Budget 2025: What is joint taxation for married couples?
5 hours, 30 minutes ago

Budget 2025: What is joint taxation for married couples?

India Today  

Union Budget 2025 could mark a groundbreaking shift in taxation with the potential introduction of a joint taxation system for married couples. The Institute of Chartered Accountants of India has proposed allowing couples to file income tax returns jointly under the New Tax Regime, providing relief to families with sole breadwinners and incentivising better tax compliance. Under this scheme, the basic exemption limit doubles to Rs 6 lakh for couples, compared to Rs 3 lakh for individual taxpayers under the current New Tax Regime. HOW JOINT TAXATION BENEFITS FAMILIES For households with a single earning member, the proposed joint taxation system addresses financial challenges by offering higher exemption limits and lower effective tax rates.

Taxation Tax Couples Income Families Lakh Joint Icai Joint Taxation  income  system  budget  taxation  2025  tax  rs  couples  families  lakh  financial  joint  married  proposed

History of this topic

Budget 2025: Higher exemption limit and lower tax rates? Check top expectations
Trending News
1 day, 11 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?
2 days, 2 hours 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 …

Budget 2025: Easier ITR filing and tax dispute reduction expected, says report
2 days, 11 hours ago

Budget 2025: Easier ITR filing and tax dispute reduction expected, says report

India Today  

The upcoming Union Budget 2025-26 is poised to introduce significant changes to India's tax landscape, aiming to simplify income tax filing and address longstanding tax disputes. According to a Bloomberg report, Finance Minister Nirmala Sitharaman is expected to unveil a comprehensive overhaul of the Income Tax Act, 1961, a move that has been in the works for several months. KEY …

Budget 2025: 5 reforms that could make new tax regime a better deal for you
Trending News
1 week 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
1 week, 4 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 …

Can you expect major income tax changes in Budget 2025? Check details
1 month, 3 weeks 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 …

Major income tax reforms in pipeline, Budget 2025 to ease filing process: Sources
Trending News
1 month, 4 weeks ago

Major income tax reforms in pipeline, Budget 2025 to ease filing process: Sources

India Today  

February 2025 is poised to usher in a new era of tax simplicity in India, as the upcoming Union Budget 2025-26 aims to reform the Income Tax Act, making tax filing easier for citizens, according to sources. Sources in the Finance Ministry told India Today TV that a series of major reforms to the income tax system are in the …

Income Tax Budget Highlights: Govt proposes tax cuts, more standard deduction
5 months, 2 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 …

Budget 2024: Will Nirmala Sitharaman bring cheer to middle-class with income tax changes?
5 months, 3 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, …

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 …

Explained: How Union Budget has given India’s middle class much to rejoice
1 year, 11 months ago

Explained: How Union Budget has given India’s middle class much to rejoice

Firstpost  

‘Amrit Kaal’s first Budget’ has brought the much-awaited income tax reliefs for the country’s salaried middle class. In a much-awaited respite, the government increased the income tax rebate limit from Rs 5 lakh to Rs 7 lakh in the new tax regime. Here are the new tax rates under the new tax regime: For Rs 0-3 lakh income – nil …

Union Budget 2022-23: Why salaried class may not get big income tax relief
2 years, 11 months ago

Union Budget 2022-23: Why salaried class may not get big income tax relief

India Today  

Stagnant income and risk of inflation due to the Covid-19 pandemic severely crippled the salaried class in the country over the past two years. Many people have sought income tax relief from the government in the upcoming Union Budget 2022-23. TAXPAYERS' WISHLIST A survey conducted by world's leading accounting firm KPMG indicated that most respondents expect an enhancement in the …

Union Budget 2022-23: Taxpayers may get incentives for moving to new income tax regime
2 years, 11 months ago

Union Budget 2022-23: Taxpayers may get incentives for moving to new income tax regime

India Today  

Taxpayers may be offered some incentives for switching to the optional income tax regime in the upcoming Union Budget 2022-23. Union Budget 2022-23: Some existing tax exemptions may be phased out A similar alternate income tax structure was announced by Finance Minister Nirmala Sitharaman on February 1, 2020 for individual taxpayers. Tax rates came down under the new income tax …

Union Budget 2022: From widening tax base to growth-related announcements, what we want from FM Sitharaman
2 years, 11 months ago

Union Budget 2022: From widening tax base to growth-related announcements, what we want from FM Sitharaman

Firstpost  

If India is going to break into the next generation of economic reform, there is a dire need for bold steps both on the expenditure and revenue sides In a season troubled by the third wave of the pandemic, with new variant Omicron, and excited by the forthcoming Assembly elections in five states, can we expect anything dramatic and path-breaking …

Union Budget 2021 | Income tax calculator
3 years, 11 months ago

Union Budget 2021 | Income tax calculator

The Hindu  

Without making any changes to the personal income tax slab, the Union Budget 2021- 22 has provided relief to senior citizens in the filing of I-T returns; reduced the time limit for I-T proceedings; announced the setting-up of a Dispute Resolution Committee and faceless Income Tax Appellate Tribunal proceedings; provided relaxations for Non-Resident Indians ; offered an increase in the …

Union Budget 2021: Five Income Tax Changes You Should Know
3 years, 11 months ago

Union Budget 2021: Five Income Tax Changes You Should Know

News 18  

The Union Budget 2021 presented by Finance Minister Nirmala Sitharaman on Monday did not announce change in income tax slabs for individuals, leaving them disappointed. In a move to justify tax exemption for high income employees, the 2021 Budget proposed to restrict tax exemption for the interest income earned on the class’ contribution made to various provident funds up to …

Income Tax Slabs May Stay Unchanged, But Govt Likely to Give More Exemptions in Union Budget 2021
3 years, 11 months ago

Income Tax Slabs May Stay Unchanged, But Govt Likely to Give More Exemptions in Union Budget 2021

News 18  

The Centre is likely to tweak the list of eligible rebates and exemptions to allow some more categories of financial savings instruments for taxpayers in the optional income tax regime introduced in the Union budget last year. This is aimed to be done through tax proposals to incentivise the new tax regime rather than any major overhaul in the income …

Union Budget 2021 May Provide More Exemptions in New Personal Income Tax System Introduced Last Yr
3 years, 11 months ago

Union Budget 2021 May Provide More Exemptions in New Personal Income Tax System Introduced Last Yr

News 18  

The Centre is likely to tweak the list of eligible rebates and exemptions to allow some more categories of financial savings instruments for taxpayers in the optional income tax regime introduced in the last budget. While presenting the Union Budget for 2020-21 in February last year, Finance Minister Nirmala Sitharaman had announced the new concessional income tax regime, wherein lower …

Union Budget 2021: Finance Ministry May Give Relief Up to Rs 80,000 in Total Tax Liability to Encourage Spending
3 years, 11 months ago

Union Budget 2021: Finance Ministry May Give Relief Up to Rs 80,000 in Total Tax Liability to Encourage Spending

News 18  

In order to put more money in the hands of the tax payer, the Finance Ministry is likely to provide tax relief of up to Rs 80,000 per annum in total tax liability. Sources informed CNBC-TV18 that on the basis of discussion during budget exercise there is strong possibility income tax payers may get relief between Rs 50,000 to Rs …

Union Budget 2020: New Income Tax Scheme Not Beneficial For Those Availing Exemptions
4 years, 11 months ago

Union Budget 2020: New Income Tax Scheme Not Beneficial For Those Availing Exemptions

News 18  

New Delhi: Finance Minister Nirmala Sitharaman has proposed a new optional tax regime in the Union Budget 2020 for the financial year 2020-2021 under which income can be taxed at new lower rates. However, under new optional tax regime, benefit of different popular deductions like sections 80C and 80D and home loan benefits under Section 24 will not be available. …

Union Budget 2019: India's income tax base not wide in proportion to population; taxpayers' number rises in past 5 years
5 years, 6 months ago

Union Budget 2019: India's income tax base not wide in proportion to population; taxpayers' number rises in past 5 years

Firstpost  

Income tax is a major source of direct taxation in India. Those with incomes between Rs 5,00,001 and Rs 10 lakh need to pay Rs 12,500, in addition to a 20 percent income tax after deducting Rs 5,00,000 from the total income. Those earning between Rs 3 to 5 lakh need to pay 5 percent of the total income as …

Union Budget 2019: Nirmala Sitharaman should give tax benefits to common man, remove MAT, say experts
5 years, 6 months ago

Union Budget 2019: Nirmala Sitharaman should give tax benefits to common man, remove MAT, say experts

Firstpost  

New Delhi: Finance Minister Nirmala Sitharaman should consider increasing the income tax exemption limit to at least Rs 3 lakh and abolish minimum alternate tax for companies to boost consumption and economic growth, suggested tax experts. “The government may raise the basic exemption limit by Rs 50,000 extending the benefit to all or alternatively, 5 per cent slab may be …

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