Mint Budget poll: Old or new tax regime? More jobs? More 80C relief? Here's the verdict
2 days, 6 hours ago

Mint Budget poll: Old or new tax regime? More jobs? More 80C relief? Here's the verdict

Live Mint  

In the run-up to the upcoming Union Budget, Mint conducted an online poll from 28 November and 30 December inviting its print and digital readers to share their views on how the government should approach the annual exercise. Tax conundrum In the previous Union budget, finance minister Nirmala Sitharaman had tweaked the income tax slabs and increased standard deduction for salaried employees. One in every four respondents said the relaxations in the new income tax slabs were "satisfactory", while nearly two-thirds expressed dissatisfaction. While over 43% of the respondents from Lucknow expressed satisfaction with the new income tax slabs, the approval ratings dropped to 16% for the other two cities. On the question of increasing the exemption limit of ₹1.5 lakh under Section 80C of the Income Tax act, 77% of the respondents said the limit should be increased in the upcoming budget.

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History of this topic

Budget 2025: Does old tax regime still make sense or should it be scrapped?
5 days, 22 hours ago

Budget 2025: Does old tax regime still make sense or should it be scrapped?

India Today  

Imagine having to choose between two restaurants - one offers a straightforward fixed menu at a lower price, while the other has a slightly higher base price but comes with customisable sides, drinks, and desserts that could ultimately save you money. "The old tax regime should not be scrapped as it still provides benefits for the taxpayers claiming deductions up …

Income tax slab: 5 things in the new tax regime every taxpayer must know before filing ITR 2025
1 week, 4 days ago

Income tax slab: 5 things in the new tax regime every taxpayer must know before filing ITR 2025

Live Mint  

Income tax slab: In Budget 2024, Finance Minister Sitharaman introduced key changes to the income tax slabs under the new tax regime to make them more attractive for taxpayers. Five things in the new tax regime that taxpayers must know for filing ITR in 2025 1) Income tax slab rates The income tax slabs have been revamped under the new …

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

Union Budget 2024 reforms of the new tax regime may reduce tax burden and allow option to choose again
5 months, 3 weeks 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 …

Budget 2024: Is the new income tax regime beneficial for all salaried taxpayers?
5 months, 3 weeks ago

Budget 2024: Is the new income tax regime beneficial for all salaried taxpayers?

Hindustan Times  

The government is nudging salaried income taxpayers to move to a new regime, which it says is simpler and offers lower rates of taxes. In her 2020 budget speech introducing the new tax regime, finance minister Nirmala Sitharaman noted that the income tax law allowed more than 100 exemptions and deductions. Those who had made certain investment decisions to benefit …

Union Budget 2024: How Much Tax Will The Common Man Save Under The New Tax Slabs?
5 months, 3 weeks ago

Union Budget 2024: How Much Tax Will The Common Man Save Under The New Tax Slabs?

ABP News  

Finance Minister Nirmala Sitharaman on Tuesday unveiled revised tax slabs for the new tax regime as part of Budget 2024. Tax Percentage Revised New Tax Regime New Tax Regime Nil 0-3 Lakh 0-3 Lakh 5 per cent 3-7 Lakh 3-6 Lakh 10 per cent 7-10 Lakh 6-9 Lakh 15 per cent 10-12 Lakh 9-12 Lakh 20 per cent 12-15 Lakh …

New income tax regime: Check how much tax you will pay now
5 months, 3 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: Choosing between old and new tax regimes hinges on income levels, deductions claimed
5 months, 3 weeks ago

Budget 2024: Choosing between old and new tax regimes hinges on income levels, deductions claimed

Live Mint  

The message from Budget 2024 was loud and clear: say goodbye to the old income tax regime. 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 better. …

Budget 2024: How the changes in new tax regime will benefit the salaried, explained
5 months, 3 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, 3 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 …

Union Budget 2024: Should you pick new tax regime? How can you save Rs 17,500 in income tax every year?
5 months, 3 weeks ago

Union Budget 2024: Should you pick new tax regime? How can you save Rs 17,500 in income tax every year?

Firstpost  

In the Union Budget 2024, Finance Minister Nirmala Sitharaman announced a revision of tax slabs under the new regime. The lowest slab in the new tax regime increased to Rs 3 lakh from Rs 2.5 lakh. The tax structure is proposed to be revised as follows: No tax for those earning up to Rs 3 lakh 5 per cent tax …

Budget 2024: How the new tax regime announced by Sitharaman will impact taxpayers?
5 months, 3 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% …

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 ₹ …

Budget 2024: Income tax slabs changed, standard deduction increased. Read details
5 months, 3 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, 3 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 …

FM Says Salaried Employees Under New Tax Regime To Save Rs 17,500 Annually, Here's How
5 months, 3 weeks ago

FM Says Salaried Employees Under New Tax Regime To Save Rs 17,500 Annually, Here's How

News 18  

Budget 2024: Salaried employees under new tax regime to save up to Rs 17,500 annually in taxes due to changes proposed in Budget FY25, announced Finance Minister Nirmala Sitharaman on Tuesday. The new tax slabs under the new income tax regime will be effective from April 1, 2024.. FM proposed the following changes in the new tax regime; – Standard …

Budget 2024: This change to old income tax regime can provide relief to millions
5 months, 4 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: …

No changes in income tax rates, slabs, announces Nirmala Sitharaman
11 months, 1 week ago

No changes in income tax rates, slabs, announces Nirmala Sitharaman

Hindustan Times  

Finance minister Nirmala Sitharaman on Thursday announced no change in the existing tax regime -- both direct and indirect. For taxpayers, there will be no relief as income tax rates and slabs remain the same in the interim budget that Nirmala Sitharaman presented ahead of the Lok Sabha election 2024. "I propose to retain the same tax rates for direct …

Budget 2024: Old vs new tax regime, which is better for salaried employees?
11 months, 2 weeks ago

Budget 2024: Old vs new tax regime, which is better for salaried employees?

Hindustan Times  

The new tax regime was introduced in Union Budget 2020 under which the tax slabs were altered and taxpayers were offered concessional tax rates. In Union Budget 2023, the government introduced crucial changes to encourage taxpayers to adopt the new tax regime. This implies that taxpayers with income up to ₹7 lakhs will not have to pay any tax at …

Which income tax regime should salaried employees choose? Details here
1 year, 8 months ago

Which income tax regime should salaried employees choose? Details here

Hindustan Times  

With the onset of new financial year on April 1, several new income tax laws like the new tax regime being set as the default one to the increase in the tax rebate limits, came into effect. Under the new tax regime, an individual with an annual income of up to ₹ 7 lakh would not be required to pay …

Budget 2023: What are the changes in new tax regime? Expert explains
1 year, 11 months ago

Budget 2023: What are the changes in new tax regime? Expert explains

Hindustan Times  

Union finance minister Nirmala Sitharaman said the new tax system will be the default, with the old system remaining an option. Presenting the last full budget of the Narendra Modi government before the 2024 Lok Sabha election, Sitharaman raised the income tax rebate cap under the new tax system from ₹5 lakh to ₹7 lakh. Hindustan Times spoke to Abhishek …

Rebate Rate Hike, Slab Changes Applicable Only In New Tax Regime: Know The Difference
1 year, 11 months ago

Rebate Rate Hike, Slab Changes Applicable Only In New Tax Regime: Know The Difference

Live Law  

In her Budget 2023-24 speech, Union Finance Minister Nirmala Sitharaman has announced that the increase in the income tax rebate limit from Rs. Slab Rates Under New Tax Regime The new tax rates are : 0-3L: nil 3-6L: 5% 6-9L: 10% 9-12L: 15% 12-15L: 20% above 15L: 30% Slab Rates Under Old Tax Regime Up to 2,50,000: Nil 2,50,001 – …

New tax regime ‘sweetened’ to benefit maximum number of taxpayers: CBDT Chairman
1 year, 11 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, 11 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. …

Union Budget 2023-24: Modi government tweaks tax provisions to make new tax regime attractive
1 year, 11 months ago

Union Budget 2023-24: Modi government tweaks tax provisions to make new tax regime attractive

Firstpost  

The intent of the government is to make the new tax regime more attractive to salaried and small taxpayers. The intent is also to relieve small taxpayers from all hassles of tax planning using investment schemes in order to reduce tax liability The Union Budget 2023 has amended tax slabs for the new tax regime and has increased income tax …

Budget 2023: New vs Old Income Tax Regime
1 year, 11 months ago

Budget 2023: New vs Old Income Tax Regime

News 18  

Union Budget 2023 has amended income tax slabs for the new tax regime and has increased rebate under Section 87A for the new regime for income up to Rs7 lakh. While these amendments have been made in the new tax regime, all tax slabs and rebates under Section 87A for income tax assesses opting for the old tax regime remain …

What Budget document tells us about new Income Tax slab
1 year, 11 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, how can they benefit from tax relief’: Who said what on Budget 2023
1 year, 11 months ago

‘No income, how can they benefit from tax relief’: Who said what on Budget 2023

Hindustan Times  

Political reactions started to pour in soon after Union finance minister Nirmala Sitharaman presented the Union budget for the fiscal year 2023-24. While BJP leaders hailed the budget as a ‘middle-class bonanza’ and inclusive, opposition leaders said the government is not addressing the serious economic conditions in the country including the common man's plight. Parliamentarians during presention of the Union …

Budget 2023: No income tax up to ₹7 lakh, revised tax slabs for new regime
1 year, 11 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, 11 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, 11 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 …

Income Tax Slab for Senior Citizens after Budget 2022; All you Need to Know
2 years, 11 months ago

Income Tax Slab for Senior Citizens after Budget 2022; All you Need to Know

News 18  

Finance minister Nirmala Sitharaman tabled Union Budget 2022-23 in Parliament on February 1. Thus, with no change in the income tax rates and slabs, an individual taxpayer will continue to pay the same rate of tax depending on the tax regime chosen for FY 2022-23. Current Income Tax slabs for Individual, 60 years or more but less than 80 years …

Budget 2022 wish list: What salaried class, taxpayers want from FM Sitharaman
2 years, 11 months ago

Budget 2022 wish list: What salaried class, taxpayers want from FM Sitharaman

India Today  

From uncertainty in job markets to inflation, the Covid-19 pandemic has hurt the salaried class and taxpayers in the country in more ways than one. The salaried class and taxpayers, comprising mostly middle-class households, expect some measures from Finance Minister Nirmala Sitharaman in the Union Budget 2022-23 on February 1, two surveys revealed. Taxpayers expect the government to increase the …

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

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

India Today  

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

Union Budget 2022-23: Here's your guide to understanding tax slabs and how much you should pay
2 years, 11 months ago

Union Budget 2022-23: Here's your guide to understanding tax slabs and how much you should pay

Firstpost  

Union Budget 2022-23: Income tax slab system means different tax rates are prescribed for different ranges of income and tax rates keep increasing with an increase in the income of the taxpayer The Union Budget 2022-2023 will be presented in Parliament on 1 February, 2022 by the Union Finance Minister Nirmala Sitharaman. This category includes both residents and non-residents Resident …

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

Union Budget 2021: Five Income Tax Changes You Should Know

News 18  

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

Union Budget 2021: No change in tax slabs, but some relief. Here are key changes
3 years, 11 months ago

Union Budget 2021: No change in tax slabs, but some relief. Here are key changes

India Today  

The Union Budget 2021 announced on Monday by Finance Minister Nirmala Sitharaman accompanied no major tax changes, contrary to what was reported earlier. Follow Union Budget 2021 reactions LIVE Here are five tax changes you need to know: Exemption for senior citizens Senior citizens above the age of 75 with only pension and interest income will not be exempted from …

News18 Evening Digest: What Gets Costlier, Cheaper in Budget 2021, Tax-related Announcements and Other Top Stories
3 years, 11 months ago

News18 Evening Digest: What Gets Costlier, Cheaper in Budget 2021, Tax-related Announcements and Other Top Stories

News 18  

Budget 2021: What Gets Costlier, Cheaper; Check Full List Here Finance Minister Nirmala Sitharaman presented the Union Budget 2021-22 in Lok Sabha on Monday. However, Sitharaman’s budget did not bring any relief to the middle class as income tax slabs remain unchanged. Income Tax Slabs Unchanged, But Budget 2021 Has These 6 Tax Related Announcements Contrary to expectations of middle …

Union Budget 2021: 10 Things That May Have An Effect on Your Personal Finances
3 years, 11 months ago

Union Budget 2021: 10 Things That May Have An Effect on Your Personal Finances

News 18  

The Union Budget 2021, presented by Finance Minister Nirmala Sitharaman, did not make a change to tax slabs in Income Tax Returns. Pre-filled tax forms To make filing your income tax easier, Sitharaman said that apart from tax deduction at source, now details of capital gains and interests from banks and post offices would be pre-filled. In order to spur …

Budget 2021: No change in income tax slabs for individuals
3 years, 11 months ago

Budget 2021: No change in income tax slabs for individuals

India Today  

Union Finance Minister Nirmala Sitharaman did not announce change in income tax slabs for individuals in the Union Budget 2021. For incomes between Rs 5 lakh and Rs 7.5 lakh per year, the income tax to be paid will be 10 per cent. For incomes between Rs 7.5 lakh and Rs 10 lakh per year, the income tax to be …

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

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

News 18  

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

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

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

News 18  

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

Income tax: Taxpayers should evaluate previous, latest slabs before finalising option; here's all you need to know about two regimes
4 years, 9 months ago

Income tax: Taxpayers should evaluate previous, latest slabs before finalising option; here's all you need to know about two regimes

Firstpost  

Seven slabs have been introduced for personal income tax. If a taxpayer wants to avail of the benefits of new income tax regime, he or she has to forgo over 70 exemptions that are offered in old income tax slabs. Tax payable under old, new tax slabs and net savings Exemptions removed in new income tax regime Exemption of up …

Explained: Benefits and drawbacks of new income tax regime
4 years, 11 months ago

Explained: Benefits and drawbacks of new income tax regime

India Today  

Finance Minister Nirmala Sitharaman announced a new optional income tax regime in Budget 2020-21. While some people have welcomed the new income tax regime, others are confused whether they should switch to the new tax structure or stay put under the existing regime. Finance Minister Nirmala Sitharaman said the process under the new income tax structure will be much easier …

Thought new tax regime is good for you? Think again
4 years, 11 months ago

Thought new tax regime is good for you? Think again

India Today  

If you think switching to the new income tax regime will boost your disposable income and help provide a boost to demand, think again. It has been established that the new "simpler" income tax regime offers lower upfront tax labs in lieu of exemptions, which are a major component of the existing income tax structure. According to Finance Minister Nirmala …

To switch or not: New income tax regime throws a googly at taxpayers
4 years, 11 months ago

To switch or not: New income tax regime throws a googly at taxpayers

India Today  

Every year after budget concludes there is one question most working-class individuals and business owners ask: Am I going to pay less or more tax? A 15 per cent income tax will now apply to people earning Rs 7,50,000 to Rs 10,00,000 under the new regime. Economists said the new tax regime is good for people claiming low deductions or …

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

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

News 18  

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

Budget brings new income tax slabs, but old regime also stays | Explained
4 years, 11 months ago

Budget brings new income tax slabs, but old regime also stays | Explained

India Today  

The government announced a major overhaul of the income tax structure Saturday morning. Under the new proposed regime, the income tax slabs will be as follows: - For incomes of up to Rs 5 lakh per year, there will be no income tax. - For incomes between Rs 5 lakh and Rs 7.5 lakh per year, the income tax to …

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