Budget unlikely to up Rs 2.5 lakh income tax exemption limit
5 years, 6 months ago

Budget unlikely to up Rs 2.5 lakh income tax exemption limit

India Today  

The current basic income tax exemption limit of Rs 2.5 lakh is unlikely to be raised in the forthcoming full Budget 2019-20, according to informed sources, as the Finance Ministry has already announced a provision whereby individuals earning up to Rs 5 lakh can get full tax rebate under Section 87A. Though there is an expectation among salaried class that the Modi 2.0 government would reward them for voting it to power, officials here have earlier said that increasing the basic exemption limit to Rs 5 lakh will defeat the purpose of the interim budget announcement. According to them, increasing the basic exemption limit will not require many people to file income tax and it could result in a dip in tax filing, and would even defeat the purpose of expanding the tax base. Tax experts have suggested to the Finance Minister in their pre-Budget meeting that raising the basic income tax exemption level would not prove to be a wise move since the Narendra Modi-led government's focus has been on increasing the country's taxpayer base.

Finance Tax Budget Income Tax Limit Exemption Rs 5 Lakh Lakh Income  possibility  rs  exemption  lakh  income  finance  budget  basic  unlikely  25  tax  limit

History of this topic

How to maximise your income tax savings? Key deductions under the old tax regime explained
4 hours, 47 minutes ago

How to maximise your income tax savings? Key deductions under the old tax regime explained

Live Mint  

If you’ve opted for the old income tax regime and are looking to make tax-saving investments, it’s essential first to determine the required investment amount. According to Personal Finance experts, taxpayers must consider options like the Employees' Provident Fund, life insurance premiums, tuition fees, home loan principal repayments, etc., which qualify for deductions of up to ₹1.5 lakh under Section …

Budget 2025: Why new tax regime should get HRA inclusion, higher standard deduction
2 days, 5 hours ago

Budget 2025: Why new tax regime should get HRA inclusion, higher standard deduction

India Today  

Will this year’s Budget rewrite the playbook for the new tax regime and ease the financial burden on taxpayers? Amid rising costs and squeezed disposable incomes, the spotlight is on the new tax regime, with experts pushing the demands for HRA inclusion and a Rs 1 lakh standard deduction in Budget 2025. Kuldip Kumar, Partner at Mainstay Tax Advisors, said, …

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

Budget 2025 expectations: Rs 5 lakh exemption and simpler taxes, says EY
Trending News
6 days, 10 hours ago

Budget 2025 expectations: Rs 5 lakh exemption and simpler taxes, says EY

India Today  

With the Union Budget 2025-26 around the corner, EY India has proposed a slew of reforms aimed at easing the financial burden on taxpayers and simplifying India's tax system. The global consulting firm suggests that increasing the basic income tax exemption limit to Rs 5 lakh, lowering tax rates, and rationalising tax structures could provide much-needed relief to the ordinary …

Budget 2025: Higher exemption limit and lower tax rates? Check top expectations
Trending News
6 days, 10 hours 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: Can you expect Rs 10 lakh tax-free income?
1 week ago

Budget 2025: Can you expect Rs 10 lakh tax-free income?

India Today  

As the Union Budget 2025 approaches, expectations are mounting for significant tax reforms and economic relief measures. Finance Minister Nirmala Sitharaman is set to present the budget on February 1, 2025, with the middle class hoping for an increase in the tax-free income threshold, amongst other proposals. Other key demands include extending the MGNREGA program to provide 200 workdays per …

Budget 2025: Salaried earners up to Rs 15 lakh may get tax relief. Details here
1 week ago

Budget 2025: Salaried earners up to Rs 15 lakh may get tax relief. Details here

India Today  

The upcoming Budget 2025-26 is likely to introduce significant tax benefits aimed at individuals earning up to Rs 15 lakh annually. BOOSTING SPENDING POWER AMID INFLATION The government’s focus appears to be on easing the burden on individuals earning Rs 13–14 lakh annually, especially in urban areas, where inflation has eroded purchasing power, according to sources. Experts believe that revising …

ITR filing: 5 new tax regime features every taxpayer must know
1 week, 2 days ago

ITR filing: 5 new tax regime features every taxpayer must know

India Today  

The revamped income tax slabs introduced in Budget 2024 bring significant relief to taxpayers, enabling savings of up to Rs 17,500 annually under the new tax regime. REVAMPED INCOME TAX SLABS The new tax regime offers simplified and attractive slab rates, with no tax on income up to Rs 3 lakh, 5% for Rs 3–7 lakh, 10% for Rs 7–10 …

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

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

Live Mint  

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

Budget 2025: 5 reforms that could make new tax regime a better deal for you
Trending News
1 week, 5 days 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 …

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 …

Budget 2025: Mohandas Pai calls for revised tax slabs, relief for middle-class
Trending News
1 week, 6 days ago

Budget 2025: Mohandas Pai calls for revised tax slabs, relief for middle-class

India Today  

As the 2025 Union Budget approaches, former Infosys CFO TV Mohandas Pai has outlined his recommendations for substantial tax reforms. PROPOSED TAX REFORMS Pai highlighted the sharp increase in individual tax collections, which rose from Rs 4.87 lakh crore in FY21 to Rs 10.45 lakh crore in FY24—a 114% jump in three years. He proposed new tax slabs with no …

Income tax budget on ITR filing: Will FM Nirmala Sitharaman announce tax relief for taxpayers earning up to ₹15 lakh?
2 weeks, 4 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 …

Income Tax: New tax regime continues to allow these deductions and exemptions
2 weeks, 4 days ago

Income Tax: New tax regime continues to allow these deductions and exemptions

Live Mint  

With the new tax regime becoming the default regime lately, several taxpayers are anxious about having lost the eligibility to claim deduction. What, however, is not known to many people is that some deductions and exemptions are still allowed in the new tax regime. New tax regime: These deductions are still allowed 1.Standard deduction: Standard deduction amounting to ₹75,000 or …

Budget 2025: India eyes income tax relief for middle class earning up to ₹15 lakh, check details
2 weeks, 5 days ago

Budget 2025: India eyes income tax relief for middle class earning up to ₹15 lakh, check details

Live Mint  

NEW DELHI - India is considering cutting income tax for individuals making up to 1.5 million rupees a year in February's budget to provide relief to the middle class and boost consumption as the economy slows, two government sources told Reuters. The move could benefit tens of millions of taxpayers, especially city dwellers burdened by high living costs, if they …

Government may consider tax relief for income of up to Rs 10.50 lakh: Report
2 weeks, 6 days ago

Government may consider tax relief for income of up to Rs 10.50 lakh: Report

India Today  

The government is reportedly considering a tax cut for individuals earning up to Rs 10.5 lakh annually, potentially providing significant relief to middle-class taxpayers. As of now, taxpayers can choose between two systems: the traditional structure, which provides exemptions for expenses like housing rentals and insurance, or the newer regime, which offers lower tax rates but eliminates most exemptions. One …

Centre mulls income tax cut in 2025-26 Budget amid middle-class heat
2 weeks, 6 days ago

Centre mulls income tax cut in 2025-26 Budget amid middle-class heat

New Indian Express  

The Union government is reportedly considering a reduction in income tax for individuals earning up to Rs 15 lakhs, according to a media report. Notably, India’s income tax system features two regimes, offering taxpayers the choice between deductions and lower tax rates. Under OTR, the tax slabs for individuals below 60 years are as follows: income up to Rs 2.5 …

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

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

India Today  

Economists have urged the government to reduce income tax rates and introduce reforms to support savings and economic growth in the upcoming Union Budget 2025, reported The Economic Times. Lower tax rates for lower-income groups, they noted, would directly impact household budgets, improve financial stability, and potentially lift overall consumption levels. ECONOMIC URGE TAX RELIEF WITH PM MODI During the …

India Expects to Surpass Rs 22 Lakh Cr Direct Tax Target
1 month, 3 weeks ago

India Expects to Surpass Rs 22 Lakh Cr Direct Tax Target

Deccan Chronicle  

New Delhi: The government on Monday said that it would exceed the Rs 22 lakh crore direct tax collection target set for the current fiscal year. As per the latest data released by the tax department between April 1 and November 10, net direct tax collection has grown 15.41 per cent to Rs 12.11 lakh crore, including net corporate tax …

Relief to middle class? Inflation offsets hike in tax exemption limit
1 month, 4 weeks ago

Relief to middle class? Inflation offsets hike in tax exemption limit

New Indian Express  

NEW DELHI: The government recently claimed that Income tax burden on the common man has come down in the last 10 years, thanks to the Narendra Modi-led government’s various measures. It claimed that taxpayers in the Rs 2.5-7 lakh tax bracket who paid on an average Rs 25,000 in FY14 are now paying zero tax. Fast forward to FY 2024-25, …

State of income tax in India: Rich pay more, middle class less
2 months ago

State of income tax in India: Rich pay more, middle class less

Firstpost  

Income tax liability on salaried individuals earning less than Rs 20 lakh a year, broadly described as middle class, has fell sharply during the 10 years of Prime Minister Narendra Modi-led government. Also, the income tax liability of those earning more than Rs 50 lakh has increased 3.2 times or 282 per cent, from Rs 2.52 lakh crore in 2014, …

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
2 months 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
2 months 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
2 months 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 …

It is time India started indexing tax slabs and exemptions with inflation
Trending News
2 months 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 …

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

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

ABP News  

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

New income tax regime: Check how much tax you will pay now
5 months, 3 weeks ago

New income tax regime: Check how much tax you will pay now

India Today  

Finance Minister Nirmala Sitharaman announced key changes to the New Income Tax regime, tweaking tax slabs and increasing the standard deduction. Read Full Budget 2024 Coverage The Finance Minister highlighted that over two-thirds of tax filers chose the new personal income tax regime in the last fiscal year. New Tax Regime after revision The revised tax slabs under the New …

Budget 2024: Time to opt out of old tax regime? Explained
5 months, 3 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 | Old or new tax regime: Which will be more beneficial for you? Know here
5 months, 3 weeks ago

Budget 2024 | Old or new tax regime: Which will be more beneficial for you? Know here

India TV News  

Budget 2024: In the Budget, Finance Minister Nirmala Sitharaman did not make any changes in the old tax regime but increased the exemption limit in the new tax regime, making it more advantageous than before. Proposed tax structure under new tax system 0-3 lakh: Nil 3-7 lakh: 5% 7-10 lakh: 10% 1-12 lakh 15% 12-15 lakh 20% Above 15 lakh: …

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 …

Revised income tax slab rates, Budget 2024: Salaried individuals stand to save up to ₹17,500, standard deductions hiked
5 months, 3 weeks ago

Revised income tax slab rates, Budget 2024: Salaried individuals stand to save up to ₹17,500, standard deductions hiked

The Hindu  

Altering the structure for taxation of income under the new regime, Finance Minister Nirmala Sitharaman on Tuesday revised the tax slabs whilst retaining the erstwhile corresponding tax rates other than increasing the standard deductions. The two measures combined, she stated, would provide relief to “about four crore salaried individuals and pensioners.” More under new regime According to Deepashree Shetty, Partner …

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

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

Firstpost  

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

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

Budget 2024: How the new tax regime announced by Sitharaman will impact taxpayers?

India TV News  

Budget 2024: Finance Minister Nirmala Sitharaman on Tuesday presented her seventh straight Budget for the fiscal 2024-25. In a significant move, Sitharaman unveiled new income tax slabs under the revised tax regime. Here are the new and old income tax slabs New income tax slabs 0-3 lakh: Nil 3-7 lakh: 5% 7-10 lakh: 10% 1-12 lakh 15% 12-15 lakh 20% …

Calculation: Will you pay more income tax or less after Budget 2024 changes?
5 months, 3 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 …

Old vs proposed income tax slabs under new regime. What has changed?
5 months, 3 weeks ago

Old vs proposed income tax slabs under new regime. What has changed?

Hindustan Times  

Union finance minister Nirmala Sitharaman on Tuesday proposed a new tax structure under the new regime. Budget 2024: Mobile phones, chargers to get cheaper; Nirmala Sitharaman proposes cut in customs duty The new tax slabs under the new income tax regime will be effective from April 1, 2024.. Proposed Tax Structure: Income up to ₹ 3,00,000: Nil 3,00,000: Nil ₹ …

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

Budget 2024: Income tax slabs changed, standard deduction increased. Read details

Op India  

On Tuesday, Finance Minister Nirmala Sitharaman presented the Annual Financial Statement before the Lok Sabha. The Finance Minister has given relief to taxpayers who choose to opt for the New Tax regime as the tax slabs have been revised and the Standard deduction limit has been increased from Rs 50,000 to Rs 75,000. Personal Income Tax: The Union Finance Minister …

Budget 2024 Highlights on income tax: FM Sitharaman revises personal income tax slabs; taxation rates remain unchanged
5 months, 3 weeks ago

Budget 2024 Highlights on income tax: FM Sitharaman revises personal income tax slabs; taxation rates remain unchanged

The Hindu  

Finance Minister Nirmala Sitharaman in her seventh Budget speech on July 23 revised the tax slabs under the new regime. Whilst the rate of taxation remains unchanged, the size of each of the slabs, excluding the initial zero to ₹3 lakh, remains unchanged. Budget 2024-25: Taxes Earlier, the Finance Minister further placed increasing the standard deduction for salaried employees from …

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

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

News 18  

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

Budget 2024 Boost To New Tax Regime: Standard Deduction Raised To Rs 75k From Rs 50k
5 months, 3 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: Will common man and salaried class get income tax relief? | Here's what we know
5 months, 3 weeks 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 …

New tax regime slabs revised, standard deduction hiked to Rs 75,000. Details here
5 months, 3 weeks ago

New tax regime slabs revised, standard deduction hiked to Rs 75,000. Details here

India Today  

Finance Minister Nirmala Sitharaman revamped income tax slabs under the new regime in Union Budget 2024 in a bid to make it more attractive. The Finance Minister said that the tweaked tax slabs would save salaried individuals Rs 17,500 annually under the new regime. The updated tax slabs are as follows: income up to Rs 3 lakh will be taxed …

Budget 2024 announcements on new tax regime: Standard deduction increased, check new tax slabs
5 months, 3 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: 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, 4 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 …

Budget 2024: What income tax benefits can taxpayers expect on July 23?
5 months, 4 weeks ago

Budget 2024: What income tax benefits can taxpayers expect on July 23?

India Today  

Taxpayers are eagerly waiting for July 23 when Finance Minister Nirmala Sitharaman will present the full budget for the ongoing financial year. Income tax exemption limit There is speculation that the government may raise the income tax exemption limit from Rs 3 lakh to Rs 5 lakh. If implemented, individuals earning up to Rs 8.5 lakh annually could potentially pay …

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

Budget 2024: This change to old income tax regime can provide relief to millions

India Today  

Finance Minister Nirmala Sitharaman is set to present the Union Budget 2024 on July 23, and as usual, a key demand amongst citizens is for tax relief. While reports indicate that the government may introduce measures to enhance the appeal of the new income tax regime, taxpayers are also hoping for a revamp of the old regime, which offers the …

India's 2024 Budget: A push for tax reform
5 months, 4 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 2024: Will government increase Section 80C limit?
6 months, 2 weeks ago

Budget 2024: Will government increase Section 80C limit?

India Today  

Finance Minister Nirmala Sitharaman is expected to present the Budget for 2024 on July 23 or 24, with experts suggesting that the government may look to provide tax relief in a bid to boost consumption. "The maximum deduction under Section 80C has been capped at Rs 1.5 lakhs since first budget of BJP government post-election in 2014," said Mitesh Jain, …

Budget 2024: Low-income individuals likely to get big tax relief, says report
6 months, 3 weeks ago

Budget 2024: Low-income individuals likely to get big tax relief, says report

India Today  

The government is considering significant tax cuts for lower-income individuals in the upcoming Budget 2024, marking the first such relief in seven years, reported Bloomberg. Lower tax rates, new tax slabs Salaried taxpayers earning between Rs 5 lakh and Rs 15 lakh annually, currently taxed at rates ranging from 5% to 20% under the new income tax regime, could benefit …

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