Relief likely for middle class, super-rich to face higher taxation: Pre-budget survey
5 years, 6 months ago

Relief likely for middle class, super-rich to face higher taxation: Pre-budget survey

India Today  

A pre-budget survey conducted by KMPG India suggested that a majority of responders want tax exemption limit for individuals to be increased from the current Rs 2.5 lakh. Out of the total number of participants, at least 74 per cent felt the tax exemption threshold of personal income tax would be hiked by the government from the existing Rs 2.5 lakh while 58 per cent said the government may consider a new 40 per cent tax exclusively for people earning over Rs 10 crore. Only 13 per cent of the respondents felt that inheritance tax would make a comeback and 10 per cent feel that there are high chances of the government re-introducing the wealth tax or estate duty. At least 65 per cent of the responders felt that the government could increase the tax deduction limit for interest on housing loan for self-occupied properties from the present Rs 2 lakh. Meanwhile, 51 per cent said the government could "carve out" deduction for repayment of housing loan principal from the existing overall deduction limit of Rs 1.5 lakh under Section 80C of the Income Tax Act.

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History of this topic

Budget 2025: Looking back at tax relief measures for senior citizens in 2024
16 hours, 49 minutes ago

Budget 2025: Looking back at tax relief measures for senior citizens in 2024

India Today  

As Finance Minister Nirmala Sitharaman prepares to present her eighth Union Budget on February 1, 2025, senior citizens are hopeful for meaningful tax reforms. NOTABLE REFORMS IN BUDGET 2024 Last year’s budget introduced several changes tailored to senior citizens. ITR FILING MADE SIMPLER Section 194P, introduced in Budget 2024, simplified the tax filing process for senior citizens aged 75 and …

Budget 2025: Higher exemption limit and lower tax rates? Check top expectations
Trending News
1 day, 16 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, 8 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: Salaried earners up to Rs 15 lakh may get tax relief. Details here
2 days, 16 hours ago

Budget 2025: Salaried earners up to Rs 15 lakh may get tax relief. Details here

India Today  

The upcoming Budget 2025-26 is likely to introduce significant tax benefits aimed at individuals earning up to Rs 15 lakh annually. BOOSTING SPENDING POWER AMID INFLATION The government’s focus appears to be on easing the burden on individuals earning Rs 13–14 lakh annually, especially in urban areas, where inflation has eroded purchasing power, according to sources. Experts believe that revising …

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: Will Nirmala Sitharaman address TDS-TCS challenges?
1 week, 1 day ago

Budget 2025: Will Nirmala Sitharaman address TDS-TCS challenges?

India Today  

As the Union Budget 2025-26 draws near, discussions intensify on simplifying India’s tax system. Industry bodies, including the Federation of Indian Chambers of Commerce and Industry, have shared their recommendations with Finance Minister Nirmala Sitharaman, advocating tax reforms to boost the ease of doing business and reduce complexity. SIMPLIFYING TDS-TCS RATES FICCI has proposed reducing the numerous TDS/TCS rates to …

Mohandas Pai shares his Budget 2025 wishlist: No tax up to ₹5 lakh, large tax slabs, relief for middle class & more
1 week, 1 day ago

Mohandas Pai shares his Budget 2025 wishlist: No tax up to ₹5 lakh, large tax slabs, relief for middle class & more

Live Mint  

Former Infosys CFO TV Mohandas Pai has requested a set of reforms in the upcoming budget, which is scheduled to be announced in February 2025. Pai has asked Prime Minister Narendra Modi to make Budget 25-26 “a year of Big Reforms.” In a post on X, he suggested a list of reforms the government could implement. The former Infosys CFO …

Budget 2025: Mohandas Pai calls for revised tax slabs, relief for middle-class
Trending News
1 week, 1 day ago

Budget 2025: Mohandas Pai calls for revised tax slabs, relief for middle-class

India Today  

As the 2025 Union Budget approaches, former Infosys CFO TV Mohandas Pai has outlined his recommendations for substantial tax reforms. PROPOSED TAX REFORMS Pai highlighted the sharp increase in individual tax collections, which rose from Rs 4.87 lakh crore in FY21 to Rs 10.45 lakh crore in FY24—a 114% jump in three years. He proposed new tax slabs with no …

Budget 2025: Should Nirmala Sitharaman focus on boosting consumption?
1 week, 2 days ago

Budget 2025: Should Nirmala Sitharaman focus on boosting consumption?

India Today  

Union Finance Minister Nirmala Sitharaman faces a challenging economic backdrop as she prepares to present Budget 2025-26 on February 1. The Reserve Bank of India also lowered its real GDP growth forecast for 2024-25 to 6.6%, citing global uncertainties, volatile commodity prices, and fragmented economic conditions. MIDDLE-CLASS RELIEF & CONSUMPTION REVIVAL Anand Ramanathan, Partner and Leader for the Consumer Products …

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 …

Income tax budget on ITR filing: Will FM Nirmala Sitharaman announce tax relief for taxpayers earning up to ₹15 lakh?
1 week, 6 days ago

Income tax budget on ITR filing: Will FM Nirmala Sitharaman announce tax relief for taxpayers earning up to ₹15 lakh?

Live Mint  

Every year, India’s salaried class eagerly awaits relief in income tax. New income tax regime Individuals earning up to ₹3 lakh annually are exempt from income tax under the new tax regime that was implemented in 2020. Slabs Tax rate Upto ₹ 3 lakh Nil ₹ 3-7 lakh 5% ₹ 7-10 lakh 10% ₹ 10-12 lakh 15% ₹ 12-15 lakh …

Budget 2025: India eyes income tax relief for middle class earning up to ₹15 lakh, check details
2 weeks, 1 day ago

Budget 2025: India eyes income tax relief for middle class earning up to ₹15 lakh, check details

Live Mint  

NEW DELHI - India is considering cutting income tax for individuals making up to 1.5 million rupees a year in February's budget to provide relief to the middle class and boost consumption as the economy slows, two government sources told Reuters. The move could benefit tens of millions of taxpayers, especially city dwellers burdened by high living costs, if they …

Modi govt’s 2025 budget likely to slash personal income tax, says report
2 weeks, 1 day ago

Modi govt’s 2025 budget likely to slash personal income tax, says report

Firstpost  

The potential tax relief is expected to benefit tens of millions of taxpayers, particularly urban residents facing high living costs. A final decision is expected closer to the budget announcement on February 1 India is weighing a proposal to cut income tax for individuals earning up to Rs 1.5 million annually in its upcoming budget, aiming to ease the financial …

Government may consider tax relief for income of up to Rs 10.50 lakh: Report
2 weeks, 1 day ago

Government may consider tax relief for income of up to Rs 10.50 lakh: Report

India Today  

The government is reportedly considering a tax cut for individuals earning up to Rs 10.5 lakh annually, potentially providing significant relief to middle-class taxpayers. As of now, taxpayers can choose between two systems: the traditional structure, which provides exemptions for expenses like housing rentals and insurance, or the newer regime, which offers lower tax rates but eliminates most exemptions. One …

Income tax relief in Budget 2025? Economists push for cuts to help save more
2 weeks, 2 days 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 …

Tax action in the Union budget for 2025-26 could set the course for Viksit Bharat
1 month, 2 weeks ago

Tax action in the Union budget for 2025-26 could set the course for Viksit Bharat

Live Mint  

Balancing fiscal prudence with the need to provide a growth impetus has been a hallmark of our government over past Union budgets. Particularly praiseworthy is the government’s proposal to undertake a comprehensive review of the Income Tax Act of 1961 within the context of reviewing the entire direct and indirect taxation regime. On the indirect taxation side, the 2024-25 budget …

Relief to middle class? Inflation offsets hike in tax exemption limit
1 month, 3 weeks ago

Relief to middle class? Inflation offsets hike in tax exemption limit

New Indian Express  

NEW DELHI: The government recently claimed that Income tax burden on the common man has come down in the last 10 years, thanks to the Narendra Modi-led government’s various measures. It claimed that taxpayers in the Rs 2.5-7 lakh tax bracket who paid on an average Rs 25,000 in FY14 are now paying zero tax. Fast forward to FY 2024-25, …

Nirmala Sitharaman said this to X user seeking relief for middle class
1 month, 3 weeks ago

Nirmala Sitharaman said this to X user seeking relief for middle class

India Today  

India's middle class is upset. Very upset, as some X user tagged Union Finance Minister Nirmala Sitharaman and requested her to consider providing some relief to the middle class in a social media post. I humbly request you to consider providing some relief for the middle class. In response, Sitharaman, while appreciating the X user's concerns, described the current government …

State of income tax in India: Rich pay more, middle class less
1 month, 3 weeks ago

State of income tax in India: Rich pay more, middle class less

Firstpost  

Income tax liability on salaried individuals earning less than Rs 20 lakh a year, broadly described as middle class, has fell sharply during the 10 years of Prime Minister Narendra Modi-led government. Also, the income tax liability of those earning more than Rs 50 lakh has increased 3.2 times or 282 per cent, from Rs 2.52 lakh crore in 2014, …

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 …

Education, welfare in focus of ₹2.94 lakh-cr Andhra budget
1 month, 4 weeks ago

Education, welfare in focus of ₹2.94 lakh-cr Andhra budget

Hindustan Times  

The Telugu Desam Party-led National Democratic Alliance government in Andhra Pradesh on Monday presented its first full-fledged budget of ₹2,94,427 crore for 2024-25, five months after coming to power. Finance minister Payyavula Kesav told the state legislative assembly that the budget included revenue expenditure of ₹2,35,916 crore and capital expenditure of ₹32,712 crore. The NDA government under chief minister N …

It is time India started indexing tax slabs and exemptions with inflation
Trending News
1 month, 4 weeks 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 …

New income tax regime: Check how much tax you will pay now
5 months, 2 weeks 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 | Old or new tax regime: Which will be more beneficial for you? Know here
5 months, 2 weeks ago

Budget 2024 | Old or new tax regime: Which will be more beneficial for you? Know here

India TV News  

Budget 2024: In the Budget, Finance Minister Nirmala Sitharaman did not make any changes in the old tax regime but increased the exemption limit in the new tax regime, making it more advantageous than before. Proposed tax structure under new tax system 0-3 lakh: Nil 3-7 lakh: 5% 7-10 lakh: 10% 1-12 lakh 15% 12-15 lakh 20% Above 15 lakh: …

Mixed reactions to revised Income Tax rates, deductions in Andhra
5 months, 2 weeks ago

Mixed reactions to revised Income Tax rates, deductions in Andhra

New Indian Express  

GUNTUR: Finance Minister Nirmala Sitaraman’s announcements on Income Tax have evoked mixed feelings among the public. Under the new regime of the personal Income Tax rates, she announced that standard deduction for salaried employees has been hiked to Rs 75,000 from Rs 50,000. Explaining the significance of the changes to the standard deduction, Murthy Naidu, a financial analyst, said a …

Middle class discontented, real estate sector applauds tax reforms
5 months, 2 weeks ago

Middle class discontented, real estate sector applauds tax reforms

The Hindu  

Middle-class families in the city have voiced their dissatisfaction with the updated income tax slabs in Union Budget 2024-25, presented by Union Finance Minister Nirmala Sitharaman on July 23. Mohd Abdullah, an assistant manager at a private bank, remarked, “People earning ₹3 lakh to ₹7 lakh per year are usually recent college graduates, while those earning ₹7 lakh to ₹10 …

Budget 2024: The Indian middle class expected more
5 months, 2 weeks ago

Budget 2024: The Indian middle class expected more

Hindustan Times  

Budget 2024 came at a rare moment in the history of Indian budgets. Mostly aimed at first time workers, the government is willing to spend money to move people into formal employment as reflected in the Employees Provident Fund Organisation employment numbers. From 35,000 feet, the Budget 2024 story is this: The government will continue to tax the top 10% …

Budget 2024: How the changes in new tax regime will benefit the salaried, explained
5 months, 2 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 …

Revised income tax slab rates, Budget 2024: Salaried individuals stand to save up to ₹17,500, standard deductions hiked
5 months, 2 weeks ago

Revised income tax slab rates, Budget 2024: Salaried individuals stand to save up to ₹17,500, standard deductions hiked

The Hindu  

Altering the structure for taxation of income under the new regime, Finance Minister Nirmala Sitharaman on Tuesday revised the tax slabs whilst retaining the erstwhile corresponding tax rates other than increasing the standard deductions. The two measures combined, she stated, would provide relief to “about four crore salaried individuals and pensioners.” More under new regime According to Deepashree Shetty, Partner …

Budget 2024: How the new tax regime announced by Sitharaman will impact taxpayers?
5 months, 2 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% …

Budget 2024: How will it impact the common people and consumers? CHECK here
5 months, 2 weeks ago

Budget 2024: How will it impact the common people and consumers? CHECK here

India TV News  

Budget 2024: Finance Minister Nirmala Sitharaman on Tuesday announced the Union Budget 2024-25, with nine outlined priorities in agriculture, employment and skilling, manufacturing and services, human resource development, urban development, energy security and more. Sitharaman announced Prime Minister Narendra Modi's package of five schemes for employment, skilling and other opportunities for employment, skilling and other opportunities for 4.1 crore youth …

Old vs proposed income tax slabs under new regime. What has changed?
5 months, 2 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, 2 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, 2 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 …

What Budget means for taxpayers: 10 points
5 months, 2 weeks ago

What Budget means for taxpayers: 10 points

Hindustan Times  

Finance Minister Nirmala Sitharaman on Tuesday announced a major relief for the subscribers of the new income tax regime. Nirmala Sitharaman announced the government has increased the income tax standard deduction for those who opted for the new regime. "For those opting for the new tax regime, the standard deduction for salaried employees to be increased from ₹ 50,000 to …

Budget 2024 Boost To New Tax Regime: Standard Deduction Raised To Rs 75k From Rs 50k
5 months, 2 weeks ago

Budget 2024 Boost To New Tax Regime: Standard Deduction Raised To Rs 75k From Rs 50k

News 18  

Finance Minister Nirmala Sitharaman on Tuesday announced to increase standard deduction limit to Rs 75,000 under the new tax regime, compared with Rs 50,000 earlier. Presenting the Union Budget for 2024-25, Finance Minister Nirmala Sitharaman also said the government will come out with SoP for TDS defaults and simplify and rationalise compounding of such offences. More than two-thirds of individuals …

Budget 2024: Will common man and salaried class get income tax relief? | Here's what we know
5 months, 2 weeks ago

Budget 2024: Will common man and salaried class get income tax relief? | Here's what we know

India TV News  

Union Budget 2024: The general population, particularly those in the salaried and middle-class brackets, are anticipating significant relief measures from the government through the budget being presented today. They recommend raising the 30 per cent tax slab to apply on income exceeding Rs 20 or 25 lakh, instead of the current Rs 15 lakh limit. Additionally, there is a call …

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 announcements on new tax regime: Standard deduction increased, check new tax slabs
5 months, 2 weeks ago

Budget 2024 announcements on new tax regime: Standard deduction increased, check new tax slabs

India TV News  

Finance Minister Nirmala Sitharaman on Tuesday presented her seventh straight Budget for the fiscal 2024-25. Informing that fiscal deficit estimated at 4.9% of GDP, Sitharaman said that the people have reposed their faith in the government led by PM Modi and re-elected it for the historic third term. Sitharaman said, "I announce a comprehensive review of the Income Tax Act …

Budget 2024 HIGHLIGHTS: Andhra Pradesh, Bihar major gainers; special focus on jobs, new tax regime
5 months, 2 weeks ago

Budget 2024 HIGHLIGHTS: Andhra Pradesh, Bihar major gainers; special focus on jobs, new tax regime

India TV News  

Uttar Pradesh CM Yogi Adityanath's reaction on Union Budget: "Under the guidance of PM Modi, in the new parliament of the country, the Finance Minister has laid down the general budget of the country which is - inclusive, development-oriented and one which will fulfil the aspirations of 140 cr people. The new tax slabs announced in the budget are welcoming." …

Budget 2024: Date, key timings and what to expect from budget speech
5 months, 2 weeks ago

Budget 2024: Date, key timings and what to expect from budget speech

India Today  

The Monsoon session began on Monday, with Finance Minister Nirmala Sitharaman set to present the Union Budget for 2024-25 on July 23, 2024. This will mark her seventh consecutive Budget presentation, surpassing the record of former Prime Minister Morarji Desai, who delivered five consecutive full Budgets and one interim Budget from 1959 to 1964. The Budget 2024 presentation can be …

Budget 2024: Will FM Nirmala Sitharaman fulfill your income tax wishes?
5 months, 3 weeks ago

Budget 2024: Will FM Nirmala Sitharaman fulfill your income tax wishes?

India Today  

Finance Minister Nirmala Sitharaman is all set to present the full Budget 2024 on July 23. With various sectors anticipating significant announcements, salaried taxpayers are particularly hopeful for major income tax relief, including changes in the new income tax regime and standard deductions. Despite positive expectations for the budget, significant tax relief for the middle class may not materialise. Sandeep …

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, …

Budget 2024: Taxpayers, you can expect these 6 income tax benefits on July 23
5 months, 3 weeks 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: What income tax benefits can taxpayers expect on July 23?
5 months, 3 weeks ago

Budget 2024: What income tax benefits can taxpayers expect on July 23?

India Today  

Taxpayers are eagerly waiting for July 23 when Finance Minister Nirmala Sitharaman will present the full budget for the ongoing financial year. Income tax exemption limit There is speculation that the government may raise the income tax exemption limit from Rs 3 lakh to Rs 5 lakh. If implemented, individuals earning up to Rs 8.5 lakh annually could potentially pay …

Budget 2024: This change to old income tax regime can provide relief to millions
5 months, 3 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: 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: …

Tax reform imminent for fairer society and growth
6 months ago

Tax reform imminent for fairer society and growth

China Daily  

A woman shows banknotes and coins included in the 2019 edition of the fifth series of the renminbi. The National Audit Office recently proposed that the country intensify its tax and fee collection and management, improve departmental data sharing, and plug the existing system loopholes, to consolidate the growth of its fiscal revenue. In the context of reduced land income …

Tax reform imminent for fairer society and growth
6 months ago

Tax reform imminent for fairer society and growth

China Daily  

The National Audit Office recently proposed that the country intensify its tax and fee collection and management, improve departmental data sharing, and plug the existing system loopholes, to consolidate the growth of its fiscal revenue. In the context of reduced land income and increased financial pressure, strengthening tax and fee collection and management can not only increase local financial revenues, …

Budget 2024: Low-income individuals likely to get big tax relief, says report
6 months, 2 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 …

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