Union Budget 2022-23: Here's your guide to understanding tax slabs and how much you should pay
2 years, 11 months ago

Union Budget 2022-23: Here's your guide to understanding tax slabs and how much you should pay

Firstpost  

Union Budget 2022-23: Income tax slab system means different tax rates are prescribed for different ranges of income and tax rates keep increasing with an increase in the income of the taxpayer The Union Budget 2022-2023 will be presented in Parliament on 1 February, 2022 by the Union Finance Minister Nirmala Sitharaman. This category includes both residents and non-residents Resident senior citizens, who are 60 years old or older but below 80 years of age Resident super senior citizens who are above 80 years of age While you await the Budget announcements related to income tax, here are some details about the current tax slabs: Income tax levies tax on individual taxpayers on the basis of a slab system. Old Tax Regime As per the old structure: Individuals whose total income is less than Rs 2.25 lakh don’t need to pay an income tax. Those earning more than Rs 10 lakh need to pay 30 percent tax on the income Read all the Latest News, Trending News, Cricket News, Bollywood News, India News and Entertainment News here.

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History of this topic

Mint Budget poll: Old or new tax regime? More jobs? More 80C relief? Here's the verdict
2 days, 10 hours ago

Mint Budget poll: Old or new tax regime? More jobs? More 80C relief? Here's the verdict

Live Mint  

In the run-up to the upcoming Union Budget, Mint conducted an online poll from 28 November and 30 December inviting its print and digital readers to share their views on how the government should approach the annual exercise. Tax conundrum In the previous Union budget, finance minister Nirmala Sitharaman had tweaked the income tax slabs and increased standard deduction for …

Budget 2025: Higher exemption limit and lower tax rates? Check top expectations
Trending News
6 days, 10 hours ago

Budget 2025: Higher exemption limit and lower tax rates? Check top expectations

India Today  

The Union Budget 2025-26, scheduled for presentation on February 1, is already generating buzz with expectations of key reforms in the income tax structure. HIGHER TAX EXEMPTION LIMIT Subhash Chand Aggarwal, CMD of SMC Global Securities, predicts further relief for individuals earning up to Rs 15 lakh annually. “Continuing the trend from the 2024 Budget, reduced tax rates for these …

Budget 2025: Can you expect Rs 10 lakh tax-free income?
1 week ago

Budget 2025: Can you expect Rs 10 lakh tax-free income?

India Today  

As the Union Budget 2025 approaches, expectations are mounting for significant tax reforms and economic relief measures. Finance Minister Nirmala Sitharaman is set to present the budget on February 1, 2025, with the middle class hoping for an increase in the tax-free income threshold, amongst other proposals. Other key demands include extending the MGNREGA program to provide 200 workdays per …

Income Tax Budget 2025 Expectations: Taxpayers await relief as FM Sitharaman prepares for February 1 announcement
Top News
1 week ago

Income Tax Budget 2025 Expectations: Taxpayers await relief as FM Sitharaman prepares for February 1 announcement

Live Mint  

Income Tax Budget 2025 Expectations: As the Union Budget 2025, scheduled for February 1, approaches, expectations among salaried individuals for potential income tax relief are mounting. In Budget 2020, Finance Minister Nirmala Sitharaman unveiled the New Tax Regime, which aimed to streamline the taxing process by lowering tax rates and eliminating most exemptions and deductions. 1) Raise tax slabs Ashish …

Budget 2025: How new tax regime evolved over the years and what's next?
Top News
1 week, 1 day ago

Budget 2025: How new tax regime evolved over the years and what's next?

India Today  

As the Union Budget 2025 approaches, there is increasing anticipation regarding potential incentives aimed at encouraging taxpayers to opt for the new tax regime. EVOLUTION OF THE NEW TAX REGIME: A TIMELINE The new tax regime, introduced by Finance Minister Nirmala Sitharaman in Budget 2020, was designed to simplify the taxation process by reducing tax rates and eliminating most exemptions …

Budget 2025: Will new income tax regime steal the spotlight again?
1 week, 1 day ago

Budget 2025: Will new income tax regime steal the spotlight again?

India Today  

With the Union Budget 2025 less than a month away, industry bodies are urging Finance Minister Nirmala Sitharaman to deliver substantial personal tax relief to individual taxpayers. The Confederation of Indian Industry has recommended lowering marginal tax rates for individuals earning up to Rs 20 lakh annually, noting that such a move could stimulate a positive consumption cycle, foster growth, …

Income tax slab: 5 things in the new tax regime every taxpayer must know before filing ITR 2025
1 week, 4 days ago

Income tax slab: 5 things in the new tax regime every taxpayer must know before filing ITR 2025

Live Mint  

Income tax slab: In Budget 2024, Finance Minister Sitharaman introduced key changes to the income tax slabs under the new tax regime to make them more attractive for taxpayers. Five things in the new tax regime that taxpayers must know for filing ITR in 2025 1) Income tax slab rates The income tax slabs have been revamped under the new …

Budget 2025: 5 reforms that could make new tax regime a better deal for you
Trending News
1 week, 5 days ago

Budget 2025: 5 reforms that could make new tax regime a better deal for you

India Today  

Finance Minister Nirmala Sitharaman is expected to present the Union Budget 2025 on February 1, 2025. The new tax regime is expected to take centre stage in the budget, with reforms designed to make it a more attractive alternative to the traditional tax structure. POSSIBLE REFORMS IN THE NEW TAX REGIME The upcoming budget could include several changes to the …

Budget 2025: When was the last major income tax relief given?
Trending News
2 weeks, 2 days ago

Budget 2025: When was the last major income tax relief given?

India Today  

The Union Budget 2025 is scheduled to be presented on February 1, 2025 as expectations are high among salaried individuals for income tax relief. Economists have also called on the government to cut income tax rates and implement reforms to boost savings and economic growth in the Union Budget 2025, as per media reports. PREVIOUS MAJOR INCOME TAX RELIEF Ajinkya …

Budget 2025: Will the old tax regime face the axe?
2 weeks, 2 days ago

Budget 2025: Will the old tax regime face the axe?

India Today  

With the Union Budget 2025 around the corner, speculation is rife about the fate of the Old Tax Regime. The government has taken steps to simplify taxation through the New Tax Regime, but concerns remain over the potential elimination of the old system, which offers extensive deductions and exemptions. COMPARING OLD AND NEW TAX REGIMES The Old Tax Regime, a …

10 income tax changes in 2024: What you need to know for filing ITR in 2025
2 weeks, 5 days ago

10 income tax changes in 2024: What you need to know for filing ITR in 2025

India Today  

The year 2024 brought significant changes to income tax laws, altering how taxpayers will approach filing their Income Tax Returns in 2025. These reforms—ranging from revamped tax slabs to new rules for capital gains and TDS—promise to impact how you plan, save, and file your Income Tax Return in 2025. REVISED INCOME TAX SLABS UNDER THE NEW REGIME The new …

Income tax relief in Budget 2025? Economists push for cuts to help save more
3 weeks ago

Income tax relief in Budget 2025? Economists push for cuts to help save more

India Today  

Economists have urged the government to reduce income tax rates and introduce reforms to support savings and economic growth in the upcoming Union Budget 2025, reported The Economic Times. Lower tax rates for lower-income groups, they noted, would directly impact household budgets, improve financial stability, and potentially lift overall consumption levels. ECONOMIC URGE TAX RELIEF WITH PM MODI During the …

Budget 2025: FM should introduce new tax slab for individuals who adopt renewable energy, reduce carbon emissions
3 weeks, 2 days ago

Budget 2025: FM should introduce new tax slab for individuals who adopt renewable energy, reduce carbon emissions

Live Mint  

Finance minister Nirmala Sitharaman is set to present her second comprehensive budget after the 2024 general elections. The old tax regime with the regular income slabs and eligible deductions/exemptions and the new tax regime with relatively wider income slabs and lower tax rates, without most deductions/exemptions available in the old tax regime. A unified tax regime with widened income slabs …

Budget 2025: FM should introduce new tax slab for individuals who adopt renewable energy, reduce carbon emissions
3 weeks, 2 days ago

Budget 2025: FM should introduce new tax slab for individuals who adopt renewable energy, reduce carbon emissions

Live Mint  

Finance minister Nirmala Sitharaman is set to present her second comprehensive budget after the 2024 general elections. The old tax regime with the regular income slabs and eligible deductions/exemptions and the new tax regime with relatively wider income slabs and lower tax rates, without most deductions/exemptions available in the old tax regime. A unified tax regime with widened income slabs …

Can you expect major income tax changes in Budget 2025? Check details
2 months ago

Can you expect major income tax changes in Budget 2025? Check details

India Today  

The Union Budget 2025-26 is set to usher in a new era of tax simplification in India, with the Finance Ministry working on comprehensive reforms to streamline the income tax system. The proposed reforms focus on three key areas: simplifying tax structures, expanding the tax base, and balancing revenue generation with taxpayer relief. SIMPLER TAX FILING Building on the success …

Budget 2024: ‘I want to relieve middle class, but I have limitations too,’ says Finance Minister Nirmala Sitharaman
5 months, 3 weeks ago

Budget 2024: ‘I want to relieve middle class, but I have limitations too,’ says Finance Minister Nirmala Sitharaman

Live Mint  

In a recent interview, Finance Minister Nirmala Sitharaman revealed that the Union Budget 2024 aims to provide relief to the middle class, albeit within certain limitations. The Budget 2024 proposes adjustments to the income tax slabs under the new tax regime, benefiting individuals with taxable incomes up to ₹10 lakh. In sops for the middle class, the finance minister hiked …

Union Budget 2024: Political Uproar Expected in Parliament Today, Watch Video | ABP News
5 months, 3 weeks ago

Union Budget 2024: Political Uproar Expected in Parliament Today, Watch Video | ABP News

ABP News  

Finance Minister Nirmala Sitharaman presented the Union Budget on Tuesday. The biggest relief for millions of new tax regime taxpayers comes in the form of an increase in the standard deduction. During her budget speech, Finance Minister Nirmala Sitharaman emphasized her primary goals of job creation, skill development, support for small industries, and relief for the middle class. Changes in …

Union Budget 2024 reforms of the new tax regime may reduce tax burden and allow option to choose again
5 months, 3 weeks ago

Union Budget 2024 reforms of the new tax regime may reduce tax burden and allow option to choose again

Hindustan Times  

Finance Minister Nirmala Sitharaman presented the Union Budget 2024 in the parliament on July 23, proposing new changes in the income tax slabs of the new tax regime. Nirmala Sitharaman pictured at the Lok Sabha on July 23, with the Union Budget What are the latest income tax slabs in the new tax regime? Up to ₹3 lakh: NIL ₹3-7 …

Union Budget 2024: How Much Tax Will The Common Man Save Under The New Tax Slabs?
5 months, 3 weeks ago

Union Budget 2024: How Much Tax Will The Common Man Save Under The New Tax Slabs?

ABP News  

Finance Minister Nirmala Sitharaman on Tuesday unveiled revised tax slabs for the new tax regime as part of Budget 2024. Tax Percentage Revised New Tax Regime New Tax Regime Nil 0-3 Lakh 0-3 Lakh 5 per cent 3-7 Lakh 3-6 Lakh 10 per cent 7-10 Lakh 6-9 Lakh 15 per cent 10-12 Lakh 9-12 Lakh 20 per cent 12-15 Lakh …

Union Budget 2024 favours new tax regime. Here’s why you shouldn’t write off the old one yet
5 months, 3 weeks ago

Union Budget 2024 favours new tax regime. Here’s why you shouldn’t write off the old one yet

Firstpost  

Finance Minister Nirmala Sitharaman announced changes in the new tax regime, which would allow for salaried personnel to save Rs 17,500 annually. However, those with higher tax deductions and higher incomes could benefit more from the old regime Changes have been introduced to the new tax regime in the Union Budget 2024. In her budget speech, Finance Minister Nirmala Sitharaman …

Budget 2024: How the changes in new tax regime will benefit the salaried, explained
5 months, 3 weeks ago

Budget 2024: How the changes in new tax regime will benefit the salaried, explained

Hindustan Times  

Salaried income taxpayers shifting to the new tax regime stand to save up to ₹17,500 in income tax, finance minister Nirmala Sitharaman announced in presenting the Union budget 2024. The finance minister announced increased standard deduction for those opting to file their tax returns under the new regime and also widened the tax slabs to give relief. Increase in the …

Union Budget 2024: Should you pick new tax regime? How can you save Rs 17,500 in income tax every year?
5 months, 3 weeks ago

Union Budget 2024: Should you pick new tax regime? How can you save Rs 17,500 in income tax every year?

Firstpost  

In the Union Budget 2024, Finance Minister Nirmala Sitharaman announced a revision of tax slabs under the new regime. The lowest slab in the new tax regime increased to Rs 3 lakh from Rs 2.5 lakh. The tax structure is proposed to be revised as follows: No tax for those earning up to Rs 3 lakh 5 per cent tax …

Budget 2024: How the new tax regime announced by Sitharaman will impact taxpayers?
5 months, 3 weeks ago

Budget 2024: How the new tax regime announced by Sitharaman will impact taxpayers?

India TV News  

Budget 2024: Finance Minister Nirmala Sitharaman on Tuesday presented her seventh straight Budget for the fiscal 2024-25. In a significant move, Sitharaman unveiled new income tax slabs under the revised tax regime. Here are the new and old income tax slabs New income tax slabs 0-3 lakh: Nil 3-7 lakh: 5% 7-10 lakh: 10% 1-12 lakh 15% 12-15 lakh 20% …

Calculation: Will you pay more income tax or less after Budget 2024 changes?
5 months, 3 weeks ago

Calculation: Will you pay more income tax or less after Budget 2024 changes?

Firstpost  

The government has introduced a simplified tax regime for the fiscal year 2024-25, aimed at streamlining the tax structure to make it more taxpayer friendly. As we move to higher income levels, for the range of Rs 1,500,000 to Rs 5,000,000, the tax rate is set at 30 per cent with an effective tax rate of 31.20 per cent. For …

Old vs proposed income tax slabs under new regime. What has changed?
5 months, 3 weeks ago

Old vs proposed income tax slabs under new regime. What has changed?

Hindustan Times  

Union finance minister Nirmala Sitharaman on Tuesday proposed a new tax structure under the new regime. Budget 2024: Mobile phones, chargers to get cheaper; Nirmala Sitharaman proposes cut in customs duty The new tax slabs under the new income tax regime will be effective from April 1, 2024.. Proposed Tax Structure: Income up to ₹ 3,00,000: Nil 3,00,000: Nil ₹ …

Budget 2024: Income tax slabs changed, standard deduction increased. Read details
5 months, 3 weeks ago

Budget 2024: Income tax slabs changed, standard deduction increased. Read details

Op India  

On Tuesday, Finance Minister Nirmala Sitharaman presented the Annual Financial Statement before the Lok Sabha. The Finance Minister has given relief to taxpayers who choose to opt for the New Tax regime as the tax slabs have been revised and the Standard deduction limit has been increased from Rs 50,000 to Rs 75,000. Personal Income Tax: The Union Finance Minister …

Budget 2024 Highlights on income tax: FM Sitharaman revises personal income tax slabs; taxation rates remain unchanged
5 months, 3 weeks ago

Budget 2024 Highlights on income tax: FM Sitharaman revises personal income tax slabs; taxation rates remain unchanged

The Hindu  

Finance Minister Nirmala Sitharaman in her seventh Budget speech on July 23 revised the tax slabs under the new regime. Whilst the rate of taxation remains unchanged, the size of each of the slabs, excluding the initial zero to ₹3 lakh, remains unchanged. Budget 2024-25: Taxes Earlier, the Finance Minister further placed increasing the standard deduction for salaried employees from …

Income Tax Budget Highlights: Govt proposes tax cuts, more standard deduction
5 months, 3 weeks ago

Income Tax Budget Highlights: Govt proposes tax cuts, more standard deduction

Hindustan Times  

New Tax Regime LIVE updates: Union Finance Minister Nirmala Sitharaman presents the Union Budget 2024-25 in Lok Sabha, in New Delhi, Tuesday, July 23, 2024. New Tax Regime Highlights: Union finance minister Nirmala Sitharaman presented her seventh consecutive Budget amid expectations from the middle class for relief at the tax front. Moreover, the efficiency of tax collection has improved over …

Union Budget 2024: 6 new changes to income tax that the new budget may bring
5 months, 3 weeks ago

Union Budget 2024: 6 new changes to income tax that the new budget may bring

Hindustan Times  

As the Union Budget 2024 is scheduled to be presented on July 23 by Finance Minister Nirmala Sitharaman, there are expectations of multiple changes in income tax, including changes in tax slabs, a potential hike for standard deduction, and increased exemptions. The current slabs for the new tax regime are as follows: Up to ₹3 lakh: NIL ₹3-6 lakh: 5% …

Budget 2024: Will Nirmala Sitharaman bring cheer to middle-class with income tax changes?
5 months, 4 weeks ago

Budget 2024: Will Nirmala Sitharaman bring cheer to middle-class with income tax changes?

Hindustan Times  

The Union Budget 2024 could provide Income Tax relief for low earners looms large amid rising prices in the country. Experts believe that a reduction in Income Tax could address economic challenges in the country as Finance Minister Nirmala Sitharaman is set to present the Union Budget for the fiscal year 2024-25 on July 23. This change would boost consumption, …

Budget 2024: This change to old income tax regime can provide relief to millions
5 months, 4 weeks ago

Budget 2024: This change to old income tax regime can provide relief to millions

India Today  

Finance Minister Nirmala Sitharaman is set to present the Union Budget 2024 on July 23, and as usual, a key demand amongst citizens is for tax relief. While reports indicate that the government may introduce measures to enhance the appeal of the new income tax regime, taxpayers are also hoping for a revamp of the old regime, which offers the …

Union Budget 2024: Middle class might not get expected tax relief
5 months, 4 weeks ago

Union Budget 2024: Middle class might not get expected tax relief

India Today  

The government led by Prime Minister Narendra Modi is expected to tilt towards populism given the weaker mandate and the huge dividend of Rs 2.1 trillion for FY24 given by the Reserve Bank of India. As the government prepares to present the budget for the financial year 2024-25 on July 23, the middle class may not see the anticipated tax …

Union Budget 2024 Expectations LIVE: Will FM Sitharaman Announce Income Tax Relief?
5 months, 4 weeks ago

Union Budget 2024 Expectations LIVE: Will FM Sitharaman Announce Income Tax Relief?

News 18  

Budget 2024 Expectations on Manufacturing Samit Jain, managing director, PLUSS Advanced Technologies, said, “Great focus has been given by the ministry and government over the last years on expanding the adoption of clean technologies and also supporting the growth of startups as well as MSMEs. Budget 2024 Likely To Push Districts As Economic Hubs Budget 2024 Expectations LIVE: “The strategy …

Union Budget 2024: Will Nirmala Sitharaman bring income tax relief for middle class?
6 months ago

Union Budget 2024: Will Nirmala Sitharaman bring income tax relief for middle class?

Hindustan Times  

With the Union Budget 2024 scheduled to be presented on July 23, 2024 by Finance Minister Nirmala Sitharaman, income tax slabs are an important component that has been getting a lot of attention lately, with reports suggesting there may be potential tax cuts for boosting consumption in the economy. The current slabs for the new tax regime are as follows: …

Budget 2024: Low-income individuals likely to get big tax relief, says report
6 months, 3 weeks ago

Budget 2024: Low-income individuals likely to get big tax relief, says report

India Today  

The government is considering significant tax cuts for lower-income individuals in the upcoming Budget 2024, marking the first such relief in seven years, reported Bloomberg. Lower tax rates, new tax slabs Salaried taxpayers earning between Rs 5 lakh and Rs 15 lakh annually, currently taxed at rates ranging from 5% to 20% under the new income tax regime, could benefit …

No Change In Tax Slabs, Focus On Middle-Class — Here Are The Highlights Of Budget 2024
11 months, 2 weeks ago

No Change In Tax Slabs, Focus On Middle-Class — Here Are The Highlights Of Budget 2024

ABP News  

Finance Minister Nirmala Sitharaman on Thursday announced a host of new schemes to be implemented once the new government assumes power. INFRASTRUCTURE Union Finance Minister Nirmala Sitharaman said that the capital expenditure outlay in the past 4 years had tripled and had a huge impact on economic growth and employment creation. "Our Government will launch a scheme to help deserving …

Budget 2024: No change in tax regime this year; check old, new tax slabs
11 months, 2 weeks ago

Budget 2024: No change in tax regime this year; check old, new tax slabs

India TV News  

Union Finance Minister Nirmala Sitharaman, during the presentation of the interim Budget on Thursday, announced that there would be no changes to taxation, and she proposed to retain the same direct and indirect tax rates, including import duties. Income between Rs 3-6 lakh taxed at 5 per cent. Income between Rs 6-9 lakh taxed at 10 per cent. Income between …

Budget 2024: Old vs new tax regime, which is better for salaried employees?
11 months, 2 weeks ago

Budget 2024: Old vs new tax regime, which is better for salaried employees?

Hindustan Times  

The new tax regime was introduced in Union Budget 2020 under which the tax slabs were altered and taxpayers were offered concessional tax rates. In Union Budget 2023, the government introduced crucial changes to encourage taxpayers to adopt the new tax regime. This implies that taxpayers with income up to ₹7 lakhs will not have to pay any tax at …

Union Budget 2024: Income tax rebate unlikely to rise in interim budget, says report
1 year ago

Union Budget 2024: Income tax rebate unlikely to rise in interim budget, says report

Hindustan Times  

Less than a month away from the presentation of the interim Union Budget 2024, a senior finance ministry official has said that no rebate is expected on income tax for the upcoming financial year, reported Moneycontrol on Tuesday. Earlier, there were speculations that the Finance Ministry will include a proposal that the personal income tax rebate be increased from the …

Union Budget 2023: Private Sector Employees To Get Big Relief In Tax On Leave Encashment
1 year, 7 months ago

Union Budget 2023: Private Sector Employees To Get Big Relief In Tax On Leave Encashment

News 18  

The Union Budget 2023, presented by Finance Minister Nirmala Sitharaman, included some crucial pointers for the people working in the private sector. One of the statements made by the Minister that caught attention was the scope of exemption of income tax on the money received by salaried employees’ leave encashment. While the scope of tax exemption for leave encashment was …

10 Income Tax Rules That Are Changing From April 1, 2023
1 year, 9 months ago

10 Income Tax Rules That Are Changing From April 1, 2023

News 18  

The income tax laws have undergone numerous changes, and they will take effect this fiscal year. Some of the main changes that will take effect on April 1, 2023, include raised tax rebate limits, changes to income tax slabs, and the elimination of the LTCG tax benefit on certain debt mutual funds. Let’s examine the changes:- 1) New income tax …

Budget 2023: What are the changes in new tax regime? Expert explains
1 year, 11 months ago

Budget 2023: What are the changes in new tax regime? Expert explains

Hindustan Times  

Union finance minister Nirmala Sitharaman said the new tax system will be the default, with the old system remaining an option. Presenting the last full budget of the Narendra Modi government before the 2024 Lok Sabha election, Sitharaman raised the income tax rebate cap under the new tax system from ₹5 lakh to ₹7 lakh. Hindustan Times spoke to Abhishek …

Key takeaways from Union Budget 2023-24 in charts
1 year, 11 months ago

Key takeaways from Union Budget 2023-24 in charts

The Hindu  

The government will focus on economic growth and job creation and cut down the fiscal deficit, Union Finance Minister Nirmala Sitharaman said on Wednesday, presenting its last full budget in Parliament before the 2024 election. Transfer to states/UTs Allocation to Ministries The Union Budget allocated a massive ₹5.94 lakh crore for the Defence Ministry, a 13% increase year-on-year from last …

Rebate Rate Hike, Slab Changes Applicable Only In New Tax Regime: Know The Difference
1 year, 11 months ago

Rebate Rate Hike, Slab Changes Applicable Only In New Tax Regime: Know The Difference

Live Law  

In her Budget 2023-24 speech, Union Finance Minister Nirmala Sitharaman has announced that the increase in the income tax rebate limit from Rs. Slab Rates Under New Tax Regime The new tax rates are : 0-3L: nil 3-6L: 5% 6-9L: 10% 9-12L: 15% 12-15L: 20% above 15L: 30% Slab Rates Under Old Tax Regime Up to 2,50,000: Nil 2,50,001 – …

Income tax clarity day after Budget 2023: Which scheme works best for you
1 year, 11 months ago

Income tax clarity day after Budget 2023: Which scheme works best for you

India Today  

As the dust settles a day after Union Budget 2023, it becomes easier to decide if one should opt for the new or the old income tax regime. One thing that is clear is that in the new income tax scheme, a person with an annual income of up to Rs 7.5 lakh can get away without paying any tax. …

Union Budget 2023-24: Modi government tweaks tax provisions to make new tax regime attractive
1 year, 11 months ago

Union Budget 2023-24: Modi government tweaks tax provisions to make new tax regime attractive

Firstpost  

The intent of the government is to make the new tax regime more attractive to salaried and small taxpayers. The intent is also to relieve small taxpayers from all hassles of tax planning using investment schemes in order to reduce tax liability The Union Budget 2023 has amended tax slabs for the new tax regime and has increased income tax …

Budget 2023: New vs Old Income Tax Regime
1 year, 11 months ago

Budget 2023: New vs Old Income Tax Regime

News 18  

Union Budget 2023 has amended income tax slabs for the new tax regime and has increased rebate under Section 87A for the new regime for income up to Rs7 lakh. While these amendments have been made in the new tax regime, all tax slabs and rebates under Section 87A for income tax assesses opting for the old tax regime remain …

A Budget for All: Ahead of 2024 general elections, Modi sarkar gets it right
1 year, 11 months ago

A Budget for All: Ahead of 2024 general elections, Modi sarkar gets it right

Firstpost  

There’s something for everyone in the Union Budget 2023-24 – the poor, the tribals, and India’s women. Prime Minister Awas Yojana, which aims to provide affordable housing to the poor in urban areas, has been allocated a whopping Rs 79,950 crore, a 66 per cent rise from Rs 48,000 crore in the Financial Year 2022-23. In last year’s Budget, Rs …

Union Budget 2023: What Modi Govt's New Tax Regime Has In Store, Gain Or Pain?
1 year, 11 months ago

Union Budget 2023: What Modi Govt's New Tax Regime Has In Store, Gain Or Pain?

The Quint  

The Union Budget speech of Finance Minister Nirmala Sitharaman highlighted seven key priority goals as the “Saptarishis guiding through the Amrit Kaal” for this year’s fiscal outlay map: a) Inclusive Development; b) Last Mile Development; c) Infrastructure and Investment; d) Green Growth; e) Youth, and f) Financial Sector. Key fiscal numbers were kept in line with the broader market expectations …

Budget 2023: New tax regime to be default; who will benefit from it?
1 year, 11 months ago

Budget 2023: New tax regime to be default; who will benefit from it?

Hindustan Times  

Union Finance Minister Nirmala Sitharaman announced that the new tax regime will become the default tax regime, while the old will remain an option. Tabling the budget in parliament on Wednesday, Sitharaman also revised the income tax rebate limit under the new tax regime from ₹5 lakh to ₹7 lakh. New tax regime Old tax regime ₹ 0-3 lakh - …

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