Budget should reduce tax rates, raise personal income tax exemption limit to ₹5 lakh from ₹3 lakh: EY India
1 day, 2 hours ago

Budget should reduce tax rates, raise personal income tax exemption limit to ₹5 lakh from ₹3 lakh: EY India

Live Mint  

New Delhi, January 8 : The upcoming union budget 2025-26 should focus on giving personal tax relief to common taxpayers by raising the basic exemption limit in the new tax regime from ₹3 lakhs to Rs5 lakhs and reducing tax rates, suggests global consulting and professional services firm Ernst & Young India. EY India also asks for deferring tax deduction at source on PF interest rate until the withdrawal stage to reduce compliance burden. Sameer Gupta, National Tax Leader, EY India, said "While a full comprehensive review of the direct tax code may take time, we might see some initial steps toward its implementation in this Budget. In Tier-2 cities like Hyderabad, Pune, Bengaluru, and Ahmedabad the house rent allowance exemption should be given at 50 per cent, it will provide tax parity.

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History of this topic

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

Major income tax reforms in pipeline, Budget 2025 to ease filing process: Sources
Trending News
1 month, 3 weeks ago

Major income tax reforms in pipeline, Budget 2025 to ease filing process: Sources

India Today  

February 2025 is poised to usher in a new era of tax simplicity in India, as the upcoming Union Budget 2025-26 aims to reform the Income Tax Act, making tax filing easier for citizens, according to sources. Sources in the Finance Ministry told India Today TV that a series of major reforms to the income tax system are in the …

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 …

Industry bodies ask finance ministry to ease TDS rates for Union Budget 2025: Report
2 months ago

Industry bodies ask finance ministry to ease TDS rates for Union Budget 2025: Report

Hindustan Times  

Industry bodies have asked the finance ministry to simplify the rates of tax deducted at source for the Union Budget, which will be presented in February next year, Business Standard reported. Industry bodies have asked the finance ministry to simplify the rates of tax deducted at source as the Union Budget will be presented in February next year Why do …

India's FY25 Budget Simplifies Capital Gains Tax
5 months, 1 week ago

India's FY25 Budget Simplifies Capital Gains Tax

Deccan Chronicle  

New Delhi: Revenue secretary Sanjay Malhotra on Friday said the rationalisation of the capital gains taxes on various asset classes in the FY25 Budget is a tax simplification measure as sought by the industry and not to augment revenue. “I wanted to know if the industry was in favour of having different tax rates for different asset classes,” Malhotra said …

Budget 2024: These 4 TDS changes announced by Nirmala Sitharaman will impact you
5 months, 2 weeks ago

Budget 2024: These 4 TDS changes announced by Nirmala Sitharaman will impact you

Hindustan Times  

Finance minister Nirmala Sitharaman announced changes in the Tax Deducted at Source framework which will impact salaried individuals. The tweaks will impact disposable income and streamline tax processes, the Finance minister announced, adding, "A beginning is being made in the Finance Bill by simplifying the tax regime for charities, TDS rate structure, provisions for reassessment and search provisions and capital …

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 …

Income tax benefits, capital gains tax hike, cheaper phones | Key Budget takeaways
5 months, 2 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%," …

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 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 …

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: 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 …

Govt’s FY24 tax collection target broadly met on back of robust economic activity: Report
9 months ago

Govt’s FY24 tax collection target broadly met on back of robust economic activity: Report

Live Mint  

The central government’s tax collection target of over ₹34.37 lakh crore for fiscal year 2023-24 has been broadly met on the back of robust economic activity and improved compliance, according to a report by PTI. The net direct tax collection grew 19.88 per cent to over ₹18.90 lakh crore till March 17 on higher advance tax mop-up. Advance tax collections …

New Tax regime rules to come into effect from today: Check deductions, rebates, changes in tax slab
9 months, 1 week ago

New Tax regime rules to come into effect from today: Check deductions, rebates, changes in tax slab

India TV News  

As the new financial year begins on April 1, there will be changes to India's income tax regulations. The Centre will implement the New Tax Regime as the default setting, which implies that unless individuals manually choose to abide by the old tax structure, taxes will be automatically assessed and applied according to this new system. The tax slabs will …

Small tax demands up to ₹1 lakh waived, bringing relief for income tax payers
10 months, 2 weeks ago

Small tax demands up to ₹1 lakh waived, bringing relief for income tax payers

Live Mint  

The government has recently announced a scheme to waive off small outstanding income tax demands, setting a ceiling of ₹1 lakh per taxpayer. The scheme aims to provide relief to taxpayers burdened with old outstanding tax demands. Criteria for waiver Finance Minister Nirmala Sitharaman had announced during the interim budget that small outstanding direct tax demands of ₹25,000 or less …

Budget 2024: 6 key changes taxpayers want from FM Sitharaman
11 months, 1 week ago

Budget 2024: 6 key changes taxpayers want from FM Sitharaman

India Today  

Finance Minister Nirmala Sitharaman is set to present the Interim Budget 2024-25 on February 1, covering the initial three months of the next fiscal year. While hopes for a new 25 per cent high-income tax slab are slim, expectations include increased basic exemption, standard deduction, and higher limits for 80C & 80D," Ravi said. NPS deduction under new tax regime …

Robust revenues: On direct tax collection target and fiscal consolidation
11 months, 3 weeks ago

Robust revenues: On direct tax collection target and fiscal consolidation

The Hindu  

With little under a quarter left in the financial year 2023-24, the government has met nearly 81% of its direct tax collection target. Economists believe the exchequer’s net direct tax kitty will end up surpassing the Budget estimate of ₹17.2 lakh crore by about a lakh crore if not more, with the full-year growth settling at around 18%. Within direct …

Direct tax collection grows 17% to ₹5.84 tn
1 year, 4 months ago

Direct tax collection grows 17% to ₹5.84 tn

Live Mint  

The central government has collected ₹5.84 trillion in net direct tax revenues as of 10 August, marking a significant 17% improvement over a year-ago, according to an official statement. This accounts for about one third of the ₹18.2 trillion direct tax collection target of the government for FY24. The Central Board of Direct Taxes said in a statement quoting provisional …

Haryana CM presents ₹1,83,950 crore budget for 2023-24, up 11.6%; no new tax imposed
1 year, 10 months ago

Haryana CM presents ₹1,83,950 crore budget for 2023-24, up 11.6%; no new tax imposed

The Hindu  

Haryana government on Thursday presented a tax-free state budget for the 2023-24 financial year with an outlay of ₹1,83,950 crore, an increase of 11.6% in comparison to the previous year. The budget proposes an expenditure of ₹57,879 crore on capital asset creation representing 31.5% and ₹1,26,071 crore on revenue expenditure representing 68.5%. “In budget estimate 2023-24, I have projected revenue …

Budget 2023: How Nirmala Sitharaman attempted to simplify tax experience
1 year, 11 months ago

Budget 2023: How Nirmala Sitharaman attempted to simplify tax experience

Live Mint  

The Hon’ble Finance Minister presented today the last full-fledged Budget 2023 under the Modi 2.0 Government. Further, with the proposals, it is apparent that the Government wants to simplify the tax experience to its taxpayers by proposing a common tax return form, bringing reforms to litigation and also giving prominence to the new tax regime which does not require the …

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 2023-24: Finance Minister Proposes To Increase Threshold Limit For Co-Operatives To Withdraw Cash Without TDS
1 year, 11 months ago

Budget 2023-24: Finance Minister Proposes To Increase Threshold Limit For Co-Operatives To Withdraw Cash Without TDS

Live Law  

In the Union Budget 2023-24, Finance Minister Nirmala Sitharaman has proposed to increase the threshold limit for co-operatives to withdraw cash without TDS. The government has proposed to amend section 194N of the Income Tax Act by inserting a new proviso to provide that where the recipient is a co-operative society, the provisions of the section shall have effect, as …

Budget 2023 | Those earning up to ₹7 lakh a year need not pay income tax
1 year, 11 months ago

Budget 2023 | Those earning up to ₹7 lakh a year need not pay income tax

The Hindu  

Finance Minister Nirmala Sitharaman on Wednesday announced that those earning up to ₹7 lakh a year need not pay any income tax under the new tax regime, giving a push for the regime which disallows all exemptions on investments. Those earning up to ₹7 lakh annually and opting for new tax regime, could save ₹33,800. “It is proposed to increase …

Budget 2023: How are old and new income tax slabs different from each other
1 year, 11 months ago

Budget 2023: How are old and new income tax slabs different from each other

Hindustan Times  

The income tax slabs were last changed in 2014, when the personal tax exemption limit was revised, too. From the upcoming budget 2023, taxpayers are expecting the current tax slab with basic exemption limit of ₹2.5 lakh income to be increased to ₹5 lakh, in lieu of rising inflation and cost of living. New tax slabs 1) Annual income of …

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 …

EPFO new guidelines: PF contribution above ₹2.5 lakh? Here are new tax rules
2 years, 8 months ago

EPFO new guidelines: PF contribution above ₹2.5 lakh? Here are new tax rules

Live Mint  

In the latest move, the Employees' Provident Fund Organisation has released fresh guidelines regards to taxes and deductions on interest earned on EPF accounts. The government's statutory body has announced a new structure of tax deducted at source on provident contributions above ₹2.5 lakh annually for the private sector employees. Under the new guidelines which were issued on April 6, …

Govt. borrows 58% of target despite 74% more direct tax collections
3 years, 3 months ago

Govt. borrows 58% of target despite 74% more direct tax collections

The Hindu  

In spite of the Centre collecting a whopping 74% more direct taxes so far this fiscal on an annualised basis at ₹ 5.70 lakh crore, it has also borrowed a massive 58 % of the budgeted amount during the same period by selling ₹ 7.02 lakh crore worth of debt securities in the market. While at the weekly auction of …

Direct tax collection exceeds FY-21 estimate by 4.42% at ₹9.45 lakh crore
3 years, 8 months ago

Direct tax collection exceeds FY-21 estimate by 4.42% at ₹9.45 lakh crore

Hindustan Times  

Rajeev Jayaswal The net direct tax collections of ₹ 9.45 lakh crore include corporation tax at ₹ 4.57 lakh crore and ₹ 4.88 lakh crore personal income tax. [email protected] New DelhiThe Union government’s net direct tax collections for the year 2020-21 surpassed the revised estimate by 4.42% at ₹9.45 lakh crore, the finance ministry said on Friday, disclosing figures that …

Govt raises PF threshold limit to Rs 5 lakh for earning tax-free interest
3 years, 9 months ago

Govt raises PF threshold limit to Rs 5 lakh for earning tax-free interest

India TV News  

The government on Tuesday raised the deposit threshold limit to Rs 5 lakh per annum in provident fund for which interest would continue to be tax exempt. In her Budget presented to Parliament on February 1, Finance Minister Nirmala Sitharaman had provided that interest on employee contributions to provident fund over Rs 2.5 lakh per annum would be taxed from …

New TDS rules: How much tax is deducted for making cash withdrawals from bank
4 years, 6 months ago

New TDS rules: How much tax is deducted for making cash withdrawals from bank

Live Mint  

To discourage cash transactions and increase tax compliance, the income tax department has changed TDS rules for making cash withdrawals from banks and post offices from this month. For high-value cash transactions totalling over ₹20 lakh in a given financial year, the TDS rate is directly dependent on whether you have filed your income tax returns for the last three …

Centre gives more time for income tax filings, investments for FY20
4 years, 6 months ago

Centre gives more time for income tax filings, investments for FY20

Live Mint  

New Delhi: The government on Wednesday gave extra time for individuals and businesses to meet various compliance requirements including for filing tax returns amid signs that the coronavirus pandemic will take time to subside. The finance ministry notified fresh due date for filing tax returns for FY19 and gave more time for making investments to claim tax deductions for FY20 …

TDS, TCS Rates Reduced By 25%, Income Tax Return Deadline Extended To Nov 30, Says FM Nirmala Sitharaman
4 years, 7 months ago

TDS, TCS Rates Reduced By 25%, Income Tax Return Deadline Extended To Nov 30, Says FM Nirmala Sitharaman

ABP News  

Government to infuse Rs 50,000 crores liquidity by reducing rates of TDS, for non-salaried specified payments made to residents, and rates of Tax Collection at Source for specified receipts, by 25% of the existing rates. Citing a major relief to taxpayers of the country, Finance Minister announced a massive 25 per cent deduction in TDS and TCS rates and also …

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 …

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 …

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 …

5 key changes in income tax provisions announced in Budget 2019
5 years, 6 months ago

5 key changes in income tax provisions announced in Budget 2019

Live Mint  

The government today proposed many changes in income tax provisions for this year. Finance minister Nirmala Sitharaman in her maiden budget kept the income tax slab rates unchanged but announced a slew of new income tax proposals that could impact many tax payers. — Additional income tax deduction of ₹1.5 lakh on home loans for affordable houses costing below ₹45 …

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 …

Budget 2019: 4 Major Income Tax Changes Common Man Can Expect From Modi Govt 2.0
5 years, 6 months ago

Budget 2019: 4 Major Income Tax Changes Common Man Can Expect From Modi Govt 2.0

ABP News  

Budget 2019: As Finance Minister Nirmala Sitharaman is all set to present her maiden Union Budget for financial year 2019-2020 on July 5, expectations are high - not just from business industries but also among common citizens of the country. Despite the Modi 1.0 government announced some major relief in tax slabs in the Interim Budget presented by the then …

Budget 2019: Government likely to increase income tax exemption limit to Rs 3 lakh
5 years, 6 months ago

Budget 2019: Government likely to increase income tax exemption limit to Rs 3 lakh

India Today  

The government is planning to increase personal income tax exemption from existing Rs 2.5 lakh to Rs 3 lakh in the Union Budget 2019, according to a Bloomberg report. However, it now seems that the government could increase the personal income tax threshold to Rs 3 lakh in order to provide more tax relief to people and boost demand. The …

Income tax exemption, Section 80C deduction limits could be raised in Budget
5 years, 6 months ago

Income tax exemption, Section 80C deduction limits could be raised in Budget

Live Mint  

The government is considering increasing the personal income tax threshold in next month’s Budget, according to people familiar with the matter, as authorities seek to kickstart consumption in the economy. Finance Minister Nirmala Sitharaman may raise the tax exemption limit for working-age individuals to ₹3 lakh of their annual income, up from the current ₹2.5 lakh, the people said, asking …

Tax relief for senior citizens upto ₹5 lakh
5 years, 7 months ago

Tax relief for senior citizens upto ₹5 lakh

Hindustan Times  

Senior citizens with a taxable income of up to ₹5 lakh can now seek exemption from tax deducted at source by banks and post offices on interest they earn on their deposits — a move that is expected to be welcomed by retirees living on their savings. A notification to this effect was issued on Wednesday, but CBDT is considering …

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