From Apr 1, these 10 big income tax rule changes to be effective. Details
1 year, 8 months ago

From Apr 1, these 10 big income tax rule changes to be effective. Details

Hindustan Times  

The new financial year 2023-24 will begin on April 1 and the announcements made by Union finance minister Nirmala Sitharaman in the annual Feb 1 Union budget will come into effect as soon as FY23 kicks in. Representational Image Here are, therefore, the 10 major income tax rule changes effective from April 1: Default tax regime: As announced by the finance minister, the new tax regime will be the default regime if, while submitting returns, a person does not state which of the two regimes – old or new – will they submit the return under. This facility has now been extended to the new regime, and, therefore, a salaried person with an yearly income of ₹5.15 lakh or more, will benefit by ₹52,500. Income tax slabs: The new tax rates are: Yearly salary up to ₹3 lakh: Nil ₹3 lakh- ₹6 lakh: 5% ₹6 lakh to ₹9 lakh: 10% ₹9 lakh to ₹12 lakh: 15% ₹12 lakh to Rs15 lakh: 20% Above ₹15 lakh: 30% LTA: The leave travel allowance encashment limit, which was ₹3 lakh since 2002, now raised to ₹25 lakh. Benefits for senior citizens: Maximum deposit limit under senior citizens savings scheme extended to ₹30 lakh from ₹15 lakh, to ₹9 lakh from ₹4.5 lakh and to ₹15 lakh from ₹7.5 lakh for monthly income scheme.

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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 …

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

New income tax regime: Check how much tax you will pay now
5 months ago

New income tax regime: Check how much tax you will pay now

India Today  

Finance Minister Nirmala Sitharaman announced key changes to the New Income Tax regime, tweaking tax slabs and increasing the standard deduction. Read Full Budget 2024 Coverage The Finance Minister highlighted that over two-thirds of tax filers chose the new personal income tax regime in the last fiscal year. New Tax Regime after revision The revised tax slabs under the New …

Budget 2024: Time to opt out of old tax regime? Explained
5 months ago

Budget 2024: Time to opt out of old tax regime? Explained

Hindustan Times  

The message from Budget 2024 was loud and clear: say goodbye to the old income tax regime. Union finance minister Nirmala Sitharaman proposed three key changes in the new tax regime, while the old one was left untouched. If your deductions and exemptions exceed the break-even amount, go for the old tax regime, otherwise the new tax regime will be …

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%," …

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

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

Afternoon briefing: New tax regime slabs revised in Budget 2024; IIT Delhi's submission to SC in NEET row; and more
5 months ago

Afternoon briefing: New tax regime slabs revised in Budget 2024; IIT Delhi's submission to SC in NEET row; and more

Hindustan Times  

Finance minister Nirmala Sitharaman said that new tax regime slabs will be changed and standard tax deduction increased from 50,000 to 75,000. Union Minister of Finance and Corporate Affairs Nirmala Sitharaman carrying the Budget tablet More news on Union Budget 2024-25 Budget: Sitharaman announces financial aid for student loans up to ₹ 10 lakh A panel of experts from Indian …

Old vs proposed income tax slabs under new regime. What has changed?
5 months 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 ₹ …

New tax regime slabs revised, standard deduction hiked to Rs 75,000. Details here
5 months ago

New tax regime slabs revised, standard deduction hiked to Rs 75,000. Details here

India Today  

Finance Minister Nirmala Sitharaman revamped income tax slabs under the new regime in Union Budget 2024 in a bid to make it more attractive. The Finance Minister said that the tweaked tax slabs would save salaried individuals Rs 17,500 annually under the new regime. The updated tax slabs are as follows: income up to Rs 3 lakh will be taxed …

Budget 2024: Will Nirmala Sitharaman bring cheer to middle-class with income tax changes?
5 months 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: Taxpayers, you can expect these 6 income tax benefits on July 23
5 months ago

Budget 2024: Taxpayers, you can expect these 6 income tax benefits on July 23

Hindustan Times  

Finance minister Nirmala Sitharaman is set to present the Union Budget on July 23. Taxpayers are expecting a potential hike in standard deduction, relief in income tax rates and an increase in Section 80C exemptions in the Budget. Experts believe that adjustments to income tax slab rates could be seen in the Budget as the Finance Minister might announce tax …

Budget 2024: This change to old income tax regime can provide relief to millions
5 months, 1 week 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 …

Gold prices rise 7.60% this month. Which income tax rules apply and how?
8 months ago

Gold prices rise 7.60% this month. Which income tax rules apply and how?

Hindustan Times  

With the rise in gold prices because of the ongoing geo-political crisis in the world, it has become important to know how the income tax rule applies to income booked from gold investments. Also, in one year, the gold prices have surged by around ₹13,000 per 10 gm, which is 22 percent higher than its price of around ₹59,500 per …

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 …

Major Income Tax Reforms Effective From April 1: What You Need To Know
9 months ago

Major Income Tax Reforms Effective From April 1: What You Need To Know

ABP News  

In the wake of the new fiscal year, April 1, 2024, sweeping changes in the tax landscape herald major implications for personal finances. Streamlined Slabs & Expanded Basic Exemption Limit Under the new tax regime, the minimum tax threshold has been raised from Rs 2.5 lakh to Rs 3 lakh. Increased Tax Rebate Threshold Individuals opting for the new tax …

Budget 2024: No change in tax regime this year; check old, new tax slabs
10 months, 3 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 …

More Than 5 Crore Taxpayers Opt for New Tax Regime 2023
1 year, 4 months ago

More Than 5 Crore Taxpayers Opt for New Tax Regime 2023

News 18  

Finance Minister Nirmala Sitharaman announced income tax relief, especially for those with salaried incomes in the 2023-24 Budget. The new tax regime grants tax exemption for income between 0 to 3 lakh rupees. Individuals earning income ranging between Rs 3 to 6 lakh are taxed at a 5 per cent rate, while those between 6 to 9 lakh face a …

10 Income Tax Rules That Are Changing From April 1, 2023
1 year, 8 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 …

New tax regime, rules to roll out from Apr 1. Here’s what taxpayers need to know
1 year, 8 months ago

New tax regime, rules to roll out from Apr 1. Here’s what taxpayers need to know

Live Mint  

The tax rates which a taxpayer needs to pay on their income and income from other sources will be changing from April 1st, 2023. The updated income tax slab for the new tax regime will be as follows: - Above ₹15 lakh income, the tax rate would be 30% - Between ₹12 lakh to ₹15 lakh income, the tax rate …

Everything To Know About the New Income Tax Regime 2023
1 year, 10 months ago

Everything To Know About the New Income Tax Regime 2023

Hindustan Times  

The new income tax regime 2023 is upon us and taxpayers need to be prepared for the changes ahead. This blog will cover everything you need to know about the new income tax regime, from understanding the different tax brackets to using an income tax calculator to ensure you’re paying the right amount. Using an Income Tax Calculator In order …

New income tax regime: How to save tax if annual income is above ₹7 lakh?
1 year, 10 months ago

New income tax regime: How to save tax if annual income is above ₹7 lakh?

Live Mint  

New income tax regime: In the union budget 2023, finance minister Nirmala Sitharaman made some changes in the new income tax regime to make it more attractive for a taxpayer going to file income tax return in the financial year 2023-24. Speaking on the new income tax regime, Pankaj Mathpal, MD & CEO at Optima Money Managers said, "Section 87A …

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 …

New Tax System Less Complicated…Every Indian Should Make A Choice: FM to News18
1 year, 10 months ago

New Tax System Less Complicated…Every Indian Should Make A Choice: FM to News18

News 18  

Terming the new tax system “better" and “least complicated", Union Finance Minister Nirmala Sitharaman, speaking exclusively to Rahul Joshi, Group Editor-in-Chief, Network18, two days after she presented Budget 2023-24 in Parliament on February 1, said the government has not set a timeframe for the new regime. I believe at least 50% people will shift": FM #NirmalaSitharaman on New Tax Regime …

Income tax clarity day after Budget 2023: Which scheme works best for you
1 year, 10 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. …

Budget 2023: This is how much tax you can save under New Tax Regime
1 year, 10 months ago

Budget 2023: This is how much tax you can save under New Tax Regime

Live Mint  

Maintaining consistency in the foundation laid in previous Budgets, the FinMin has announced various measures to make the New Tax Regime seem more tax beneficial to individual taxpayers as compared to the existing/Old Tax Regime. The amendments in the proposed NTR could result in tax savings as below: -The basic exemption limit under the proposed NTR has been enhanced by …

Opt new tax regime if deduction, exemption claims less than Rs 3.75 lakh: Official
1 year, 10 months ago

Opt new tax regime if deduction, exemption claims less than Rs 3.75 lakh: Official

India Today  

A taxpayer whose deductions and exemption claims are less than Rs 3.75 lakh annually would be advised to opt for the new income tax regime and pay less tax than they gave in the old regime, a senior finance ministry officer said Wednesday. According to the changes proposed in the Budget, no tax would be levied on people with an …

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 …

What Budget document tells us about new Income Tax slab
1 year, 10 months ago

What Budget document tells us about new Income Tax slab

Hindustan Times  

Finance minister Nirmala Sitharaman on Wednesday made as many as five announcements related to personal income tax, as she presented Union Budget for the financial year 2023-24. Changes have been made only to the new tax regime, while the old one has been left untouched One of the announcements made by Sitharaman on personal income tax – there was none …

Budget 2023: Old income tax slab vs new income tax slab
1 year, 10 months ago

Budget 2023: Old income tax slab vs new income tax slab

India Today  

The income tax rebate is the one aspect of the budget that the salaried class looks forward to. Currently, a 5 per cent tax is levied on total income between ₹2.5 lakh and ₹5 lakh, 10 per cent on ₹5 lakh to ₹7.5 lakh, 15 per cent on ₹7.5 lakh to ₹10 lakh, 20 per cent on ₹10 lakh to …

Budget 2023: Big hike in tax exemption on encashed leaves for non-govt staff
1 year, 10 months ago

Budget 2023: Big hike in tax exemption on encashed leaves for non-govt staff

Hindustan Times  

The centre on Wednesday proposed a massive hike in tax exemption on leave encashment of non-government salaried employees - to ₹25 lakh from ₹3 lakh. limit of ₹3 lakh for tax exemption on leave encashment on government salaried employees. Other tax highlights in Budget 2023 The finance minister also outlined changes to income tax slabs - for those filing under …

No income-tax upto Rs 7 lakh in new tax regime
1 year, 10 months ago

No income-tax upto Rs 7 lakh in new tax regime

Deccan Chronicle  

Mumbai: In a bid to encourage individuals to move towards the new personal income- tax regime, the Centre increased the rebate limit, revamped the personal income slabs and reduced the tax rates thereby bringing down the tax outgo for the middle class. The minister announced an increase in rebate limit from Rs 5 lakh to Rs 7 lakh per annum …

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: No income tax up to ₹7 lakh, revised tax slabs for new regime
1 year, 10 months ago

Budget 2023: No income tax up to ₹7 lakh, revised tax slabs for new regime

Hindustan Times  

There will be no income tax up to ₹7 lakh in the new tax regime, announced Union finance minister Nirmala Sitharaman in the Union Budget 2023 on Wednesday. “The government proposes to increase income tax rebate limit from ₹5 lakh to ₹7 lakh in the new tax regime,” said Sitharaman. Union Finance Minister Nirmala Sitharaman presents the Union Budget 2023-24 …

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 …

Income Tax Slabs: Tax Rates Under Old And New Regime Ahead of Union Budget 2023
1 year, 10 months ago

Income Tax Slabs: Tax Rates Under Old And New Regime Ahead of Union Budget 2023

News 18  

Budget 2023: One of the key demands from the Union Budget has been to change the existing personal income tax structure in order to provide relief to a large section of people, especially the salaried and middle class. Income Tax LIVE Updates: ‘Attractive Makeover’ of New Tax Regime with Slab Change in Budget 2023 Income Tax Slabs: Budget 2023 will …

Budget 2023: Govt increases income tax rebate to Rs 7 lakh per annum | 5 major announcements
1 year, 10 months ago

Budget 2023: Govt increases income tax rebate to Rs 7 lakh per annum | 5 major announcements

India TV News  

Budget 2023: In a big relief for the common man, the Modi government on Wednesday increased the personal income tax rebate to Rs 7 lakh per annum. The income tax rebate is one of the 5 major announcements made by Finance Minister Nirmala Sitharaman in the first budget of 'Amrit Kaal'. Sitharaman tweaked the slabs to provide some relief to …

Centre mulls cutting tax rates in new income tax regime
2 years, 3 months ago

Centre mulls cutting tax rates in new income tax regime

Live Mint  

BENGALURU/NEW DELHI : The finance ministry is working to sweeten the two-year-old exemptions-free personal income tax regime by offering lower tax rates, a government official said, after the new system failed to click with taxpayers. “We have not seen much traction for the new personal income tax regime without exemptions so far. Similarly, the Centre is exploring ways to do …

5 new income tax rules that will come into effect from 1 April
3 years, 9 months ago

5 new income tax rules that will come into effect from 1 April

Live Mint  

Union Finance Minister Nirmala Sitharaman presenting Union Budget 2021 had announced a slew of changes in the income tax rules. Let's take a look at 5 income tax changes that will come into effect from 1 April: 1) PF tax rules: Interest on annual employee contributions to provident fund over ₹2.5 lakh would be taxed from 1 April 2021. 2) …

Union Budget 2021 | Income tax calculator
3 years, 10 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 …

Budget 2021: Know All About the Existing Income Tax Slabs
3 years, 10 months ago

Budget 2021: Know All About the Existing Income Tax Slabs

News 18  

Union Finance Minister Nirmala Sitharaman is all set to present the Union Budget 2021 at the parliament on February 1. Sitharaman introduced new income tax slabs and tax rate for different sections of individual income up to Rs 15 lakh per annum, provided the taxpayer chooses to give up exemptions and deductions, in the budget of 2020. Next comes individuals …

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