Budget 2024: Choosing between old and new tax regimes hinges on income levels, deductions claimed
5 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. "If your annual income is more than ₹14.75 lakh, the new tax regime will be better against ₹4 lakh deduction, while those earning below ₹14.75 lakh should go for the old tax regime. "The proposed changes will provide the necessary impetus for individuals to stick with the new tax regime rather than revert to the old tax regime.

Tax Income Old Lakh Regime Budget 2024 Your Annual Income Deductions Claimed  income  choosing  hinges  regime  deduction  breakeven  annual  deductions  claimed  budget  threshold  tax  old  regimes  lakh  levels

History of this topic

Income Tax Budget 2025: Will FM Sitharaman scrap old regime as new one gains popularity? Experts weigh in
1 hour, 43 minutes ago

Income Tax Budget 2025: Will FM Sitharaman scrap old regime as new one gains popularity? Experts weigh in

Live Mint  

Will the old tax regime be scrapped? The new tax regime was introduced in the 2020 Union Budget, offering lower tax rates but without the exemptions and deductions available under the old one. Many taxpayers still like the old tax system because of its deductions and exemptions, such as those under Sections 80C, 80D, and others, even though the new …

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, …

Mint Budget poll: Old or new tax regime? More jobs? More 80C relief? Here's the verdict
2 days, 10 hours ago

Mint Budget poll: Old or new tax regime? More jobs? More 80C relief? Here's the verdict

Live Mint  

In the run-up to the upcoming Union Budget, Mint conducted an online poll from 28 November and 30 December inviting its print and digital readers to share their views on how the government should approach the annual exercise. Tax conundrum In the previous Union budget, finance minister Nirmala Sitharaman had tweaked the income tax slabs and increased standard deduction for …

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: Looking back at tax relief measures for senior citizens in 2024
5 days, 10 hours 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: Don't expect these tax changes
5 days, 10 hours ago

Budget 2025: Don't expect these tax changes

India Today  

As Budget 2025 draws near, economic experts are weighing in on what this year's financial blueprint might deliver. NO MAJOR CHANGES IN THE OLD TAX REGIME Taxpayers hoping for substantial alterations in the old tax regime may need to temper their expectations. NO MAJOR CHANGES IN TAX STRUCTURE Tax rationalisation has been a recurring theme in recent budgets, with notable …

Budget 2025: Does old tax regime still make sense or should it be scrapped?
6 days, 2 hours ago

Budget 2025: Does old tax regime still make sense or should it be scrapped?

India Today  

Imagine having to choose between two restaurants - one offers a straightforward fixed menu at a lower price, while the other has a slightly higher base price but comes with customisable sides, drinks, and desserts that could ultimately save you money. "The old tax regime should not be scrapped as it still provides benefits for the taxpayers claiming deductions up …

Income tax slab for AY 2025-26: Which is better, the old tax regime or the new tax regime?
1 week 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 week 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: How new tax regime evolved over the years and what's next?
Top News
1 week, 1 day ago

Budget 2025: How new tax regime evolved over the years and what's next?

India Today  

As the Union Budget 2025 approaches, there is increasing anticipation regarding potential incentives aimed at encouraging taxpayers to opt for the new tax regime. EVOLUTION OF THE NEW TAX REGIME: A TIMELINE The new tax regime, introduced by Finance Minister Nirmala Sitharaman in Budget 2020, was designed to simplify the taxation process by reducing tax rates and eliminating most exemptions …

Budget 2025: Will new income tax regime steal the spotlight again?
1 week, 1 day ago

Budget 2025: Will new income tax regime steal the spotlight again?

India Today  

With the Union Budget 2025 less than a month away, industry bodies are urging Finance Minister Nirmala Sitharaman to deliver substantial personal tax relief to individual taxpayers. The Confederation of Indian Industry has recommended lowering marginal tax rates for individuals earning up to Rs 20 lakh annually, noting that such a move could stimulate a positive consumption cycle, foster growth, …

Pre-budget outlook: How to make the new tax regime more enticing and simplify compliance
1 week, 2 days ago

Pre-budget outlook: How to make the new tax regime more enticing and simplify compliance

Live Mint  

As the budget season approaches, anticipation grows over how the government will balance growth ambitions and fiscal responsibility. A press release issued on 2 August 2024 showed that 72% of taxpayers who filed their returns by 31 July 2024 chose the new tax regime, up from 67 percent in FY23. The new tax regime appeals to those with straightforward finances, …

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 …

Budget 2025: Will Nirmala Sitharaman address TDS-TCS challenges?
1 week, 5 days ago

Budget 2025: Will Nirmala Sitharaman address TDS-TCS challenges?

India Today  

As the Union Budget 2025-26 draws near, discussions intensify on simplifying India’s tax system. Industry bodies, including the Federation of Indian Chambers of Commerce and Industry, have shared their recommendations with Finance Minister Nirmala Sitharaman, advocating tax reforms to boost the ease of doing business and reduce complexity. SIMPLIFYING TDS-TCS RATES FICCI has proposed reducing the numerous TDS/TCS rates to …

Income tax rule: Ten key changes in 2024 that will impact your ITR filing in 2025
2 weeks, 1 day 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 …

Budget 2025: Will the old tax regime face the axe?
2 weeks, 2 days 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 …

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 …

10 income tax changes in 2024: What you need to know for filing ITR in 2025
2 weeks, 5 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, 6 days 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 …

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 …

Budget 2025: FM should introduce new tax slab for individuals who adopt renewable energy, reduce carbon emissions
3 weeks, 2 days ago

Budget 2025: FM should introduce new tax slab for individuals who adopt renewable energy, reduce carbon emissions

Live Mint  

Finance minister Nirmala Sitharaman is set to present her second comprehensive budget after the 2024 general elections. The old tax regime with the regular income slabs and eligible deductions/exemptions and the new tax regime with relatively wider income slabs and lower tax rates, without most deductions/exemptions available in the old tax regime. A unified tax regime with widened income slabs …

Budget 2025: FM should introduce new tax slab for individuals who adopt renewable energy, reduce carbon emissions
3 weeks, 2 days ago

Budget 2025: FM should introduce new tax slab for individuals who adopt renewable energy, reduce carbon emissions

Live Mint  

Finance minister Nirmala Sitharaman is set to present her second comprehensive budget after the 2024 general elections. The old tax regime with the regular income slabs and eligible deductions/exemptions and the new tax regime with relatively wider income slabs and lower tax rates, without most deductions/exemptions available in the old tax regime. A unified tax regime with widened income slabs …

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 …

How to switch to old tax regime from new tax regime for filing income tax
5 months, 2 weeks ago

How to switch to old tax regime from new tax regime for filing income tax

Hindustan Times  

The current income tax rules does provide the freedom for taxpayers to choose between the new tax regime and the old tax regime based on whichever may be more advantageous to them. Is it possible to switch to the old tax regime after choosing the new tax regime? Is the old tax regime or the new tax regime better? The …

Budget 2024 is an exercise to simplify the tax regime - Revenue Secretary Sanjay Malhotra
5 months, 2 weeks ago

Budget 2024 is an exercise to simplify the tax regime - Revenue Secretary Sanjay Malhotra

Hindustan Times  

The government is making efforts to simplify the tax regime and treat all asset classes similarly for taxation, revenue secretary Sanjay Malhotra said in an interview with Hindustan Times. Edited excerpts: The budget’s proposal to remove indexation from the long-term capital gains in real estate is an effort to simply the tax regime, said Sanjay Malhotra The Economic Survey has …

Budget 2024: ‘I want to relieve middle class, but I have limitations too,’ says Finance Minister Nirmala Sitharaman
5 months, 3 weeks ago

Budget 2024: ‘I want to relieve middle class, but I have limitations too,’ says Finance Minister Nirmala Sitharaman

Live Mint  

In a recent interview, Finance Minister Nirmala Sitharaman revealed that the Union Budget 2024 aims to provide relief to the middle class, albeit within certain limitations. The Budget 2024 proposes adjustments to the income tax slabs under the new tax regime, benefiting individuals with taxable incomes up to ₹10 lakh. In sops for the middle class, the finance minister hiked …

Union Budget 2024 reforms of the new tax regime may reduce tax burden and allow option to choose again
5 months, 3 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, 3 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 …

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: …

The rationale for the tax proposals
5 months, 3 weeks ago

The rationale for the tax proposals

The Hindu  

The 2024-25 Budget is not just an account of receipts and expenditures for the financial year; it also sets the stage for several years in terms of expectations. Budget 2024 |Middle class discontented, real estate sector applauds tax reforms Regarding the general proposals, two sets pique interest — first, those relating to capital markets and second, those relating to the …

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 …

'EMPLOYMENT': Nirmala Sitharaman's acronym for Budget 2024 theme
5 months, 3 weeks ago

'EMPLOYMENT': Nirmala Sitharaman's acronym for Budget 2024 theme

India Today  

With job creation and youth skilling initiatives being the top focus of the government, Finance Minister Nirmala Sitharaman coined a new acronym - 'EMPLOYMENT' - as the theme of the Union Budget 2024-25. Read Full Budget 2024 Coverage While the government has tweaked tax slabs under the new income tax regime to boost consumption among the salaried class, it has …

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 …

Afternoon briefing: New tax regime slabs revised in Budget 2024; IIT Delhi's submission to SC in NEET row; and more
5 months, 3 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, 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 …

What Budget means for taxpayers: 10 points
5 months, 3 weeks ago

What Budget means for taxpayers: 10 points

Hindustan Times  

Finance Minister Nirmala Sitharaman on Tuesday announced a major relief for the subscribers of the new income tax regime. Nirmala Sitharaman announced the government has increased the income tax standard deduction for those who opted for the new regime. "For those opting for the new tax regime, the standard deduction for salaried employees to be increased from ₹ 50,000 to …

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 …

Income Tax Budget Highlights: Govt proposes tax cuts, more standard deduction
5 months, 3 weeks ago

Income Tax Budget Highlights: Govt proposes tax cuts, more standard deduction

Hindustan Times  

New Tax Regime LIVE updates: Union Finance Minister Nirmala Sitharaman presents the Union Budget 2024-25 in Lok Sabha, in New Delhi, Tuesday, July 23, 2024. New Tax Regime Highlights: Union finance minister Nirmala Sitharaman presented her seventh consecutive Budget amid expectations from the middle class for relief at the tax front. Moreover, the efficiency of tax collection has improved over …

Discover Related