Good news: This Diwali, govt may gift you a cut in personal income tax rate
5 years, 3 months ago

Good news: This Diwali, govt may gift you a cut in personal income tax rate

India TV News  

The government has a Diwali gift for us all. A cut in personal income tax rate is what appears to be on the cards, according to a Hindustan Times report. It is said that the government is considering rationalising personal income tax rates. The government slashed the income tax rate for companies by almost 10 percentage points to 25.17 per cent and offered a lower rate to 17.01 per cent for new manufacturing firms to boost economic growth rate from a six-year low by incentivising investments to help create jobs. Personal income tax rate cut: What the government is planning to do Government officials are working to simplify archaic income-tax laws and rationalising tax rates in accordance with the recommendations made by the Task Force on the Direct Tax Code.

Tax Income Cent Rate Lakh Tax Rate Taxable Income Personal Income Tax Income Tax Rate  rate  report  rs  govt  personal  gift  tax  slab  good  cent  lakh  rates  income  cut  taxable  diwali

History of this topic

Budget 2025: Five income tax changes that you can expect in Nirmala Sitharaman’s speech
4 days, 5 hours ago

Budget 2025: Five income tax changes that you can expect in Nirmala Sitharaman’s speech

Live Mint  

As Finance Minister Nirmala Sitharaman prepares for Budget 2025 announcements, several anticipated income tax reforms may impact salaried people. 5 income tax changes that you can expect in Budget 2025 1)Income tax slab rate The government may further promote the new tax regime by offering additional benefits to make it more attractive to taxpayers. Current tax slabs under the new …

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

Mohandas Pai shares his Budget 2025 wishlist: No tax up to ₹5 lakh, large tax slabs, relief for middle class & more
1 week, 6 days 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 …

Income tax budget on ITR filing: Will FM Nirmala Sitharaman announce tax relief for taxpayers earning up to ₹15 lakh?
2 weeks, 4 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 …

Modi govt’s 2025 budget likely to slash personal income tax, says report
2 weeks, 5 days 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, 6 days 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 …

Centre mulls income tax cut in 2025-26 Budget amid middle-class heat
2 weeks, 6 days ago

Centre mulls income tax cut in 2025-26 Budget amid middle-class heat

New Indian Express  

The Union government is reportedly considering a reduction in income tax for individuals earning up to Rs 15 lakhs, according to a media report. Notably, India’s income tax system features two regimes, offering taxpayers the choice between deductions and lower tax rates. Under OTR, the tax slabs for individuals below 60 years are as follows: income up to Rs 2.5 …

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 …

Income Tax Returns data shows that 5 times more people are earning over 50 lakhs per year since PM Modi came to power, pay over 75% of taxes
2 months ago

Income Tax Returns data shows that 5 times more people are earning over 50 lakhs per year since PM Modi came to power, pay over 75% of taxes

Op India  

Over the course of last ten years, the number of income tax filers has increased by an astounding 120%, as per media reports. The data from income tax return filings shows that the number of people with yearly incomes over Rs 50 lakh surged five-fold from 1.85 lakh in 2013–14, to over 9.39 lakh in 2023–24. Furthermore, from Rs 2.52 …

Income tax share from below ₹10 lakh group shrinks over 10 years, high earners dominate
Trending News
2 months 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
2 months 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 …

Income tax benefits, capital gains tax hike, cheaper phones | Key Budget takeaways
5 months, 3 weeks 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%," …

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 ₹ …

New tax regime slabs revised, standard deduction hiked to Rs 75,000. Details here
5 months, 3 weeks 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 …

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 …

Budget 2024: Which income categories can expect tax relief?
6 months, 4 weeks ago

Budget 2024: Which income categories can expect tax relief?

India Today  

The government is considering a reduction in tax rates for specific categories of salaried individuals, aimed at boosting consumption, reported news agency Reuters. The reduction in tax rates could be part of the upcoming budget announcement in July by Finance Minister Nirmala Sitharaman, the report said, citing two government officials. Potential tax relief The anticipated tax relief could benefit individuals …

New tax regime, rules to roll out from Apr 1. Here’s what taxpayers need to know
1 year, 9 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 …

Budget 2023: How the new tax regime is different from the existing one
1 year, 11 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 …

Budget 2023: Govt increases income tax rebate to Rs 7 lakh per annum | 5 major announcements
1 year, 11 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, 4 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 …

Why personal income tax rates need a revision
3 years ago

Why personal income tax rates need a revision

India Today  

With the budget comes the hope and expectation of tax rate cuts, especially for the salaried class. Corporate tax rates are amongst the most competitive in the world with no room for further rationalisation—down to 15 per cent for new manufacturing units. But in terms of income tax rates, the salaried tax payers continue to be taxed at relatively higher …

BJP Lauds Modi Govt's Cut in Petrol, Diesel Prices
3 years, 2 months ago

BJP Lauds Modi Govt's Cut in Petrol, Diesel Prices

News 18  

The BJP on Wednesday hailed the central government's decision to reduce petrol and diesel prices as Prime Minister Narendra Modi's Diwali gift. "I thank @narendramodi Ji's Gov for reducing Excise Duty on Petrol & Diesel on the eve of Diwali by Rs 5 and Rs 10 respectively from tomorrow. The reduction in excise duty on Petrol & Diesel will also …

Central govt slashes excise duty on petrol and diesel by Rs 5 and Rs 10
3 years, 2 months ago

Central govt slashes excise duty on petrol and diesel by Rs 5 and Rs 10

Op India  

Giving some relief to the common man on the eve of Diwali, the central govt had decided to reduce the excise duty on petrol and diesel, which will lead to a cut in the price of both fuels. The Government of India has announced that the excise duty on petrol will be reduced by Rs 5, and the excise duty …

Budget 2021: Know All About the Existing Income Tax Slabs
3 years, 11 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 …

Govt's endeavour has been to further simplify Direct Tax laws: Sitharaman
4 years, 5 months ago

Govt's endeavour has been to further simplify Direct Tax laws: Sitharaman

India TV News  

The government's endeavour has been to further simplify the Direct Tax laws and has brought in a major reform by giving option to taxpayers to opt for a new simpler tax regime, Finance Minister Nirmala Sitharaman said on Friday. In line with the same, we brought in a major tax reform by ushering in a new simpler tax regime for …

Six changes in tax rules that come into effect today
4 years, 9 months ago

Six changes in tax rules that come into effect today

Business Standard  

This financial year, taxpayers will be able to choose between two sets of slab rates and pay their taxes accordingly. For income betwen Rs 7.5 lakh and Rs 10 lakh, tax has to be paid at a rate of 15%. Income between Rs 10 lakh and Rs 12.5 lakh attracts 20% tax, while 25% tax is payable in the Rs …

From Revised Tax Regime To DDT Abolition, 5 Major Things To Look Out For In FY 21
4 years, 9 months ago

From Revised Tax Regime To DDT Abolition, 5 Major Things To Look Out For In FY 21

ABP News  

New Delhi, April 1: As we enter the new financial year, it’s going to impact the taxation apart from several changes which will come into effect from April 1. Here are the changes to know about the new financial year: New Income tax slabs: In Budget 2020, finance minister Nirmala Sitharaman has proposed to introduce new income tax slabs with …

Budget 2020: Personal Income Tax Rates Slashed
4 years, 11 months ago

Budget 2020: Personal Income Tax Rates Slashed

Live Law  

Finance Minister Nirmala Sitharaman has slashed the personal income tax rates but provided to forgo exemptions, as she announced the Union Budget for the Financial Year 2020-2021 today, in the Lok Sabha. It is noteworthy however that the new tax regime is optional for the taxpayers and an individual who is currently availing more deductions & exemption under the IT …

Budget 2020: Income tax slabs lowered for those who forgo exemptions
4 years, 11 months ago

Budget 2020: Income tax slabs lowered for those who forgo exemptions

The Hindu  

In a proposal to simplify the personal income tax regime, Finance Minister Nirmala Sitharaman, in the Union Budget 2020 speech, said the income tax rates would be “significantly reduced” for those who forgo reliefs and exemptions and the new rates would be optional. Accordingly, a person earning Rs 15 lakh per anum and not availing any deductions will pay ₹1.95 …

Income Tax Slabs revised, BIG relief to middle class. Details here
4 years, 11 months ago

Income Tax Slabs revised, BIG relief to middle class. Details here

India TV News  

Income Tax Slab Revision 2020-21: Finance Minister Nirmala Sitharaman on Saturday delivered major relief to tax payers by slashing tax rates and restructuring the tax slabs. Presenting the Budget 2020 in the Lok Sabha, Sitharaman proposed to bring a personal income tax regime, where income tax rates will be reduced, so now, person earning between Rs 5 to 7.5 lakhs …

Govt proposes BIG relief on income tax slabs in Budget 2020: Reports
4 years, 11 months ago

Govt proposes BIG relief on income tax slabs in Budget 2020: Reports

India TV News  

The Prime Minister Narendra Modi-led government is all set to bring big relief for income tax payers in the upcoming Union Budget 2020. The new structure would be similar to tax rates proposed by Finance Minister Nirmala Sitharaman late last year where the government had given relief to taxpayers whose annual income was less than Rs 5 lakh. At present …

Budget 2020: Income tax rate cuts high on the wish list
4 years, 11 months ago

Budget 2020: Income tax rate cuts high on the wish list

Live Mint  

With Budget 2020 announcements around the corner, the euphoria on Budget expectations are very high. This has put India on the trajectory of significantly high personal income tax rates globally and has come at a time when countries such as the US have reduced personal tax rates. The cuts in individual tax rates will enhance the disposable income and in …

Budget 2020: Modi govt's toughest economic test and a tricky equation
4 years, 11 months ago

Budget 2020: Modi govt's toughest economic test and a tricky equation

India Today  

With estimated GDP in 2019-20 at an 11-year-low of 5 per cent, India is nowhere close to attaining the growth rate required to become a five trillion USD economy by the end of 2024. For example, the last prominent income tax benefit announced by the government was a full tax rebate on income up to Rs 5 lakh per annum …

Personal income tax rate cut can revive economy
5 years, 1 month ago

Personal income tax rate cut can revive economy

Live Mint  

With the next budget of the Centre less than two months away, one thing the government can do to revive the economy is cut personal income tax rates or increase the tax slabs and thus put more money in the hands of people. Of the total 58.7 million income tax returns filed in the 2018-19 assessment year, 94%, or 55.3 …

Govt unlikely to go for personal income tax cut amid fiscal stress, lower tax realisation
5 years, 2 months ago

Govt unlikely to go for personal income tax cut amid fiscal stress, lower tax realisation

Firstpost  

New Delhi: The government is unlikely to moderate personal income tax rates for the rich due to fiscal stress on account of lower tax realisation amid a slowdown in the economy, sources said. The pressure is mounting on the government to cut personal income tax rates to boost demand, especially after the finance ministry reduced the corporate tax rate by …

Number of income tax payers jumps 13.8% to 84.5 million
5 years, 3 months ago

Number of income tax payers jumps 13.8% to 84.5 million

Live Mint  

The number of income tax payers rose to 84.5 million in the 2018-19 assessment year, a jump of 13.8% from the previous year in line with double-digit growth in tax receipts and the number of returns filed, official data showed on Friday. Successive rounds of GST rate cuts as well as the improvement in income tax compliance have led to …

Government considering demands to reduce personal income tax rates, says NITI Aayog
5 years, 3 months ago

Government considering demands to reduce personal income tax rates, says NITI Aayog

India TV News  

The government is considering demands from the industry for a cut in personal income tax rates, NITI Aayog Vice-Chairman Rajiv Kumar has said. According to a report with NDTV, Rajiv Kumar said, "I have heard that there are demands of personal income tax rate cuts and I am fully confident that the government is holding consultations and discussions on this …

Govt plans rejig in personal tax slabs to boost spending
5 years, 3 months ago

Govt plans rejig in personal tax slabs to boost spending

Hindustan Times  

The government is considering rationalising personal income tax rates in a move that will result in the increase of disposable incomes, especially among the middle class, and hopefully drive consumption and, therefore, growth, two government officials said on condition of anonymity. Government officials have been working on simplifying archaic income-tax laws and rationalising tax rates in line with recommendations of …

Six ways to slice the corporate tax cut
5 years, 3 months ago

Six ways to slice the corporate tax cut

Live Mint  

On 20 September, finance minister Nirmala Sitharaman announced that the government had decided to cut the corporate income tax rate to 22% for existing firms, and to 15% for new domestic firms in the manufacturing sector. Further, those who believe that the cut in corporate income tax is going to lead to price cuts haven’t really tried to answer whether …

Modi govt likely to bring ordinance to cut tax rates for individuals
5 years, 3 months ago

Modi govt likely to bring ordinance to cut tax rates for individuals

India TV News  

After a massive tax bonanza for corporates, the Modi government may soon offer windfall gains for individual taxpayers too, by tweaking the tax slabs. People earning in the range of Rs 5 to Rs 10 lakh, could be required to pay lower tax rate of 10 per cent. A tax rate of 20 per cent could be levied on those …

Corporate tax cut can translate into maximum of 5 per cent product price reduction, say industry veterans
5 years, 3 months ago

Corporate tax cut can translate into maximum of 5 per cent product price reduction, say industry veterans

India Today  

Industry stalwarts welcomed the corporate tax cut but felt that it could have done much before. He added that the corporate tax cut will not help to reduce the prices of the flats beyond 5 per cent. # Amitabh Kant, CEO, NITI Aayog responded that the country has grown at an average 7.5 per cent in the last 5 years …

Corporate tax rates slashed as govt announces ₹1.45 lakh crore stimulus
5 years, 3 months ago

Corporate tax rates slashed as govt announces ₹1.45 lakh crore stimulus

Live Mint  

Finance Minister Nirmala Sitharaman today announced a big reduction in income tax rate for corporates. The government has slashed basic corporate tax rate to 22% from 30% while for new manufacturing companies it has been cut down to 15% from 25%. Revenue foregone for the reduction in corporate tax rate and other relief measures announced today will cost the government …

Decoded: Proposed tax slabs and their implications on your income
5 years, 4 months ago

Decoded: Proposed tax slabs and their implications on your income

Hindustan Times  

If the major changes proposed to the Income Tax Act, which dates back 58 years, are accepted by the government, taxpayers earning between ₹5 lakh and Rs10 lakh a year are in for a bonanza with a task force suggesting halving the rate for them. The task force on the Direct Tax Code has proposed new income tax slabs and …

New income tax slabs: Here are 5 rates proposed to govt, says report
5 years, 4 months ago

New income tax slabs: Here are 5 rates proposed to govt, says report

Live Mint  

A government-appointed task force earlier this month submitted its report to the Finance Ministry on new Direct Tax Code, which seeks to replace the existing Income Tax Act. The task force has not recommended raising of the income tax exemption limit from the current level of ₹2.5 lakh but has suggested five tax brackets of 5%, 10%, 20%, 30% and …

Major relief likely for taxpayers between ₹5 lakh and ₹10 lakh as panel proposes new slabs
5 years, 4 months ago

Major relief likely for taxpayers between ₹5 lakh and ₹10 lakh as panel proposes new slabs

Hindustan Times  

Taxpayers earning between ₹5 lakh and Rs10 lakh a year may be in line for major tax relief with the task force on the Direct Tax Code suggesting halving the tax rate for them to 10%, two persons aware of the matter said on condition of anonymity. The task force submitted its report last week and recommended that the government …

Earning between Rs 5 lakh to Rs 10 lakh? You may have to pay 10 per cent income tax as per new rules
5 years, 4 months ago

Earning between Rs 5 lakh to Rs 10 lakh? You may have to pay 10 per cent income tax as per new rules

India TV News  

The Income Tax Act may undergo dramatic changes if proposals by a new tax regime are to be believed. According to the proposals by a government constituted Direct Tax Code task force headed by CBDT member Akilesh Ranjan, people earning between Rs 5 lakh and Rs 10 lakh per year may have to pay 10 per cent income tax. Under …

How Modi government’s budgets have reduced your income tax burden
5 years, 6 months ago

How Modi government’s budgets have reduced your income tax burden

Live Mint  

During the first term of the Narendra Modi government, the then finance minister Arun Jaitley announced a slew of income tax changes for the salaried class in the Union Budget from 2014 to 2018. 2014: Right after the NDA dispensation won an overwhelming mandate in the Lok Sabha elections, Arun Jaitley presented his first Union Budget where he raised personal …

Tax no more
5 years, 6 months ago

Tax no more

India Today  

Winston Churchill had prophetically remarked: "For a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle." Those earning less than Rs 5 lakh a year pay no taxes while those in the income range of Rs 5-10 lakh pay 20 per cent tax, plus …

Discover Related