Income tax rule: Ten key changes in 2024 that will impact your ITR filing in 2025
1 week, 2 days ago

Income tax rule: Ten key changes in 2024 that will impact your ITR filing in 2025

Live Mint  

Income tax rule: As 2024 ends, it's clear that India's financial sector has experienced significant income tax reforms. 1)New regime income tax slabs changed under the new tax regime The new tax regime's revised slabs offer taxpayers potential annual savings of ₹17,500. New regime income tax slab rates Up to ₹3 lakh - Nil ₹3-7 lakh - 5% ₹7-10 lakh - 10% ₹10-12 lakh - 15% 12-15 lakh - 20% Above ₹15 lakh - 30% 2)Standard deduction hiked Under the new tax regime, the government increased the standard deduction ceiling from ₹50,000 to ₹75,000 and the standard deduction limit for family pensioners from ₹15,000 to ₹25,000. 3) Old regime income tax regime The budget announcements on July 22 did not change the old tax regime. Old regime income tax slab rates Upto ₹2.5 lakh- Nil ₹2.5- ₹5 lakh- 5%.

Tax Income 2024 Rate Lakh Regime Gains Tds Stt  rates  capital  2024  rule  income  changes  key  tax  rate  tds  itr  gains  impact  regime  lakh  2025  filing

History of this topic

Income tax slab for AY 2025-26: Which is better, the old tax regime or the new tax regime?
1 day, 9 hours ago

Income tax slab for AY 2025-26: Which is better, the old tax regime or the new tax regime?

Live Mint  

In Budget 2024, Finance Minister Nirmala Sitharaman introduced changes to the income tax slabs to make the new tax regime more appealing to taxpayers. Income tax slab for FY 2024-25: New tax regime ₹0- ₹3 lakh - Nil ₹3-7 lakh - 5% ₹7-10 lakh - 10% ₹10-12 lakh - 15% 12-15 lakh - 20% Above ₹15 lakh - 30% Income …

Budget 2025: Easier ITR filing and tax dispute reduction expected, says report
1 day, 16 hours ago

Budget 2025: Easier ITR filing and tax dispute reduction expected, says report

India Today  

The upcoming Union Budget 2025-26 is poised to introduce significant changes to India's tax landscape, aiming to simplify income tax filing and address longstanding tax disputes. According to a Bloomberg report, Finance Minister Nirmala Sitharaman is expected to unveil a comprehensive overhaul of the Income Tax Act, 1961, a move that has been in the works for several months. KEY …

Budget 2025: 5 reforms that could make new tax regime a better deal for you
Trending News
6 days, 16 hours ago

Budget 2025: 5 reforms that could make new tax regime a better deal for you

India Today  

Finance Minister Nirmala Sitharaman is expected to present the Union Budget 2025 on February 1, 2025. The new tax regime is expected to take centre stage in the budget, with reforms designed to make it a more attractive alternative to the traditional tax structure. POSSIBLE REFORMS IN THE NEW TAX REGIME The upcoming budget could include several changes to the …

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 …

10 income tax changes in 2024: What you need to know for filing ITR in 2025
1 week, 6 days ago

10 income tax changes in 2024: What you need to know for filing ITR in 2025

India Today  

The year 2024 brought significant changes to income tax laws, altering how taxpayers will approach filing their Income Tax Returns in 2025. These reforms—ranging from revamped tax slabs to new rules for capital gains and TDS—promise to impact how you plan, save, and file your Income Tax Return in 2025. REVISED INCOME TAX SLABS UNDER THE NEW REGIME The new …

ITR filing: How the new tax regime impacts your taxes – 6 key things to know
2 weeks, 1 day ago

ITR filing: How the new tax regime impacts your taxes – 6 key things to know

Live Mint  

Taxpayers are required to pay their income tax as per the New Tax Regime from FY 2023-24 onwards after it became the default regime. Notably, the new tax regime enables you to compute income tax at a relatively lower slab rate, but in return, you must forgo most of the exemptions that are offered against your investments. For instance, under …

ITR Filing for FY 2024-25: Before you make investment declaration, be aware of these 5 key points
2 weeks, 2 days ago

ITR Filing for FY 2024-25: Before you make investment declaration, be aware of these 5 key points

Live Mint  

If you have invested in tax-saving instruments during the year, it is imperative that you submit the proof of investment to your employer in order to claim deduction for those investments. For instance, if you invest up to ₹1.5 lakh in certain instruments such as PPF, NSC, ULIP, you become entitled to income tax exemption under section 80C of Income …

Eyes on income tax, customs duty and capex reforms as Sitharaman begins Budget 2025 meetings
1 month ago

Eyes on income tax, customs duty and capex reforms as Sitharaman begins Budget 2025 meetings

Firstpost  

An internal committee led by Chief Commissioner of Income Tax VK Gupta will ensure the suggested amendments comply with international standards, improve the system for the taxpayer and facilitate the government’s revenue mechanism Finance Minister Nirmala Sitharaman held a meeting on Tuesday to chart next year’s Union Budget. Talking to Moneycontrol, a government source said, “Eyes on income tax, customs …

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 …

Tax breaks, reforms, and returns: Why NRIs are banking big on India
1 month, 2 weeks ago

Tax breaks, reforms, and returns: Why NRIs are banking big on India

Live Mint  

India is cementing its reputation as a prime destination for global investors, with inflows into NRI deposit schemes surging to $7.8 billion between April and August this year—more than double the figure from the same period last year. By refining tax rules, increasing transparency, and aligning with global trends, the reforms position India as an attractive and efficient investment destination …

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
1 month, 3 weeks 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
1 month, 3 weeks 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 …

Can you expect major income tax changes in Budget 2025? Check details
1 month, 3 weeks ago

Can you expect major income tax changes in Budget 2025? Check details

India Today  

The Union Budget 2025-26 is set to usher in a new era of tax simplification in India, with the Finance Ministry working on comprehensive reforms to streamline the income tax system. The proposed reforms focus on three key areas: simplifying tax structures, expanding the tax base, and balancing revenue generation with taxpayer relief. SIMPLER TAX FILING Building on the success …

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 …

India is investing more in mutual fund SIPs, and paying more tax too
1 month, 4 weeks ago

India is investing more in mutual fund SIPs, and paying more tax too

Firstpost  

With individual wealth creation through investments aligning with strengthened government revenues, India appears resilient in the face of global uncertainties Investments in mutual funds,a s well as tax collection in India have gone up. New records for SIPs In October 2024, investments through monthly systematic investment plans into mutual funds surpassed Rs 25,000 crore for the first time and reached …

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 …

India's Tax Filers Surge Fivefold, With 52% of Salaried Individuals Reporting Income Over Rs 1 Crore
2 months, 2 weeks ago

India's Tax Filers Surge Fivefold, With 52% of Salaried Individuals Reporting Income Over Rs 1 Crore

ABP News  

India's tax filers have seen a significant surge in recent years, with the number of individuals reporting taxable incomes exceeding Rs 1 crore surging fivefold in the assessment year 2023-24. This growth has been driven by both an increase in the total number of taxpayers and an increase in the number of individuals with taxable incomes exceeding Rs 1 crore.

Centre launches process to revamp income-tax regime
3 months ago

Centre launches process to revamp income-tax regime

Hindustan Times  

NEW DELHI: The Union government on Monday formally launched the process to revamp the existing income-tax regime with four key objectives in mind – simplification of language, reduction of litigations, ease of compliance, and scrapping of obsolete provisions. “The goal is to make the Act concise, clear, and easy to understand, which will reduce disputes, litigation, and provide greater tax …

Tax defaults in India skyrocket by 1000% over last 10 years, litigations double: Report
5 months ago

Tax defaults in India skyrocket by 1000% over last 10 years, litigations double: Report

Hindustan Times  

Tax defaults in India have skyrocketed by 1000% in the last ten years and litigation associated with it has also consequently risen, according to a Moneycontrol report, which cited data compiled from various Union Budgets. Tax defaults in India skyrocketed by 1000% in the last ten years and associated litigation has also consequently risen How much tax default did India …

Budget 2024: Taxation related to capital gains in equity market transactions will affect you— THIS is how
5 months, 2 weeks ago

Budget 2024: Taxation related to capital gains in equity market transactions will affect you— THIS is how

Live Mint  

Proposed tax changes by Finance Minister include higher rates for capital gains on equity investments and increased STT on derivative transactions. Buyback shares to be treated as dividends, affecting cash flow of small shareholders Finance Minister Nirmala Sitharaman has proposed drastic changes in capital gains taxation. {{^adFree}} {{/adFree}} Increase in the tax rate and enhanced tax-free amount of long-term capital …

Union Budget 2024 reforms of the new tax regime may reduce tax burden and allow option to choose again
5 months, 2 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, 2 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 …

New income tax regime: Check how much tax you will pay now
5 months, 2 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: Time to opt out of old tax regime? Explained
5 months, 2 weeks ago

Budget 2024: Time to opt out of old tax regime? Explained

Hindustan Times  

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

Budget 2024: Stocks wobble on capital gain tax plan
5 months, 2 weeks ago

Budget 2024: Stocks wobble on capital gain tax plan

The Hindu  

The stock markets reacted negatively to the Budgetary provisions concerning additional tax burden on investors and closed in the negative territory led by losses in banking stocks after undergoing high volatility. The market reacted because the increase in capital gain tax has been viewed as a negative for the investors and the 5% increase in Short Term Capital Gain tax …

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%," …

Budget 2024: How the changes in new tax regime will benefit the salaried, explained
5 months, 2 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 …

Calculation: Will you pay more income tax or less after Budget 2024 changes?
5 months, 2 weeks ago

Calculation: Will you pay more income tax or less after Budget 2024 changes?

Firstpost  

The government has introduced a simplified tax regime for the fiscal year 2024-25, aimed at streamlining the tax structure to make it more taxpayer friendly. As we move to higher income levels, for the range of Rs 1,500,000 to Rs 5,000,000, the tax rate is set at 30 per cent with an effective tax rate of 31.20 per cent. For …

Budget 2024 Capital Gains taxation: Corporate tax for foreign companies slashed to 35%, charities, cruise operations taxation revised
5 months, 2 weeks ago

Budget 2024 Capital Gains taxation: Corporate tax for foreign companies slashed to 35%, charities, cruise operations taxation revised

The Hindu  

Simplifying the tax regime for corporate industries, Union Finance Nirmala Sitharaman on Tuesday, proposed new tax structures for charities, foreign shipping companies, rationalisation of capital gains in her 2024 Budget speech. Ms. Sitharaman’s speech lasted just shy of ninety minutes “58% of corporate tax came from the simplified tax regime in 2022-23 and more than 2/3rd of taxpayers have used …

Afternoon briefing: New tax regime slabs revised in Budget 2024; IIT Delhi's submission to SC in NEET row; and more
5 months, 2 weeks ago

Afternoon briefing: New tax regime slabs revised in Budget 2024; IIT Delhi's submission to SC in NEET row; and more

Hindustan Times  

Finance minister Nirmala Sitharaman said that new tax regime slabs will be changed and standard tax deduction increased from 50,000 to 75,000. Union Minister of Finance and Corporate Affairs Nirmala Sitharaman carrying the Budget tablet More news on Union Budget 2024-25 Budget: Sitharaman announces financial aid for student loans up to ₹ 10 lakh A panel of experts from Indian …

Old vs proposed income tax slabs under new regime. What has changed?
5 months, 2 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, 2 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, 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 …

FM Says Salaried Employees Under New Tax Regime To Save Rs 17,500 Annually, Here's How
5 months, 2 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 Boost To New Tax Regime: Standard Deduction Raised To Rs 75k From Rs 50k
5 months, 2 weeks ago

Budget 2024 Boost To New Tax Regime: Standard Deduction Raised To Rs 75k From Rs 50k

News 18  

Finance Minister Nirmala Sitharaman on Tuesday announced to increase standard deduction limit to Rs 75,000 under the new tax regime, compared with Rs 50,000 earlier. Presenting the Union Budget for 2024-25, Finance Minister Nirmala Sitharaman also said the government will come out with SoP for TDS defaults and simplify and rationalise compounding of such offences. More than two-thirds of individuals …

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 …

Major reforms expected by key sectors in Budget 2024, will it deliver?
5 months, 2 weeks ago

Major reforms expected by key sectors in Budget 2024, will it deliver?

New Indian Express  

With the first Union Budget after the Lok Sabha elections all set to be unveiled, there are great expectations regarding major policy and tax reforms. These expectations include: A new subsidy scheme similar to FAME II with a more comprehensive coverage; Streamlining policies towards R&D efforts in battery technology and grid integration for development of a widespread and reliable charging …

Jefferies' Chris Wood on Budget 2024: India should have no capital gains tax
5 months, 3 weeks ago

Jefferies' Chris Wood on Budget 2024: India should have no capital gains tax

Hindustan Times  

Global Equity Strategist at Jefferies Christopher Wood said that there should be no capital gains tax in the current scenario in India ahead of the Union Budget presentation by finance minister Nirmala Sitharaman. Giving example of Hong Kong, Christopher Wood told CNBC TV18 that the absence of these taxes could stimulate greater investment and market expansion. Experts said that a …

Budget 2024: Will Nirmala Sitharaman bring cheer to middle-class with income tax changes?
5 months, 3 weeks ago

Budget 2024: Will Nirmala Sitharaman bring cheer to middle-class with income tax changes?

Hindustan Times  

The Union Budget 2024 could provide Income Tax relief for low earners looms large amid rising prices in the country. Experts believe that a reduction in Income Tax could address economic challenges in the country as Finance Minister Nirmala Sitharaman is set to present the Union Budget for the fiscal year 2024-25 on July 23. This change would boost consumption, …

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 …

Crypto Tax In India: The Current State & How Union Budget 2024 Can Help
5 months, 3 weeks ago

Crypto Tax In India: The Current State & How Union Budget 2024 Can Help

ABP News  

As the global crypto markets are on a bull run, the excitement among Indian investors is also palpable. With the Union Budget 2024 on the horizon, understanding the current tax framework and anticipating potential changes can help investors make informed decisions and optimise their portfolios. Anticipated Changes In Union Budget 2024 As we approach the Union Budget 2024, several potential …

Budget 2024: This change to old income tax regime can provide relief to millions
5 months, 3 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 …

India's 2024 Budget: A push for tax reform
5 months, 3 weeks ago

India's 2024 Budget: A push for tax reform

India Today  

The 2024 Budget, scheduled for July 23, may see tweaks to key tax policies to boost government revenue — bold steps to tackle tax evasion and improve tax compliance. 1980: For every Rs 100 collected, Rs 11 came from income tax, Rs 12 from corporate tax, Rs 1 from other direct taxes, and Rs 76 from other indirect taxes. 2000: …

Budget may make some announcements to enable Global Minimum Tax
5 months, 3 weeks ago

Budget may make some announcements to enable Global Minimum Tax

Deccan Chronicle  

The global minimum tax set to take effect in 2025 will have legal and economic ramifications for multinational corporations with an annual global turnover exceeding €750 million. “India being a signatory of the Global Minimum Tax Agreement and the regime set to take effect in 2025, the government will have to bring some enabling provisions and mechanisms in the Budget. …

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 …

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 …

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 …

10 Income Tax Rules That Are Changing From April 1, 2023
1 year, 9 months ago

10 Income Tax Rules That Are Changing From April 1, 2023

News 18  

The income tax laws have undergone numerous changes, and they will take effect this fiscal year. Some of the main changes that will take effect on April 1, 2023, include raised tax rebate limits, changes to income tax slabs, and the elimination of the LTCG tax benefit on certain debt mutual funds. Let’s examine the changes:- 1) New income tax …

From Apr 1, these 10 big income tax rule changes to be effective. Details
1 year, 9 months ago

From Apr 1, these 10 big income tax rule changes to be effective. Details

Hindustan Times  

The new financial year 2023-24 will begin on April 1 and the announcements made by Union finance minister Nirmala Sitharaman in the annual Feb 1 Union budget will come into effect as soon as FY23 kicks in. Representational Image Here are, therefore, the 10 major income tax rule changes effective from April 1: Default tax regime: As announced by the …

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