Budget 2025: A Game-Changer for individual taxpayers, strengthening the middle class and driving economic growth
1 month, 3 weeks ago

Budget 2025: A Game-Changer for individual taxpayers, strengthening the middle class and driving economic growth

Live Mint  

The Budget 2025 has become a beacon of hope for individual taxpayers amidst a global landscape marred by the threat of "retreating globalization," and a domestic economy grappling with inflation and subdued growth. The key personal income-tax proposals that are set to redefine personal finance are as follows: Increased tax threshold for tax rebate The new tax regime introduces a significant hike in the tax rebate threshold for salaried individuals, raising it from INR 7,75,000 to INR 12,75,000. This will also encourage the minority individual taxpayers who still opt for the old tax regime to move towards the new tax regime as the threshold for break-even between old tax regime and new tax regime is now much wider. Under the old tax regime, the tax rebate is applicable on income up to INR 550,000 but it captures all types of incomes including income taxable at special rates. Due to lower TDS thresholds, senior citizens were filing tax returns to claim Income-tax refund even if there was no tax payable due to tax rebate.

Income Senior Citizens Regime Inr Tds Nps Lakhs Tax Threshold Tax Rebate Individual Taxpayers  taxpayers  tds  strengthening  middle  tax  threshold  driving  income  growth  personal  inr  class  budget  rebate  economic  fm  individual  regime  gamechanger

History of this topic

Budget 2025: Key personal finance tax changes that will affect taxpayers
1 month, 2 weeks ago

Budget 2025: Key personal finance tax changes that will affect taxpayers

Live Mint  

The recently announced budget introduced significant personal finance changes impacting taxpayers and investors. It has been clarified by the Finance Ministry that if the annual premium exceeds ₹2.5 lakhs the redemption becomes subject to capital gains tax. Timeline for filing updated income tax returns has been extended One more crucial development has been that the timeline for filing updated income …

All income groups got a little something from the Budget
Trending News
1 month, 3 weeks ago

All income groups got a little something from the Budget

Live Mint  

The Union Budget 2025 aimed to put more money in the hands of every income group—whether salaried professionals, gig workers, rental income earners, or senior citizens—by tweaking tax slabs, deductions, and exemptions. The Bill proposes that persons opting for the new personal tax regime in financial year 2025-26, and having income upto ₹12 lakh, will not be required to pay …

5 key tax reforms for middle class introduced in Budget 2025
1 month, 3 weeks ago

5 key tax reforms for middle class introduced in Budget 2025

India Today  

The Union Budget 2025 presented by Finance Minister Nirmala Sitharaman on February 1, 2025, witnessed several key income tax reforms aimed especially at the middle class. REVISION OF INCOME TAX SLABS The government has proposed revisions to the tax slabs under the new regime: 0-4 lakh rupees: Nil 4-8 lakh rupees: 5% 8-12 lakh rupees: 10% 12-16 lakh rupees: 15% …

New income tax slabs: Check how much you'll save with these simple calculations
1 month, 3 weeks ago

New income tax slabs: Check how much you'll save with these simple calculations

India Today  

The Union Budget 2025 has introduced major changes to the new income tax regime, making it more attractive for salaried individuals. He also shared an example to show how the new tax regime changes will impact salaried taxpayers with incomes up to Rs 25 lakh: Kunal Savani, Partner, Cyril Amarchand Mangaldas, shared the new tax rates and slabs will benefit …

Tax Reforms In Budget 2025 Should Help Bring In Majority Of Taxpayers To New Income Tax Regime, Says CBDT Chairman
1 month, 3 weeks ago

Tax Reforms In Budget 2025 Should Help Bring In Majority Of Taxpayers To New Income Tax Regime, Says CBDT Chairman

ABP News  

CBDT Chairman, Ravi Agrawal, on Sunday said that revisions in the tax slabs should bring nearly all the individual taxpayers to the new income tax regime. Speaking in an interview with PTI, the Central Board of Direct Taxes executive said that the Budget 2025’s announcement of no tax on earnings up to Rs 12 lakh per annum should help the …

Economy to get fillip with tax cut
1 month, 3 weeks ago

Economy to get fillip with tax cut

New Indian Express  

For a middle-class that is struggling with tight cash flows and higher taxes, the finance minister has come with a bunch of measures that put more money into their pockets. The introduction of enhanced slabs, lower tax rates, higher threshold for TDS and TCS transaction and measures to cut complexity around KYC compliance are set to bring considerable cheer to …

TDS limit for senior citizens doubled to Rs 1 lakh
1 month, 3 weeks ago

TDS limit for senior citizens doubled to Rs 1 lakh

Deccan Chronicle  

Mumbai: Finance Minister Nirmala Sitharaman, in the Union Budget 2025, proposed to double the limit for tax deducted at source on interest income for senior citizens to Rs 1 lakh. Additionally, the Budget proposed raising the threshold for TDS on rent to Rs 6 lakh from the current Rs 2.4 lakh, which would significantly reduce the TDS transactions for those …

Old vs new tax regime: How Budget 2025 alters your tax choices
Top News
1 month, 3 weeks ago

Old vs new tax regime: How Budget 2025 alters your tax choices

Firstpost  

Recognising the significant contributions of the middle class, the Government of India has consistently reduced their tax burden over the years Union Finance Minister Nirmala Sitharaman presented her eighth consecutive budget on February 1, 2025, making her the only finance minister in Indian history to achieve this milestone. As a strong commitment towards the middle class, the government has proposed …

Union Budget 2025: How compliance burden of senior citizens has been eased and how it works
1 month, 3 weeks ago

Union Budget 2025: How compliance burden of senior citizens has been eased and how it works

Live Mint  

In addition to lowering income tax payable by individuals, Budget 2025 gave citizens relief by raising the threshold for tax deducted at source and removing conditions on declaring a second house as self-occupied for tax purposes. Like the lowering of taxes on personal income tax, the raising of the threshold for TDS will put more money in the hands of …

Budget 2025: Income tax gains depend on your investments too. 6 scenarios explained
1 month, 3 weeks ago

Budget 2025: Income tax gains depend on your investments too. 6 scenarios explained

Firstpost  

Acknowledging the contribution of a young demography to the direct tax revenue and coming through on the promise made to the middle class taxpayers to leave more cash in hand, Union Finance Minister Nirmala Sitharaman proposed significant changes in the tax rates and slabs under the new tax regime. Here’s a comparative scenario on how much tax one will have …

Middle class jackpot! Who saves the most under the new tax regime?
1 month, 3 weeks ago

Middle class jackpot! Who saves the most under the new tax regime?

Hindustan Times  

Income Tax Slabs and Rates – FY 2024-25, AY 2025-26: Union finance minister Nirmala Sitharaman, the Budget 2025, announced on Saturday that annual income of up to ₹12 lakh will be exempt from Income Tax under the new regime. “The revamped tax slabs under the new tax regime as introduced by the Finance Bill 2025, aim to provide significant relief …

Budget 2025: Relief for taxpayers to simplified TDS, 10 major Income Tax announcements by FM Nirmala Sitharaman
1 month, 3 weeks ago

Budget 2025: Relief for taxpayers to simplified TDS, 10 major Income Tax announcements by FM Nirmala Sitharaman

Live Mint  

Budget 2025 Finance Minister Nirmala Sitharaman presented the union budget in Parliament on Saturday, with steps aimed to woo the salaried middle class with tax cuts. Key income tax announcements from the Budget 2025 1)No income tax on annual income up to ₹ 12.75 lakh The government has raised the Section 87A rebate limit from ₹7 lakh to ₹12 lakh, …

Revised Income Tax Slabs: How much money will you save in the new regime post Budget 2025? Here’s the math
1 month, 3 weeks ago

Revised Income Tax Slabs: How much money will you save in the new regime post Budget 2025? Here’s the math

Live Mint  

Budget 2025 Income Tax Changes: Finance Minister Nirmala Sitharaman proposed sweeping tax reforms for the middle class in the Budget 2025. From zero tax on income of up to ₹12 lakh to cutting the income tax rates proposed in the new tax regime, Budget 2025 came as a much needed relief for the taxpayers. Budget 2025: Proposed income tax rates …

Budget 2025: Middle Class Wins Big in 2025 Budget with Tax Cuts | ABP NEWS
1 month, 3 weeks ago

Budget 2025: Middle Class Wins Big in 2025 Budget with Tax Cuts | ABP NEWS

ABP News  

The 2025 budget has brought significant relief for the middle class, exceeding expectations. Finance Minister Nirmala Sitharaman announced substantial tax benefits, making the new tax regime more favorable compared to the old one. Unlike the old tax regime, which required various investment avenues for tax exemptions, the new regime directly puts money in the pocket of taxpayers without requiring additional …

Union Budget 2025: Tax deduction on interest for senior citizens doubled from Rs 50,000 to Rs 1 lakh
1 month, 3 weeks ago

Union Budget 2025: Tax deduction on interest for senior citizens doubled from Rs 50,000 to Rs 1 lakh

Firstpost  

Finance Minister Nirmala Sitharaman on Saturday said tax deductions at source will be rationalised for senior citizens and doubled from Rs 50,000 to Rs 1 lakh Finance Minister Nirmala Sitharaman on Saturday said tax deductions at source will be rationalised for senior citizens and doubled from Rs 50,000 to Rs 1 lakh. The limit for tax deduction on interest for …

Budget 2025: TDS reforms announced, limit for senior citizens doubled
1 month, 3 weeks ago

Budget 2025: TDS reforms announced, limit for senior citizens doubled

India Today  

Finance Minister Nirmala Sitharaman, while tabling the Union Budget 2025 announced reforms related to tax deductions at source, and focused on senior citizens easing their financial woes. She also announced rationalising the TDS for senior citizens and increasing the threshold from Rs 50,000 to Rs 1,00,000. Sandeep Chilana, Managing Partner, CCLaw, said, “The increase in the TDS threshold for various …

TDS For Senior Citizens Increased From Rs 50,000 To Rs 1,00,000, Says Sitharaman
Top News
1 month, 3 weeks ago

TDS For Senior Citizens Increased From Rs 50,000 To Rs 1,00,000, Says Sitharaman

ABP News  

Union Finance Minister Nirmala Sitharaman announced that the TDS deduction for senior citizens has been increased from Rs 50,000 to Rs 1,00,000 in the budget 2025-26. Sitharaman also said that the annual limit on rent has been raised to 6 lakh for TDS for senior citizens during her Budget 2025 speech in the parliament. FM Nirmala Sitharaman, said "I propose …

How 2025 Budget's income-tax bonanza will ease the middle-class squeeze
1 month, 3 weeks ago

How 2025 Budget's income-tax bonanza will ease the middle-class squeeze

India Today  

Finance minister Nirmala Sitharaman has announced major personal income tax reforms in Budget 2025 with a special focus on the middle class to increase disposable incomes and thereby boost consumption. The New Delhi-based think-tank People Research on India’s Consumer Economy describes middle-class households as those with annual salary between Rs 6 lakh and Rs 36 lakh, and representing 38 per …

Budget 2025: 5 top expectations of middle class from new tax regime
1 month, 4 weeks ago

Budget 2025: 5 top expectations of middle class from new tax regime

India Today  

The new tax regime was announced in Budget 2020 to simplify the tax structure, ensuring taxpayers benefit from lower rates. RAISING BASIC EXEMPTION LIMIT Currently, the basic exemption limit under the new tax regime is Rs 3,00,000. The government may consider extending the tax benefits under the new regime, which otherwise is already included in the old tax regime. Expectations …

Budget 2025: Can tax relief be on the horizon for middle-class taxpayers?
1 month, 4 weeks ago

Budget 2025: Can tax relief be on the horizon for middle-class taxpayers?

Live Mint  

The Union Budget 2025 is just around the corner, and taxpayers are keeping a close watch. Over the years, the middle class has shouldered a big part of the tax burden, with individual tax collections doubling from ₹4.8 lakh crore in FY21 to ₹10.4 lakh crore in FY24. Here’s what’s expected: Section 80C: Increasing the limit from ₹ 1.5 lakh …

Budget 2025: 5 big tax changes every taxpayer is hoping for
1 month, 4 weeks ago

Budget 2025: 5 big tax changes every taxpayer is hoping for

India Today  

Taxpayers, especially the salaried class, are anticipating several tax changes in the upcoming budget, which would help in easing their financial burden to some extent. Aakash Uppal, Partner & Leader, Corporate Tax, Tax and Regulatory Services, BDO India mentioned that individuals with annual earnings up to Rs 7 lakh are exempt from paying taxes under the new tax regime. “The …

Budget 2025: Why government needs to prioritise middle class taxpayers
1 month, 4 weeks ago

Budget 2025: Why government needs to prioritise middle class taxpayers

India Today  

The middle class taxpayers are hoping for tax relief that would ease their financial woes and the introduction of policies that would enhance social security. With countless individuals falling under the middle-income group, experts believe that a middle class-friendly budget would have a positive impact on the lives of millions of people across the country, by way of increased savings …

Budget 2025: Top 10 income tax changes that middle class wants from Finance Minister Nirmala Sitharaman
Trending News
2 months ago

Budget 2025: Top 10 income tax changes that middle class wants from Finance Minister Nirmala Sitharaman

Live Mint  

As the Union Budget 2025 draws near, there’s a growing buzz about potential changes in Income Tax policies for the common man. Experts have offered several recommendations focusing on significant changes to personal income tax, specific tax areas like EVs and crypto, housing benefits, savings incentives, and more. Here’s a list of income tax reforms that the middle class can …

Budget 2025: How government can provide relief to taxpayers
2 months ago

Budget 2025: How government can provide relief to taxpayers

India Today  

The Union Budget 2025 is just around the corner, and there are high expectations from citizens related to income tax relief. Though experts had earlier told IndiaToday.in that major tax relief measures are unlikely in the budget, taxpayers are still hoping for some incremental changes that will boost disposable income, given the fact that the government is also looking to …

Budget 2025: Looking back at tax relief measures for senior citizens in 2024
2 months, 2 weeks ago

Budget 2025: Looking back at tax relief measures for senior citizens in 2024

India Today  

As Finance Minister Nirmala Sitharaman prepares to present her eighth Union Budget on February 1, 2025, senior citizens are hopeful for meaningful tax reforms. NOTABLE REFORMS IN BUDGET 2024 Last year’s budget introduced several changes tailored to senior citizens. ITR FILING MADE SIMPLER Section 194P, introduced in Budget 2024, simplified the tax filing process for senior citizens aged 75 and …

Budget 2025: Higher exemption limit and lower tax rates? Check top expectations
Trending News
2 months, 2 weeks ago

Budget 2025: Higher exemption limit and lower tax rates? Check top expectations

India Today  

The Union Budget 2025-26, scheduled for presentation on February 1, is already generating buzz with expectations of key reforms in the income tax structure. HIGHER TAX EXEMPTION LIMIT Subhash Chand Aggarwal, CMD of SMC Global Securities, predicts further relief for individuals earning up to Rs 15 lakh annually. “Continuing the trend from the 2024 Budget, reduced tax rates for these …

Budget 2025: Will salaried class get any tax relief?
2 months, 3 weeks ago

Budget 2025: Will salaried class get any tax relief?

India Today  

The middle class, often called the backbone of the economy, has its eyes set on Budget 2025. The salaried class also hopes for increased standard deductions to address rising costs, including healthcare and education expenses. AFFORDABLE HOUSING AND INTEREST RELIEF The dream of owning a home remains a challenge for many middle-class families due to high property prices and loan …

Budget 2025: 5 top expectations of senior citizens
2 months, 3 weeks ago

Budget 2025: 5 top expectations of senior citizens

India Today  

As the Union Budget 2025 approaches, taxpayers are eager to see what Finance Minister Nirmala Sitharaman has in store. EASIER TAX FILING PROCESSES Senior citizens aged 75 and above currently enjoy exemptions from filing income-tax returns if their income comes solely from pensions and interest from specific banks. ENHANCED SAVINGS SCHEME BENEFITS Interest earned from senior citizens’ savings schemes and …

Budget 2025: 5 reforms that could make new tax regime a better deal for you
Trending News
2 months, 3 weeks 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 …

Budget 2025: Will the old tax regime face the axe?
2 months, 4 weeks ago

Budget 2025: Will the old tax regime face the axe?

India Today  

With the Union Budget 2025 around the corner, speculation is rife about the fate of the Old Tax Regime. The government has taken steps to simplify taxation through the New Tax Regime, but concerns remain over the potential elimination of the old system, which offers extensive deductions and exemptions. COMPARING OLD AND NEW TAX REGIMES The Old Tax Regime, a …

Autumn Budget 2024: When it is and what experts predict will happen - from tax rises to pensions
6 months, 4 weeks ago

Autumn Budget 2024: When it is and what experts predict will happen - from tax rises to pensions

Daily Mail  

UPDATE: Rachel Reeves has now delivered her Budget. Basic rate taxpayers with taxable income below £50,270 pay 10 per cent capital gains tax, while higher and additional rate taxpayers pay 20 per cent. Rates are different on property that isn't your own home, and profits on second homes and buy-to-lets face capital gains tax rates of 18 per cent for …

Budget 2024: Will common man and salaried class get income tax relief? | Here's what we know
8 months ago

Budget 2024: Will common man and salaried class get income tax relief? | Here's what we know

India TV News  

Union Budget 2024: The general population, particularly those in the salaried and middle-class brackets, are anticipating significant relief measures from the government through the budget being presented today. They recommend raising the 30 per cent tax slab to apply on income exceeding Rs 20 or 25 lakh, instead of the current Rs 15 lakh limit. Additionally, there is a call …

Budget 2024: Which income categories can expect tax relief?
9 months, 1 week ago

Budget 2024: Which income categories can expect tax relief?

India Today  

The government is considering a reduction in tax rates for specific categories of salaried individuals, aimed at boosting consumption, reported news agency Reuters. The reduction in tax rates could be part of the upcoming budget announcement in July by Finance Minister Nirmala Sitharaman, the report said, citing two government officials. Potential tax relief The anticipated tax relief could benefit individuals …

Budget 2023: What are the changes in new tax regime? Expert explains
2 years, 1 month 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
2 years, 1 month 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
2 years, 1 month 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
2 years, 1 month 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 …

Why salaried class didn't get any tax relief in Budget 2022
3 years, 1 month ago

Why salaried class didn't get any tax relief in Budget 2022

India Today  

The salaried class grappling with rising living costs and uncertainty in the job market was hopeful that the Union Budget 2022 would provide much relief. However, Finance Minister Nirmala Sitharaman's fourth Union Budget neither tinkered with income tax slabs nor raised the standard deduction, which was widely expected in view of inflation levels and the impact of the Covid-19 pandemic …

Income Tax Slab for Senior Citizens after Budget 2022; All you Need to Know
3 years, 1 month 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 …

Senior citizens aged 75 and above now required to declare income to get exemption from ITR filing
3 years, 6 months ago

Senior citizens aged 75 and above now required to declare income to get exemption from ITR filing

Firstpost  

Income tax department has notified declaration forms to be filed by senior citizens aged 75 years and above with banks to get exemption from filing I-T return. New Delhi: The income tax department has notified declaration forms to be filed by senior citizens aged 75 years and above with the banks to get exemption from filing I-T return for fiscal …

Senior citizens above 75 years exempted from filing income tax return
4 years, 1 month ago

Senior citizens above 75 years exempted from filing income tax return

Live Mint  

To ease the compliance burden on senior citizens who have been hit hard by the covid-19 crisis, finance minister Nirmala Sitharaman on Monday exempted individuals above 75 years from filing income tax returns. Once the declaration is furnished, the specified bank would be required to compute the income of such senior citizen after giving effect to the deduction allowable under …

Budget 2021: No change in income tax slabs for individuals
4 years, 1 month 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 Return: Settling The Old vs New Tax Regime debate
5 years, 1 month ago

Income Tax Return: Settling The Old vs New Tax Regime debate

India TV News  

Finance Minister Nirmala Sitharaman announced a new simplified tax regime for personal taxpayers. However, it depends upon person to person which tax rates are beneficial to go ahead with.” Income Tax Slab for New FY 2020-21 New Tax Rate Old Tax Rate Upto Rs 2.5 Lakhs NIL NIL Rs 2.5- Rs 5 Lakhs 5% 5% Rs 5- Rs 7.5 Lakhs …

Budget 2019: Industry body seeks increase in minimum tax exemption limit for senior citizens
5 years, 9 months ago

Budget 2019: Industry body seeks increase in minimum tax exemption limit for senior citizens

India Today  

Industry body Assocham has advocated tax measures to benefit senior citizens in the Union Budget, to be presented on July 5 by Finance Minister Nirmala Sitharaman. The Associated Chambers of Commerce and Industry of India in its budget memorandum has suggested an increase in minimum tax exemption limit for senior citizens to Rs 7.5 lakh from Rs 3 lakh and …

Interim Budget 2019: Lower, middle income classes gain
6 years, 1 month ago

Interim Budget 2019: Lower, middle income classes gain

The Hindu  

Various proposals announced in the interim Budget to ease tax burden on salaried class and home-owners are welcome and will go a long way to help the small taxpayers as well as passive income earners such as senior citizens, according to tax analysts. “In summary, the interim Budget has been around the consumer, consumption and measures around rekindling the investment …

Senior citizens don’t have to pay TDS on interest income of up to Rs50,000
7 years, 1 month ago

Senior citizens don’t have to pay TDS on interest income of up to Rs50,000

Live Mint  

Senior citizens were offered quite a few benefits in the Union Budget 2018. One of these was the proposal that interest income of up to Rs50,000 earned by a senior citizen from bank deposits will attract neither income tax nor tax deduction at source. Falling interest rates in the past few years have affected finances of many senior citizens as …

Budget 2018: Interest income exemption for senior citizens increased
7 years, 1 month ago

Budget 2018: Interest income exemption for senior citizens increased

Live Mint  

For the senior citizens, finance minister has announced an increase in the interest income exemption limit of their favourite investment instrument—fixed deposits. To enable this, the Finance Bill proposes section 80TTB in the Income-tax Act—relating to deduction of interest on deposits by senior citizens. This means, senior citizens will not get this benefit for interest income from corporate fixed deposits. …

A budget agenda for common man: Tweak income tax slabs, raise 80C deductions
8 years, 2 months ago

A budget agenda for common man: Tweak income tax slabs, raise 80C deductions

Firstpost  

The government should increase the minimum income threshold limit to Rs 3 lakh for those below 60 years and raise the 80C deductions to Rs 2 lakh Year 2016 has been historic in Indian finance with PM Narendra Modi announcing demonetization on 8 November. For super senior citizens above 80 years, tax slab may be increased to 6,00,000 Increase in …

Budget 2015: Super rich senior citizens to take biggest hit
10 years ago

Budget 2015: Super rich senior citizens to take biggest hit

Firstpost  

A fresh deduction of Rs 30,000 has been provided for the amount paid on account of medical expenditure incurred on health of a very senior citizen where no amount is paid towards mediclaim premium. At the same time, senior citizens above 60 years of age would have to pay additional tax of Rs 64,550 a year if their annual income …

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