Can you get tax rebate?
5 years, 11 months ago

Can you get tax rebate?

Live Mint  

When finance minister Piyush Goyal announced tax rebate for income up to ₹5 lakh, it brought in immediate cheer to the salaried individuals. There are two components that changed in the budget that will have an impact on your income tax —tax rebate for income up to ₹5 lakh and increase in standard deduction from ₹40,000 to ₹50,000. If you are in the highest tax bracket of 30% with an income between ₹10 lakh and ₹50 lakh, the increase of ₹10,000 in your standard deduction means you will save ₹3,090 in tax,” said Vaibhav Sankla, managing director, H&R Block India. Technically if you have an income of around ₹10 lakh, you still can get the rebate if you invest ₹1.5 lakh in instruments eligible for 80C, ₹50,000 in National Pension System, ₹2 lakh as interest on home loan, ₹75,000 as premium for medical insurance for self and senior citizen parents and also factoring the standard deduction.

Tax Income Provident Fund Lakh Increase Rebate Your Income Standard Deduction Tax Rebate  individuals  standard  deduction  lakh  income  increase  tax  impact  fund  rebate

History of this topic

Budget 2025: Five income tax changes that you can expect in Nirmala Sitharaman’s speech
4 days, 8 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 …

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 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%," …

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 …

ITR Return Filing: Should you file ITR if your income is less than ₹7 lakh?
6 months, 4 weeks ago

ITR Return Filing: Should you file ITR if your income is less than ₹7 lakh?

Hindustan Times  

If your gross taxable income exceeds basic exemption limit, it is mandatory for you to file an income tax return. But this does not mean you have to pay income tax as there is a tax rebate under section 87A of the Income tax Act, 1961 owing to which you are eligible if your net taxable income does not exceed …

New Tax regime rules to come into effect from today: Check deductions, rebates, changes in tax slab
9 months, 2 weeks 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 …

Union Budget 2024: Income tax rebate unlikely to rise in interim budget, says report
1 year ago

Union Budget 2024: Income tax rebate unlikely to rise in interim budget, says report

Hindustan Times  

Less than a month away from the presentation of the interim Union Budget 2024, a senior finance ministry official has said that no rebate is expected on income tax for the upcoming financial year, reported Moneycontrol on Tuesday. Earlier, there were speculations that the Finance Ministry will include a proposal that the personal income tax rebate be increased from the …

New income tax regime: How to save tax if annual income is above ₹7 lakh?
1 year, 11 months ago

New income tax regime: How to save tax if annual income is above ₹7 lakh?

Live Mint  

New income tax regime: In the union budget 2023, finance minister Nirmala Sitharaman made some changes in the new income tax regime to make it more attractive for a taxpayer going to file income tax return in the financial year 2023-24. Speaking on the new income tax regime, Pankaj Mathpal, MD & CEO at Optima Money Managers said, "Section 87A …

New Tax System Less Complicated…Every Indian Should Make A Choice: FM to News18
1 year, 11 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 …

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 – …

Union Budget: Middle class cheers, pensioners disappointed
1 year, 11 months ago

Union Budget: Middle class cheers, pensioners disappointed

Hindustan Times  

Union finance minister Nirmala Sitharaman’s announcement of exemption of tax for those earning an yearly income of ₹7 lakh has brought cheers to the middle class in the city, while pensioners feel disappointed as there has been no improvement in the rates under the old tax regime. In her Budget presentation on Wednesday, Sitharaman increased the income tax rebate limit …

Explained: How Union Budget has given India’s middle class much to rejoice
1 year, 11 months ago

Explained: How Union Budget has given India’s middle class much to rejoice

Firstpost  

‘Amrit Kaal’s first Budget’ has brought the much-awaited income tax reliefs for the country’s salaried middle class. In a much-awaited respite, the government increased the income tax rebate limit from Rs 5 lakh to Rs 7 lakh in the new tax regime. Here are the new tax rates under the new tax regime: For Rs 0-3 lakh income – nil …

From New Personal Tax Slabs, Standard Deduction to Rebate, What Sitharaman's Budget Means for You
1 year, 11 months ago

From New Personal Tax Slabs, Standard Deduction to Rebate, What Sitharaman's Budget Means for You

News 18  

The Narendra Modi Sarkar on Wednesday set the tone for the 2024 Lok Sabha elections as it gave the salaried class reason to cheer by announcing Income Tax relief — with the disclaimer that it was only applicable for those who had opted for the new tax regime. For the “hard-working middle class”, Finance Minister Nirmala Sitharaman announced rebate, saying: …

Income Tax Slabs Overhauled Under New Regime, Rebate Limit Up; Check New Tax Rates
1 year, 11 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 …

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 …

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, 11 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 …

Budget 2023 new income tax slabs: How to calculate your tax
1 year, 11 months ago

Budget 2023 new income tax slabs: How to calculate your tax

Hindustan Times  

In a big relief for the middle class, finance minister Nirmala Sitharaman on Wednesday announced five income tax measures in the last full budget of the government before the 2024 Lok Sabha elections. People earning up to ₹7 lakh annually will not pay any income tax in the new tax regime as the personal income tax rebate limit has been …

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 …

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 …

Budget 2023: Check The Difference Between Income Tax Exemption, Deductions, Rebate
1 year, 11 months ago

Budget 2023: Check The Difference Between Income Tax Exemption, Deductions, Rebate

News 18  

Income Tax Exemption Vs Rebate Vs Deductions: The Union Budget 2023, which will be tabled in Parliament on Febuary 1, will be keenly watched by taxpayers as they look forward to relaxations in taxability of their income. Various exemptions have been given under the Income Tax Act, 1961, from income under the head salary like house rent allowance and from …

Income tax rebate under Section 87A for income up to ₹5 lakh - Explained
3 years, 8 months ago

Income tax rebate under Section 87A for income up to ₹5 lakh - Explained

Live Mint  

The government has not changed the basic exemption limit of 2.50 lakh for some time as the government does not want people to go out of the tax net and be exempt from filing ITR. 2.50 lakh is applicable for all Individuals and HUFs whether resident or non-resident but the rebate under Section 87A is available only to an individual …

Income tax new rules: 5 changes that come into effect from today
4 years, 9 months ago

Income tax new rules: 5 changes that come into effect from today

Live Mint  

The current financial year 2019-20 is closing on 31st March as usual and the new financial year 2020-21 is starting from today. Here are some changes in income tax rules that will come into effect from April 1, 2020, as announced in Budget 2020: 1) New tax slabs, as announced in Budget 2020, will come into effect. But under this …

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 …

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 …

Budget 2019: Surcharge rate on income tax increased for super-rich
5 years, 6 months ago

Budget 2019: Surcharge rate on income tax increased for super-rich

Live Mint  

Super-rich will have to contribute more towards tax collection. So in total there will be four surcharge slab and rates, beside the above mentioned two new rates, the existing rates are—10% for those with total income between ₹50 lakh and ₹1 crore, 15% for those with taxable income between ₹1 crore and ₹2 crore. Current highest rate of applicable income …

Decoding income tax rebate. Will you get this benefit?
5 years, 6 months ago

Decoding income tax rebate. Will you get this benefit?

Live Mint  

In the 2019 interim Budget, income tax rebate under Section 87A of Income tax Act was increased to ₹12,500, from ₹2,500. The amount of rebate is 100% of income tax payable on the total taxable income of up to ₹5 lakh. For this financial year, assessees with taxable income of up to ₹5 lakh this financial year can claim the …

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 …

Income tax slab for FY 2019-20: A ready reckoner
5 years, 9 months ago

Income tax slab for FY 2019-20: A ready reckoner

Live Mint  

New Delhi: With the start of the new financial year 2019-20 from this month, it is time to start your financial planning for saving taxes. Your tax outgo calculation might however change as there has been some changes in rebates and standard deduction. Individuals below the age of 60 will continue to enjoy tax-free income of up to ₹2.5 lakh, …

How is your tax slab calculated?
5 years, 11 months ago

How is your tax slab calculated?

Live Mint  

Tax slab In the interim budget, though the government offered tax rebate for income up to ₹5 lakh, it left income tax slabs unchanged. The current tax slab starts at 5% for income between ₹2.5 lakh and ₹5 lakh, 20% if your income is between ₹5 lakh and ₹10 lakh and 30% for income above ₹10 lakh, for individuals less …

From tax rebate to hike in standard deductions: Salaried, middle-class get avenues to save more
5 years, 11 months ago

From tax rebate to hike in standard deductions: Salaried, middle-class get avenues to save more

Firstpost  

With the intent of reducing tax burden on the middle-class and salaried individuals, the finance minister proposed a number of tax benefits. Earlier, the tax rebate under Section 87A of Rs 2,500 was available to resident individuals whose total income did not exceed Rs 3.5 lakh per annum. Now it is proposed to increase the rebate to Rs 12,500 for …

Small businesses with turnover up to ₹1.5 crore can become income tax free due to full rebate
5 years, 11 months ago

Small businesses with turnover up to ₹1.5 crore can become income tax free due to full rebate

Op India  

In the interim budget presented by caretaker finance minister Piyush Goyal on February 1, a major relief has been provided to the income taxpayers, with the increase in the threshold for the rebate. Due to this, small businesses and traders having an annual turnover up to ₹1.5 crore may not need to pay any income tax. The section 44AD of …

Tax rebate given to those who need it most, says Piyush Goyal
5 years, 11 months ago

Tax rebate given to those who need it most, says Piyush Goyal

Hindustan Times  

The government opted to announce a tax rebate on annual income up to Rs 5 lakh instead of raising the exemption limit as it did not wish to tinker with rate slabs in an interim budget, Union finance minister Piyush Goyal said in an interview to Hindustan Times on Monday. Finance minister Piyush Goyal during an interview in New Delhi. …

Income tax rates for FY 2019-20 after interim budget
5 years, 11 months ago

Income tax rates for FY 2019-20 after interim budget

Live Mint  

In the interim budget, finance minister Piyush Goyal has not changed the income tax slabs for the financial year 2019-20 but has provided relief to middle-class salaried taxpayers by rebates and increasing the standard deduction threshold. Clause 8 of the Finance Bill introduced in parliament on Friday seeks to amend section 87A of the Income Tax Act to provide relief …

Opinion | Budget gives starring role to Middle India, farmers
5 years, 11 months ago

Opinion | Budget gives starring role to Middle India, farmers

Live Mint  

The 8,153-word speech by finance minister Piyush Goyal, who was stepping into the shoes of the ailing Arun Jaitley, had some giveaways and some promises to both India and Bharat. And, by the way, to help you help us, here are some rewards targeted at those who most need them.” You can dismiss this as a pre-election manifesto, but the …

Budget 2019: Income tax rebate hiked for income up to Rs 5 lakh; here is how much you will save now
5 years, 11 months ago

Budget 2019: Income tax rebate hiked for income up to Rs 5 lakh; here is how much you will save now

Firstpost  

Finance Minister Piyush Goyal on Friday doled out tax sops to middle class including doubling of income tax exemption limit to Rs 5 lakh and raising standard deduction to Rs 50,000, and provided concessions on interest income from bank deposits and rent. Finance minister Piyush Goyal on Friday doled out tax sops to middle class including giving full income tax …

5 income tax changes announced in Budget 2019
5 years, 11 months ago

5 income tax changes announced in Budget 2019

Live Mint  

Finance Minister Piyush Goyal in Budget 2019 proposed many changes in income tax rules for the year 2019-20. Budget 2019: Here are 5 changes proposed on the personal tax front 1) The rebate under Section 87A of the Income tax Act, 1961, has been raised to ₹12,500. So in the next fiscal year, if an assessee has a net taxable …

Tax rebate enhanced. Taxable income upto ₹5 lakh are exempt from tax
5 years, 11 months ago

Tax rebate enhanced. Taxable income upto ₹5 lakh are exempt from tax

Live Mint  

The rebate under section 87A of Income tax Act 1961, which is available since assessment year 2014-15 is raised to ₹12,500 from existing ₹2,500. The amount of rebate is 100% of income tax payable on the total taxable income of up to ₹5 lakh. So in next fiscal, if an assessee has an income of up to ₹5 lakh in …

Union Budget 2019 : Full Tax Rebate For Annual Income Up To Rs 5 Lakhs Announced
5 years, 11 months ago

Union Budget 2019 : Full Tax Rebate For Annual Income Up To Rs 5 Lakhs Announced

Live Law  

Union Finance Minister Piyush Goyal announced in the budget speech in Parliament today that full income tax rebate will be given for individual annual income up to Rs. "Individuals with taxable income of Rs.5 lakh annually will get full tax rebate", the minister said. Other key announcements: TDS threshold limit for rental income raised from Rs.1.8 lakh to 2.4 lakh …

Expect rationalisation in income tax rates
5 years, 11 months ago

Expect rationalisation in income tax rates

Live Mint  

Currently, there is a steep jump from 5% to 20% for income between ₹5 lakh to ₹10 lakh. A decision may also be taken to lower the highest personal income tax rate from existing 30% to 25%. No major change is expected in income tax before the release of Direct Tax Code Report on February 28. Considering the government’s focus …

Income tax exemption limit may be doubled to ₹ 5 lakh in interim budget: Report
6 years ago

Income tax exemption limit may be doubled to ₹ 5 lakh in interim budget: Report

Live Mint  

New Delhi: The interim budget on 1 February could have some good news for taxpayers ahead of the Lok Sabha election later in the year. Finance minister Arun Jaitley may double the income tax exemption threshold from the present ₹ 2.5 lakh to ₹ 5 lakh, according to an IANS report. Doubling the income tax exemption limit to ₹ 5 …

Now, you can file income tax returns till 31 August
6 years, 5 months ago

Now, you can file income tax returns till 31 August

Live Mint  

New Delhi: In a relief to individual taxpayers, the income tax department on Thursday extended the last date for filing tax returns by one month. The due date for filing the income tax returns has been extended to 31 August from 31 July, the income tax department said in a statement. “While return filing due date has been extended, taxpayers …

Discover Related