget 2025

India Today  

The Union Budget 2025 presented by Finance Minister Nirmala Sitharaman on February 1, 2025, witnessed several key income tax reforms aimed especially at the middle class. REVISION OF INCOME TAX SLABS The government has proposed revisions to the tax slabs under the new regime: 0-4 lakh rupees: Nil 4-8 lakh rupees: 5% 8-12 lakh rupees: 10% 12-16 lakh rupees: 15% …

Budget 2025: Tax revenue assumptions seem somewhat optimistic
1 month, 3 weeks ago

Budget 2025: Tax revenue assumptions seem somewhat optimistic

New Indian Express  

The Union Budget for FY2026 attempts to strike a balance between supporting economic activity and fiscal consolidation, which is quite commendable given India’s current macroeconomic situation and the uncertain global environment. The Government’s assumption of 13.1% expansion in income tax collections in FY2026 is quite substantial, in light of the tax cuts, which are expected to lead to a revenue …

Using a tax prod to goad the great Indian middle class
1 month, 3 weeks ago

Using a tax prod to goad the great Indian middle class

New Indian Express  

February 1 was a firecracker moment for the great Indian middle class. In her record 8th budget as finance minister, Nirmala Sitharaman announced a whole set of new income tax slabs, and a set of new tax rates that has India salivating. The government is proposing to sacrifice as much as Rs 1,00,000 crore in direct tax revenues, which would …

Will the Finance Minister's headline-grabbing tax cuts revive the growth genie?
1 month, 3 weeks ago

Will the Finance Minister's headline-grabbing tax cuts revive the growth genie?

New Indian Express  

Will the personal income tax cuts bring home the consumption bacon? Preliminary estimates indicate that the Rs 1 lakh crore worth tax revenue foregone due to personal income tax cuts will likely add Rs 14.8 lakh crore worth national output, or add roughly Rs 10 lakh crore to private consumption in FY26. According to KV Subramanian, Executive Director, IMF India, …

Income up to Rs 12 lakh is tax-free, but do you know the tax-exemption limit? Find out
Trending News
1 month, 3 weeks ago

Income up to Rs 12 lakh is tax-free, but do you know the tax-exemption limit? Find out

India TV News  

Tax-free vs tax exemption: In a major relief to middle-class salaried people, Finance Minister Nirmala Sitharaman hiked the tax rebate available to individual taxpayers. In her Budget speech, the finance minister said that individuals earning up to Rs 12 lakh will pay zero tax. "One crore more people will pay no income tax due to hike in rebate to Rs …

New income tax slabs: Check how much you'll save with these simple calculations
1 month, 3 weeks ago

New income tax slabs: Check how much you'll save with these simple calculations

India Today  

The Union Budget 2025 has introduced major changes to the new income tax regime, making it more attractive for salaried individuals. He also shared an example to show how the new tax regime changes will impact salaried taxpayers with incomes up to Rs 25 lakh: Kunal Savani, Partner, Cyril Amarchand Mangaldas, shared the new tax rates and slabs will benefit …

‘Taxpayers build nation they’ll drive demand,’ says FM Nirmala Sitharaman
1 month, 3 weeks ago

‘Taxpayers build nation they’ll drive demand,’ says FM Nirmala Sitharaman

Hindustan Times  

The Prime Minister Narendra Modi-led government has sought to respect the taxpayer instead of following a rent-seeking approach, finance minister Nirmala Sitharaman said on Sunday, emphasising that the huge tax relief announced in Saturday’s Union Budget was an acknowledgement of the contribution of citizens who pay their fair share towards nation-building, or, as she repeatedly stressed, a manifestation of “respect”. …

Budget 2025 overlooks joblessness
Trending News
1 month, 3 weeks ago

Budget 2025 overlooks joblessness

The Hindu  

The previous Budget, presented in July 2024 after the Lok Sabha election, had accorded priority to employment and skill development, given the nature of the election mandate. Among centrally The Finance Minister has sought to counterbalance the deflationary impact of these expenditure cuts by enhancing the annual rebate for income tax payers from ₹7 lakh to ₹12 lakh from 2025-26. …

Days of intrusive tax scrutiny over, taxpayer facilitation is the new mantra: CBDT chief Ravi Agarwal
1 month, 3 weeks ago

Days of intrusive tax scrutiny over, taxpayer facilitation is the new mantra: CBDT chief Ravi Agarwal

Live Mint  

The days of intrusive tax scrutiny and compliance enforcement are over and tax administration will be based purely on trust and greater reliance on data mining, Central Board of Direct Taxes chairperson Ravi Agrawal said in a post budget interview to Mint. Agarwal said that under the revamped new personal income tax regime, those with ₹24 lakh annual income will …

FM Sitharaman says ministry bureaucrats needed to be convinced to cut income tax, not the PM
1 month, 3 weeks ago

FM Sitharaman says ministry bureaucrats needed to be convinced to cut income tax, not the PM

Op India  

The budget for 2025-26 has provided major relief for the middle class by reducing the income tax burden. Finance Minister Nirmala Sitharaman in her budget speech announced substantial changes to the tax structure and raised the minimum taxable income to ₹12 lakh. Amid this, Finance Minister Nirmala Sitharaman revealed that PM Modi had readily agreed to cut income tax, but …

How Union Budget 2025 has seen the biggest tax break in 20 years
1 month, 3 weeks ago

How Union Budget 2025 has seen the biggest tax break in 20 years

Firstpost  

The Union Budget 2025-26 has delivered the largest tax exemption hike in two decades, allowing individuals earning up to Rs 12 lakh annually to pay zero income tax under the new regime. Under the new tax regime, individuals earning up to Rs 12 lakh annually will have zero income tax liability, marking a major relief for the salaried middle class. …

How Union Budget 2025 has seen the biggest tax break in 20 years
1 month, 3 weeks ago

How Union Budget 2025 has seen the biggest tax break in 20 years

Firstpost  

The Union Budget 2025-26 has delivered the largest tax exemption hike in two decades, allowing individuals earning up to Rs 12 lakh annually to pay zero income tax under the new regime. Under the new tax regime, individuals earning up to Rs 12 lakh annually will have zero income tax liability, marking a major relief for the salaried middle class. …

Tax Reforms In Budget 2025 Should Help Bring In Majority Of Taxpayers To New Income Tax Regime, Says CBDT Chairman
1 month, 3 weeks ago

Tax Reforms In Budget 2025 Should Help Bring In Majority Of Taxpayers To New Income Tax Regime, Says CBDT Chairman

ABP News  

CBDT Chairman, Ravi Agrawal, on Sunday said that revisions in the tax slabs should bring nearly all the individual taxpayers to the new income tax regime. Speaking in an interview with PTI, the Central Board of Direct Taxes executive said that the Budget 2025’s announcement of no tax on earnings up to Rs 12 lakh per annum should help the …

Income tax: 90% or more taxpayers may shift to new regime, says CBDT chief on Budget
1 month, 3 weeks ago

Income tax: 90% or more taxpayers may shift to new regime, says CBDT chief on Budget

Hindustan Times  

The Budget announcement of zero tax for earnings upto ₹12 lakh per annum and the rejig of tax slabs across the board should prompt more than 90 per cent of individual taxpayers to embrace the new tax regime as compared to the about 75 per cent as of now, CBDT Chairman Ravi Agrawal said on Sunday. The CBDT chief said …

Why did government increase income tax exemption from ₹7 lakh to ₹12 lakh? FM Nirmala Sitharaman explains
1 month, 3 weeks ago

Why did government increase income tax exemption from ₹7 lakh to ₹12 lakh? FM Nirmala Sitharaman explains

Hindustan Times  

Union finance minister Nirmala Sitharaman has said the government increased the income tax exemption from ₹7 lakh to ₹12 lakh to reduce the tax burden on people earning ₹1 lakh per month. Nirmala Sitharaman added that the government was also lowering tax slab rates and widening tax brackets to give relief to taxpayers across all income levels. She added that, …

Interest payments up 11 pc to 25.6 pc of total expenditure
1 month, 3 weeks ago

Interest payments up 11 pc to 25.6 pc of total expenditure

Deccan Chronicle  

Chennai: Interest payments on loans availed by the government is projected to go up by 11 per cent and account for 25.6 per cent of the total expenditure, as per the Budget. The Budget finds that the interest payments are estimated to be Rs 13.15 lakh crore, having gone up from Rs 11.85 lakh crore in the revised Budget of …

'If you earned ₹12 lakh in Nehruji's time…': How PM Modi praised Budget 2025
1 month, 3 weeks ago

'If you earned ₹12 lakh in Nehruji's time…': How PM Modi praised Budget 2025

Hindustan Times  

Prime Minister Narendra Modi on Sunday took a swipe at the Congress, invoking former prime ministers Jawaharlal Nehru and Indira Gandhi to claim that their governments imposed heavy taxes on people’s earnings, while his government has eased the tax burden and provided greater relief to the middle class. If we look at this budget—back in Nehru Ji’s time, if you …

No income tax up to Rs 12 lakh: What it means if you earn more
1 month, 3 weeks ago

No income tax up to Rs 12 lakh: What it means if you earn more

Firstpost  

In a major relief for the middle class, Finance Minister Nirmala Sitharaman announced that individuals earning up to Rs 12 lakh will no longer have to pay income tax. FM Sitharaman increased the exemption threshold from Rs 7 lakh to Rs 12 lakh in the new income tax regime. Pixabay/Representational Image Union Finance Minister Nirmala Sitharaman has delivered a massive …

’PM Modi was very clear...’: What FM Nirmala Sitharaman said on income tax relief up to ₹12 lakh
Top News
1 month, 3 weeks ago

’PM Modi was very clear...’: What FM Nirmala Sitharaman said on income tax relief up to ₹12 lakh

Live Mint  

Nirmala Sitharaman announced a major overhaul of the income tax system while outlining the Budget on Saturday. Individuals earning up to ₹12 lakh annually will no longer have to pay any tax under the new income tax regime — with benefit of ₹80,000. Sitharaman announced on Saturday that there would be “no income tax payable up to income of ₹12 …

This budget is remarkable for its fiscal restraint—apart from other aspects
Trending News
1 month, 3 weeks ago

This budget is remarkable for its fiscal restraint—apart from other aspects

Live Mint  

The Union budget for 2025-26 is being hailed as a “thanksgiving’’ for the middle-class, while its personal income tax relief is being called “historic’’ and has hogged most of the limelight. Importantly, in absolute terms, the fiscal deficit is likely to remain flat at ₹15.7 trillion in 2025-26, as compared to 2024-25, and lower than its level of ₹16.5 trillion …

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