Govt Not Forcing Anyone to Move from Old Tax Regime to New, But…, Says Sitharaman in Post-Budget Address
1 year, 10 months ago

Govt Not Forcing Anyone to Move from Old Tax Regime to New, But…, Says Sitharaman in Post-Budget Address

News 18  

Finance Minister Nirmala Sitharaman on Wednesday said that the government is not forcing anyone to move from the old tax regime to the new but the latter is attractive as it gives greater rebates. Addressing a press conference after presenting the Budget 2023, Sitharaman said four emphasis points of this budget are empowering women, an action plan for tourism, initiatives for Vishvakarmas and green growth. Sitharaman Highlights 4 ‘Emphasis Points’ of Her Budget Women empowerment, an action plan for tourism, initiatives for Vishvakarmas and green growth are four emphasis points of the Budget 2023, Sitharaman said. Budget 2023 Gives a Big Leg-up to Capital Investment: FM Sitharaman Sitharaman said, “Budget 2023 gives a big leg-up to capital investment, it also attends to MSMEs as they are the engine of growth, it sustains capital investment and also gives a push to the private sector while also giving tax reliefs to individuals and middle class.” She said there’s a lot of increase in agriculture credit availability.

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History of this topic

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 …

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

Budget 2024: Exemption limit under new tax regime may be hiked to Rs 5 lakh, says report
6 months, 1 week ago

Budget 2024: Exemption limit under new tax regime may be hiked to Rs 5 lakh, says report

India Today  

The government plans to raise the income exempt from tax under the new regime from the current Rs 3 lakh to Rs 5 lakh in the forthcoming full budget, reported moneycontrol.com. Officials also said that the government is unlikely to accept a proposal from industry representatives to lower the top individual income tax rate from 30% to 25% in the …

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 …

Interim Budget 2024: Will new income tax regime get another makeover?
10 months, 4 weeks ago

Interim Budget 2024: Will new income tax regime get another makeover?

India Today  

As Finance Minister Nirmala Sitharaman gears up to announce the Interim Budget 2024-25, the new income tax regime is in focus again. Deduction for interest on housing loans Salaried individuals with housing loans are cautious about shifting to the new tax regime due to the potential loss of home loan interest deductions. Abhishek Soni suggests that extending the deduction for …

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 …

FM says new tax regime has been made \'very attractive\'
1 year, 10 months ago

FM says new tax regime has been made \'very attractive\'

Deccan Chronicle  

NEW DELHI: Finance minister Nirmala Sitharaman on Friday said that the government chose the capital expenditure route to revive the economy as it has a great multiplier effect. She also said the new tax regime has been made “very attractive”, emphasising on moderation in personal taxes for the middle classes in the country. “In the new tax regime, offering a …

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 …

New tax regime ‘sweetened’ to benefit maximum number of taxpayers: CBDT Chairman
1 year, 10 months ago

New tax regime ‘sweetened’ to benefit maximum number of taxpayers: CBDT Chairman

The Hindu  

The new income tax regime for filing returns has been "sweetened" in the Budget 2023-24 and it will be beneficial for maximum number of taxpayers as they can enjoy a "reduced" tax rate, CBDT Chairman Nitin Gupta said. Speaking to PTI during a post-Budget interview, Gupta said the intent of the government while announcing the new slabs and rates under …

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. …

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: New tax regime to be default; who will benefit from it?
1 year, 10 months ago

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

Hindustan Times  

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

New income tax regime overhaul, Rs 2.4 L cr for railways among 5 big announcements by FM Niramala Sitharaman
1 year, 10 months ago

New income tax regime overhaul, Rs 2.4 L cr for railways among 5 big announcements by FM Niramala Sitharaman

India Today  

Union Finance Minister Nirmala Sitharaman presented Union Budget 2023 in Parliament on Wednesday and her proposals come at a time when India’s economy is facing challenges from a plethora of global factors, including inflation and a possible GDP growth slowdown in FY24 as predicted by the International Monetary Fund in its January update of the World Economic Outlook. The Top …

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 …

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 …

Income Tax Slabs Overhauled Under New Regime, Rebate Limit Up; Check New Tax Rates
1 year, 10 months ago

Income Tax Slabs Overhauled Under New Regime, Rebate Limit Up; Check New Tax Rates

News 18  

Budget 2023: Finance minister Nirmala Sitharaman has announced changes in the new regime of personal income tax. Govt proposed to increase the income tax rebate limit from Rs 5 lakh to Rs 7 lakh in new tax regime. Resident individual with total income up to Rs 5 lakh do not pay any tax due to rebate under both old and …

Union Budget 2023 : FM Announces Increase Of Rebate Limit; No Income Tax For Persons With Income Upto Rs 7 Lakhs In New Regime
1 year, 10 months ago

Union Budget 2023 : FM Announces Increase Of Rebate Limit; No Income Tax For Persons With Income Upto Rs 7 Lakhs In New Regime

Live Law  

In a major budget announcement helping the salaried middle class, Union Finance Minister Nirmala Sitharaman announced the proposal to raise the income tax rebate level to Rs 7 lakhs per annum from Rs 5 lakhs per annum. I propose to increase the rebate limit to 7 lakhs in the new tax regime", Sitharaman said in the Parliament during her budget …

New Tax Regime Will Be Default System, Payers Can Opt For Old Regime
1 year, 10 months ago

New Tax Regime Will Be Default System, Payers Can Opt For Old Regime

ABP News  

Finance Minister Nirmala Sitharaman on Wednesday announced that the New Tax regime will be the default tax system. FM Sitharaman also proposed to increase the income tax rebate limit to Rs 7 lakh under the new tax regime. Sitharaman proposed increasing the rebate limit from Rs 5 lakh to Rs 7 lakh in the new tax regime, meaning individuals who …

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 …

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: Know Existing Income Tax Slabs & Rates Under New Regime Vs Old Regime
1 year, 10 months ago

Budget 2023: Know Existing Income Tax Slabs & Rates Under New Regime Vs Old Regime

News 18  

Income Tax Rates and Slabs: Even as the Budget 2023 is around the corner and is set to be presented by Finance Minister Nirmala Sitharaman on Wednesday, February 1, the announcement regarding the income tax slabs and rates is one of the key watch out for. Here’s the comparison of the current income tax rates and slabs under the new …

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 …

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