Income Tax: You can continue to avail THESE deductions in the new tax regime
1 month ago

Income Tax: You can continue to avail THESE deductions in the new tax regime

Live Mint  

With the new tax regime becoming increasingly prevalent and more common, taxpayers stand to lose their eligibility to claim most of the exemption and deductions offered under various provisions such as sections 80C, 80D, 80DD and 80G under the old tax regime. However, in the new tax regime, taxpayers can claim deductions only under a few situations which we have listed here. In case, the taxpayer wants to opt out of the new tax regime and file income tax under the old tax regime. Rebate under 87A The new tax regime allows taxpayers rebate under 87A which is ₹25,000.

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History of this topic

Opting for old tax regime? Check these tax-saving schemes under Section 80C
1 week, 3 days ago

Opting for old tax regime? Check these tax-saving schemes under Section 80C

India TV News  

Opting for old tax regime? Check these tax-saving schemes under Section 80C Old tax regime: One of the most valuable deductions available under the Old Tax Regime is Section 80C, which allows taxpayers to claim deductions of up to Rs 1.5 lakh per financial year. Tax-saving schemes under Section 80C Public Provident Fund : The Public Provident Fund is a …

Income Tax Return: Only five weeks left to invest in tax-saving instruments this fiscal
3 weeks, 3 days ago

Income Tax Return: Only five weeks left to invest in tax-saving instruments this fiscal

Live Mint  

As a taxpayer, it is important to make investment before March 31 to be able to claim tax exemption. However, in the old tax regime, taxpayers can still claim tax exemption so long as investment is done on or before March 31. Section 80C: These are some of the tax-saving instruments in which taxpayers can invest upto ₹1.5 lakh to …

Shashi Tharoor’s hilarious Coldplay jibe at Sitharaman’s income tax cuts: ‘Coldplay says fix you, FM says tax you’
1 month, 1 week ago

Shashi Tharoor’s hilarious Coldplay jibe at Sitharaman’s income tax cuts: ‘Coldplay says fix you, FM says tax you’

Live Mint  

Congress leader Shashi Tharoor took a witty dig at Finance Minister Nirmala Sitharaman’s Union Budget 2025, using a Coldplay-inspired metaphor. Known for his sharp humour, Tharoor critiqued the budget in an Instagram reel, saying, “Coldplay says ‘Fix You,’ but the Finance Minister says ‘Tax You.’” Tharoor quipped, “Even Chris Martin wouldn’t be able to find paradise in these numbers. But …

New Income Tax Bill 2025: All FAQs on tax slabs, old vs new regime, and more answered
1 month, 1 week ago

New Income Tax Bill 2025: All FAQs on tax slabs, old vs new regime, and more answered

Live Mint  

Amid the new Income Tax Bill 2025, we answer several FAQs on tax slabs, the old vs. new regime, the new income tax rules, exemption limits, and more. Individuals earning up to ₹12 lakh annually will not have to pay any income tax under consideringthe new tax regime as Finance Minister Nirmala Sitharaman on Saturday gave relief to middle class …

New tax regime: Deductions and exemptions explained
1 month, 2 weeks ago

New tax regime: Deductions and exemptions explained

Live Mint  

While the new tax regime trims down the deductions and exemptions available to taxpayers, it still offers several strategic benefits that can lighten the load for individual taxpayers. Deductions For salaried individuals who opt for the new tax regime, there’s a standard deduction of ₹75,000. View Full Image Other exemptions: While the new tax regime doesn’t offer house rent allowance …

New Tax Regime: Should you opt for it over old tax regime? All about income tax slabs, exemptions and more
1 month, 2 weeks ago

New Tax Regime: Should you opt for it over old tax regime? All about income tax slabs, exemptions and more

Live Mint  

In 2020, the Government of India introduced a new tax regime that offered concessional tax rates while scrapping most of the deductions and exemptions offered under the old tax regime. Deduction under section 80JJAA: This allows eligible businesses to claim a deduction for hiring new employees Standard deduction benefit In 2023, the finance minister announced the new tax regime as …

All income groups got a little something from the Budget
Trending News
1 month, 2 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 …

Old tax regime: Time to let go after Budget 2025 changes?
1 month, 2 weeks ago

Old tax regime: Time to let go after Budget 2025 changes?

India Today  

The Union Budget 2025 introduced major changes to the new income tax regime, making it more attractive for middle-class taxpayers. NEW TAX REGIME vs OLD TAX REGIME In the past, many taxpayers preferred the old tax regime because it allowed them to claim deductions for expenses like house rent, home loan interest, and investments in schemes like the Public Provident …

Tax Reforms In Budget 2025 Should Help Bring In Majority Of Taxpayers To New Income Tax Regime, Says CBDT Chairman
1 month, 2 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 …

Budget 2025: Understanding the rebate benefits—and the fine print on capital gains tax
1 month, 2 weeks ago

Budget 2025: Understanding the rebate benefits—and the fine print on capital gains tax

Live Mint  

"No tax on income up to ₹12 lakh!" With a salary, interest income, and capital gains from property sales and the stock market, Mr. A’s total income is around ₹12 lakh—seemingly making him eligible for a significant tax break. For Mr. A, this means his salary and interest income will benefit from the rebate, but his capital gains from property …

Budget 2025: Was this a death knell for the old tax regime?
1 month, 2 weeks ago

Budget 2025: Was this a death knell for the old tax regime?

Live Mint  

Budget 2025: Union Finance Minister Nirmala Sitharaman announced the revision of tax slabs for taxpayers under the new tax regime. The tax slab rates under the old tax regime are as follows: Slab Tax 0-2.5 lakh NIL 2.5 to 5 lakh 5% 5 lakh to 10 lakh 20% Above 10 lakh 30% Now imagine someone who earns ₹12 lakh is …

Goodbye old tax regime; new regime now more attractive
1 month, 2 weeks ago

Goodbye old tax regime; new regime now more attractive

Live Mint  

The budget’s biggest, shiniest takeaway: no tax on income up to ₹12 lakh. First, zero tax up to ₹12 lakh as well as the attractive new tax slabs are only applicable to the new tax regime. For instance, even if your income is above the ₹12 lakh or ₹12.75 lakh rebate limit, you still have the ongoing provision of claiming …

Old vs new tax regime: How Budget 2025 alters your tax choices
Top News
1 month, 2 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 …

Tax Cuts In Budget 2025 Will Help You Save More, But Don’t Forget To Secure The Money
1 month, 2 weeks ago

Tax Cuts In Budget 2025 Will Help You Save More, But Don’t Forget To Secure The Money

ABP News  

Today was a day of celebration for the middle class as Finance Minister Nirmala Sitharaman presented a landmark Union Budget. Based on this data, roughly 85 per cent of taxpayers will pay no tax from next year if they opt for the new tax regime. After the announcement, the new tax rates stand as follows: New Tax slabs Tax Rate …

Middle class jackpot! Who saves the most under the new tax regime?
1 month, 2 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 …

One crore more people will pay no income tax due to hike in rebate to Rs 12 lakh: FM
1 month, 2 weeks ago

One crore more people will pay no income tax due to hike in rebate to Rs 12 lakh: FM

Firstpost  

The government has put “substantial amount of money” in hands of people through rejig of I-T slabs in the Budget and an additional 1 crore people will pay no tax due to hike in tax rebate to Rs 12 lakh per annum, Finance Minister Nirmala Sitharaman said on Saturday The government has put “substantial amount of money” in hands of …

New income tax slabs: How much will you the taxpayer save, end up paying, explained
1 month, 2 weeks ago

New income tax slabs: How much will you the taxpayer save, end up paying, explained

Live Mint  

Budget 2025 brought unexpected cheer to a large section of middle-class taxpayers who may opt to file their returns under the new tax regime. The sharp reduction in tax liability was made possible by a rejig of tax slabs under the new tax regime, the introduction of a new slab and enhanced rebates. Old tax regime turns unattractive What is …

Budget 2025: Relief for taxpayers to simplified TDS, 10 major Income Tax announcements by FM Nirmala Sitharaman
1 month, 2 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, 2 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 …

Revised income tax slabs: How much do you save? Calculation of benefits
1 month, 2 weeks ago

Revised income tax slabs: How much do you save? Calculation of benefits

Hindustan Times  

Revised Income tax slabs: Union finance minister Nirmala Sitharaman on Saturday announced that annual income up to ₹12 lakh will no longer attract any tax. Revised Income tax slabs: Under the new tax regime, a nil tax slab will apply to annual incomes up to ₹ 12 lakh. Following are revised slabs and rates under new tax regime announced in …

Budget 2025: FM Nirmala Sitharaman says nearly 90 lakh paid additional tax; extends time limit for updated tax returns
1 month, 2 weeks ago

Budget 2025: FM Nirmala Sitharaman says nearly 90 lakh paid additional tax; extends time limit for updated tax returns

Live Mint  

Budget 2025: The Union Finance Minister Nirmala Sitharama on while presenting the Union Budget on February 1 said that nearly 90 lakh taxpayers voluntarily updated their incomes by paying additional tax. Income Tax Budget 2025 LIVE In her budget speech, Finance Minister Sitharamn said, “In line with this, we brought in updated return facility in 2022 for voluntary compliance by …

Relief for middle class: No tax on income up to ₹12 lakh in new tax regime
Top News
1 month, 2 weeks ago

Relief for middle class: No tax on income up to ₹12 lakh in new tax regime

Live Mint  

Finance Minister Nirmala Sitharaman gave taxpayers a big relief in Union Budget 2025-26 by making income up to ₹12 lakh tax-free from ₹7 lakh earlier. "To tax payers upto ₹12 lakh of normal income tax rebate is being provided in addition to the benefit due to slab rate reduction in such a manner that there is no tax payable by …

Relief for middle class: No tax on income up to ₹12 lakh in new tax regime
Top News
1 month, 2 weeks ago

Relief for middle class: No tax on income up to ₹12 lakh in new tax regime

Live Mint  

Finance Minister Nirmala Sitharaman gave taxpayers a big relief in Union Budget 2025-26 by making income up to ₹12 lakh tax-free from ₹7 lakh earlier. "To tax payers upto ₹12 lakh of normal income tax rebate is being provided in addition to the benefit due to slab rate reduction in such a manner that there is no tax payable by …

Budget 2025: PM Modi says tax rebate will provide big benefit to middle class
1 month, 2 weeks ago

Budget 2025: PM Modi says tax rebate will provide big benefit to middle class

Hindustan Times  

Income tax slabs live: People watch the presentation of Union Budget 2025-26 on television screens at a showroom, in Gurugram, Saturday, Feb. 1, 2025. Income Tax Slabs | Budget 2025: In a major announcement, Union finance minister Nirmala Sitharaman on Saturday said that under the new tax regime, there will be zero income tax up to an annual income of …

Budget 2025: PM Modi says tax rebate will provide big benefit to middle class
1 month, 2 weeks ago

Budget 2025: PM Modi says tax rebate will provide big benefit to middle class

Hindustan Times  

Income tax slabs live: People watch the presentation of Union Budget 2025-26 on television screens at a showroom, in Gurugram, Saturday, Feb. 1, 2025. Income Tax Slabs | Budget 2025: In a major announcement, Union finance minister Nirmala Sitharaman on Saturday said that under the new tax regime, there will be zero income tax up to an annual income of …

Union Budget 2025 Updates: Modi’s middle-class outreach makes income up to Rs 12.75 lakh tax-free
1 month, 2 weeks ago

Union Budget 2025 Updates: Modi’s middle-class outreach makes income up to Rs 12.75 lakh tax-free

Firstpost  

The overall benefit for each income class under the new tax regime compared to the old one can be derived by summing up the benefit of rate/slab and the rebate benefit. For income classes up to Rs 12 lakh, the overall benefit is substantial due to the combined effect of lower tax rates and significant rebates. For instance, individuals earning …

How 2025 Budget's income-tax bonanza will ease the middle-class squeeze
1 month, 2 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: Will 25% tax rate and fresh deductions be announced under new regime?
1 month, 2 weeks ago

Budget 2025: Will 25% tax rate and fresh deductions be announced under new regime?

India Today  

In order to simplify the tax system, the government introduced a new tax regime in 2020, with concessional tax rates and removal of certain deductions. The government may now extend this exemption under the new tax regime too. Apart from the existing tax slabs, the government might announce a new tax slab with a 25% tax rate for income above …

Budget 2025: 5 exemptions that are available under new tax regime
1 month, 2 weeks ago

Budget 2025: 5 exemptions that are available under new tax regime

India Today  

The new tax regime was introduced to simplify the tax filing process and offer lower tax rates. Sudhir Kaushik, Co-Founder & CEO of Taxspanner said, "The new tax regime was introduced in the financial year 2020-21 to offer a simplified tax structure with lower tax rates. The entire gratuity amount received by the government employee is exempted under the new …

Budget 2025: 3 income tax changes by FM Nirmala Sitharaman that could benefit the middle class
1 month, 2 weeks ago

Budget 2025: 3 income tax changes by FM Nirmala Sitharaman that could benefit the middle class

Live Mint  

Budget 2025: Middle-class income taxpayers are looking forward to possible revisions that could provide much-needed relief. In her eighth straight union budget, will Finance Minister Nirmala Sitharaman make announcements that will majorly impact the middle class by increasing their disposable incomes and promoting long-term financial growth? 3 income tax changes by FM Sitharaman that could benefit the middle class 1)Standard …

Income Tax Budget 2025: Will Nirmala Sitharaman offer solace to taxpayers with higher exemption limits, revised slabs?
1 month, 2 weeks ago

Income Tax Budget 2025: Will Nirmala Sitharaman offer solace to taxpayers with higher exemption limits, revised slabs?

Live Mint  

Income Tax Budget 2025: The Union Budget in July 2024 disappointed individual taxpayers with limited changes. 1) Income tax slabs Reports suggest that the government may raise the tax-free annual income limit to ₹10 lakh, offering relief to the salaried class and revitalising the economy. In light of these complexities, the upcoming Budget should focus on simplifying the tax structure …

Budget 2025: 5 big tax changes every taxpayer is hoping for
1 month, 2 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: Will 80C and standard deduction be available under new tax regime?
1 month, 2 weeks ago

Budget 2025: Will 80C and standard deduction be available under new tax regime?

India Today  

Many taxpayers are wondering if the government is going to scrap the old tax regime and whether popular tax deductions and tax benefits like HRA, Section 80C, and standard deduction, etc. While under the old tax regime a standard deduction of Rs 50,000 is available for the salaried class, under the new tax regime, the same has been increased to …

What taxpayers can expect in Budget 2025
2 months ago

What taxpayers can expect in Budget 2025

New Indian Express  

NEW DELHI: The run-up to Budget 2025 has raised expectations of the middle class that the government is likely to give some relief on the personal taxation space. The tax sops in the personal income tax space can be in the form of change in basic exemption limit, tweaks in the tax slab rates as well as an increase in …

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

Income Tax: These deductions and exemptions are allowed only under old tax regime
2 months, 1 week ago

Income Tax: These deductions and exemptions are allowed only under old tax regime

Live Mint  

In the financial year 2023-24, the new tax regime became the default regime. Here, we list some of the common deductions allowed under the old tax regime. Please note that these exemptions are allowed only under the old tax regime. It is vital to note that the old tax regime has slightly higher tax rates than the new tax regime. …

ITR filing: 5 new tax regime features every taxpayer must know
2 months, 2 weeks 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
2 months, 2 weeks 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 …

Missed income tax section 87A rebate? Here's your chance to claim it for FY 2023-24
Trending News
2 months, 2 weeks ago

Missed income tax section 87A rebate? Here's your chance to claim it for FY 2023-24

India Today  

The Income Tax Department has introduced significant relief for taxpayers eligible for the Section 87A rebate for FY 2023-24 who were previously unable to claim it. Announced late on December 31, 2024, via the ITR e-filing portal, the department confirmed that eligible taxpayers would soon be able to file revised or belated ITRs through the ITR filing utility or online …

Attention taxpayers! You can now claim Section 87A rebate in updated ITR-2 and ITR-3 forms
2 months, 2 weeks ago

Attention taxpayers! You can now claim Section 87A rebate in updated ITR-2 and ITR-3 forms

Live Mint  

The Income-Tax Department is allowing taxpayers who qualify for the section 87A tax rebate for FY24 to now claim it in the updated Income-Tax Return forms — ITR-2 and ITR-3, according to a report by Business Today. Eligible taxpayers will soon be able to submit a revised or belated income tax return to benefit from the section 87A tax rebate. …

Income Tax: New tax regime continues to allow these deductions and exemptions
2 months, 3 weeks 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 …

Relief to middle class? Inflation offsets hike in tax exemption limit
4 months 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, …

Old Tax Regime Vs New Tax Regime: Should You Consider Moving To New One Now?
7 months, 3 weeks ago

Old Tax Regime Vs New Tax Regime: Should You Consider Moving To New One Now?

ABP News  

Old Tax Regime Vs New Tax Regime: Finance Minister Nirmala Sitharaman made significant adjustments to lower tax rates under the new tax regime in the Union Budget 2024 on Tuesday, signalling an expected transition from the old tax regime. New Income Tax Regime Slabs Up to Rs 3 lakh, the tax is NIL From Rs 3 lakh to Rs 7 …

New income tax regime: Check how much tax you will pay now
7 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
7 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: Choosing between old and new tax regimes hinges on income levels, deductions claimed
7 months, 3 weeks ago

Budget 2024: Choosing between old and new tax regimes hinges on income levels, deductions claimed

Live Mint  

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

Budget 2024: How the changes in new tax regime will benefit the salaried, explained
7 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
7 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?
7 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 …

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