Budget 2020: Personal Income Tax Rates Slashed
4 years, 11 months ago

Budget 2020: Personal Income Tax Rates Slashed

Live Law  

Finance Minister Nirmala Sitharaman has slashed the personal income tax rates but provided to forgo exemptions, as she announced the Union Budget for the Financial Year 2020-2021 today, in the Lok Sabha. It is noteworthy however that the new tax regime is optional for the taxpayers and an individual who is currently availing more deductions & exemption under the IT Act may choose to avail them and continue to pay tax in the old regime. She also pointed out that in the new tax regime, substantial tax benefit will accrue to a taxpayer depending upon exemptions and deductions claimed by him. Thus now, a person earning Rs 15 lakh per anum and not availing any deductions will pay Rs 1.95 lakh tax in place of Rs 2.73 lakh now.

Regime Pay Tax Persons Lakhs  exemptions  earning  slashed  personal  regime  deductions  pay  tax  2020  lakhs  15  income  persons  budget  rates  rs

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Budget 2025: Higher exemption limit and lower tax rates? Check top expectations
Trending News
1 day, 6 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 day, 21 hours 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 …

Income Tax Budget 2025 Expectations: Taxpayers await relief as FM Sitharaman prepares for February 1 announcement
Top News
1 day, 23 hours ago

Income Tax Budget 2025 Expectations: Taxpayers await relief as FM Sitharaman prepares for February 1 announcement

Live Mint  

Income Tax Budget 2025 Expectations: As the Union Budget 2025, scheduled for February 1, approaches, expectations among salaried individuals for potential income tax relief are mounting. In Budget 2020, Finance Minister Nirmala Sitharaman unveiled the New Tax Regime, which aimed to streamline the taxing process by lowering tax rates and eliminating most exemptions and deductions. 1) Raise tax slabs Ashish …

Budget 2025: Salaried earners up to Rs 15 lakh may get tax relief. Details here
2 days, 6 hours 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 …

Budget 2025: How new tax regime evolved over the years and what's next?
Top News
2 days, 20 hours 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 …

Mohandas Pai shares his Budget 2025 wishlist: No tax up to ₹5 lakh, large tax slabs, relief for middle class & more
1 week, 1 day 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, 1 day 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 …

Budget 2025: Should Nirmala Sitharaman focus on boosting consumption?
1 week, 2 days ago

Budget 2025: Should Nirmala Sitharaman focus on boosting consumption?

India Today  

Union Finance Minister Nirmala Sitharaman faces a challenging economic backdrop as she prepares to present Budget 2025-26 on February 1. The Reserve Bank of India also lowered its real GDP growth forecast for 2024-25 to 6.6%, citing global uncertainties, volatile commodity prices, and fragmented economic conditions. MIDDLE-CLASS RELIEF & CONSUMPTION REVIVAL Anand Ramanathan, Partner and Leader for the Consumer Products …

Income tax budget on ITR filing: Will FM Nirmala Sitharaman announce tax relief for taxpayers earning up to ₹15 lakh?
1 week, 6 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 …

Modi govt’s 2025 budget likely to slash personal income tax, says report
2 weeks ago

Modi govt’s 2025 budget likely to slash personal income tax, says report

Firstpost  

The potential tax relief is expected to benefit tens of millions of taxpayers, particularly urban residents facing high living costs. A final decision is expected closer to the budget announcement on February 1 India is weighing a proposal to cut income tax for individuals earning up to Rs 1.5 million annually in its upcoming budget, aiming to ease the financial …

Government may consider tax relief for income of up to Rs 10.50 lakh: Report
2 weeks, 1 day 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 …

Income tax relief in Budget 2025? Economists push for cuts to help save more
2 weeks, 2 days 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 …

Relief to middle class? Inflation offsets hike in tax exemption limit
1 month, 3 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, …

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

Union Budget 2024 reforms of the new tax regime may reduce tax burden and allow option to choose again

Hindustan Times  

Finance Minister Nirmala Sitharaman presented the Union Budget 2024 in the parliament on July 23, proposing new changes in the income tax slabs of the new tax regime. Nirmala Sitharaman pictured at the Lok Sabha on July 23, with the Union Budget What are the latest income tax slabs in the new tax regime? Up to ₹3 lakh: NIL ₹3-7 …

Union Budget 2024: How Much Tax Will The Common Man Save Under The New Tax Slabs?
5 months, 2 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 …

Budget 2024: These 4 TDS changes announced by Nirmala Sitharaman will impact you
5 months, 2 weeks ago

Budget 2024: These 4 TDS changes announced by Nirmala Sitharaman will impact you

Hindustan Times  

Finance minister Nirmala Sitharaman announced changes in the Tax Deducted at Source framework which will impact salaried individuals. The tweaks will impact disposable income and streamline tax processes, the Finance minister announced, adding, "A beginning is being made in the Finance Bill by simplifying the tax regime for charities, TDS rate structure, provisions for reassessment and search provisions and capital …

New income tax regime: Check how much tax you will pay now
5 months, 2 weeks ago

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

India Today  

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

Mixed reactions to revised Income Tax rates, deductions in Andhra
5 months, 2 weeks ago

Mixed reactions to revised Income Tax rates, deductions in Andhra

New Indian Express  

GUNTUR: Finance Minister Nirmala Sitaraman’s announcements on Income Tax have evoked mixed feelings among the public. Under the new regime of the personal Income Tax rates, she announced that standard deduction for salaried employees has been hiked to Rs 75,000 from Rs 50,000. Explaining the significance of the changes to the standard deduction, Murthy Naidu, a financial analyst, said a …

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

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

Hindustan Times  

Salaried income taxpayers shifting to the new tax regime stand to save up to ₹17,500 in income tax, finance minister Nirmala Sitharaman announced in presenting the Union budget 2024. The finance minister announced increased standard deduction for those opting to file their tax returns under the new regime and also widened the tax slabs to give relief. Increase in the …

Revised income tax slab rates, Budget 2024: Salaried individuals stand to save up to ₹17,500, standard deductions hiked
5 months, 2 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, 2 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, 2 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, 2 weeks ago

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

Firstpost  

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

Budget 2024: How will it impact the common people and consumers? CHECK here
5 months, 2 weeks ago

Budget 2024: How will it impact the common people and consumers? CHECK here

India TV News  

Budget 2024: Finance Minister Nirmala Sitharaman on Tuesday announced the Union Budget 2024-25, with nine outlined priorities in agriculture, employment and skilling, manufacturing and services, human resource development, urban development, energy security and more. Sitharaman announced Prime Minister Narendra Modi's package of five schemes for employment, skilling and other opportunities for employment, skilling and other opportunities for 4.1 crore youth …

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

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

Hindustan Times  

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

Budget 2024: Income tax slabs changed, standard deduction increased. Read details
5 months, 2 weeks ago

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

Op India  

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

Budget 2024 Highlights on income tax: FM Sitharaman revises personal income tax slabs; taxation rates remain unchanged
5 months, 2 weeks ago

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

The Hindu  

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

What Budget means for taxpayers: 10 points
5 months, 2 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 …

Budget 2024 Boost To New Tax Regime: Standard Deduction Raised To Rs 75k From Rs 50k
5 months, 2 weeks ago

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

News 18  

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

Budget 2024: Will common man and salaried class get income tax relief? | Here's what we know
5 months, 2 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 …

Income Tax Budget Highlights: Govt proposes tax cuts, more standard deduction
5 months, 2 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 …

Budget 2024 HIGHLIGHTS: Andhra Pradesh, Bihar major gainers; special focus on jobs, new tax regime
5 months, 2 weeks ago

Budget 2024 HIGHLIGHTS: Andhra Pradesh, Bihar major gainers; special focus on jobs, new tax regime

India TV News  

Uttar Pradesh CM Yogi Adityanath's reaction on Union Budget: "Under the guidance of PM Modi, in the new parliament of the country, the Finance Minister has laid down the general budget of the country which is - inclusive, development-oriented and one which will fulfil the aspirations of 140 cr people. The new tax slabs announced in the budget are welcoming." …

Budget 2024: Will FM Nirmala Sitharaman fulfill your income tax wishes?
5 months, 3 weeks ago

Budget 2024: Will FM Nirmala Sitharaman fulfill your income tax wishes?

India Today  

Finance Minister Nirmala Sitharaman is all set to present the full Budget 2024 on July 23. With various sectors anticipating significant announcements, salaried taxpayers are particularly hopeful for major income tax relief, including changes in the new income tax regime and standard deductions. Despite positive expectations for the budget, significant tax relief for the middle class may not materialise. Sandeep …

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

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

Hindustan Times  

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

Budget 2024: Taxpayers, you can expect these 6 income tax benefits on July 23
5 months, 3 weeks ago

Budget 2024: Taxpayers, you can expect these 6 income tax benefits on July 23

Hindustan Times  

Finance minister Nirmala Sitharaman is set to present the Union Budget on July 23. Taxpayers are expecting a potential hike in standard deduction, relief in income tax rates and an increase in Section 80C exemptions in the Budget. Experts believe that adjustments to income tax slab rates could be seen in the Budget as the Finance Minister might announce tax …

Budget 2024: What income tax benefits can taxpayers expect on July 23?
5 months, 3 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 …

Union Budget 2024: Will Nirmala Sitharaman bring income tax relief for middle class?
5 months, 4 weeks ago

Union Budget 2024: Will Nirmala Sitharaman bring income tax relief for middle class?

Hindustan Times  

With the Union Budget 2024 scheduled to be presented on July 23, 2024 by Finance Minister Nirmala Sitharaman, income tax slabs are an important component that has been getting a lot of attention lately, with reports suggesting there may be potential tax cuts for boosting consumption in the economy. The current slabs for the new tax regime are as follows: …

Budget 2024: Low-income individuals likely to get big tax relief, says report
6 months, 2 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 …

Budget 2024: Finance minister Nirmala Sitharaman to increase income tax exemption limit?
6 months, 3 weeks ago

Budget 2024: Finance minister Nirmala Sitharaman to increase income tax exemption limit?

Hindustan Times  

Finance Minister Nirmala Sitharaman may increase income tax exemption limit in the upcoming Budget 2024 which is the first for the third term of the PM Modi Government. News agency Reuters reported that the first full-fledged Budget 2024 of Modi 3.0 may relieve taxpayers as the government is considering reducing income tax rates for specific groups of individuals. The government …

Budget 2024: Exemption limit under new tax regime may be hiked to Rs 5 lakh, says report
6 months, 3 weeks ago

Budget 2024: Exemption limit under new tax regime may be hiked to Rs 5 lakh, says report

India Today  

The government plans to raise the income exempt from tax under the new regime from the current Rs 3 lakh to Rs 5 lakh in the forthcoming full budget, reported moneycontrol.com. Officials also said that the government is unlikely to accept a proposal from industry representatives to lower the top individual income tax rate from 30% to 25% in the …

Budget 2024: Which income categories can expect tax relief?
6 months, 3 weeks 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 …

Criticism Mounts Over Income Tax Rates In Interim Budget 2024
11 months, 1 week ago

Criticism Mounts Over Income Tax Rates In Interim Budget 2024

Deccan Chronicle  

Visakhapatnam: Salaried classes were disappointed that the Income Tax rates have not been reduced in the Interim Budget 2024. Union finance minister Nirmala Sitharaman, while presenting the Budget in Parliament on Thursday, made it clear that there would be no change in the taxation rates for the coming fiscal. She also claimed that there was a 50 per cent increase …

Budget 2024: Disputed Direct Tax Demand Of Up To Rs 25,000 Till FY10, Rs 10,000 For FY11-15 Withdrawn
11 months, 1 week ago

Budget 2024: Disputed Direct Tax Demand Of Up To Rs 25,000 Till FY10, Rs 10,000 For FY11-15 Withdrawn

ABP News  

Union Finance Minister Nirmala Sitharaman on Thursday said that the government has proposed to waive old disputed direct tax demands of up to Rs 25,000 till FY10 and Rs 10,000 for 2010-11 to 2014-15. "There are a large number of petty, non-verified, non-reconciled or disputed direct tax demands, many of them dating as far back as the year 1962, which …

How much average processing time of ITR reduced in 10 years? Sitharaman reveals
11 months, 1 week ago

How much average processing time of ITR reduced in 10 years? Sitharaman reveals

Hindustan Times  

Union finance minister Nirmala Sitharaman on Thursday underscored the government's steadfast commitment to enhancing taxpayer services as she highlighted a transformative shift in tax assessment methodologies over the past five years. Union Finance Minister Nirmala Sitharaman presents the Interim Budget 2024 in the Lok Sabha, at Parliament House in New Delhi, Thursday, Feb. 1, 2024. One of the standout achievements …

No changes in income tax rates, slabs, announces Nirmala Sitharaman
11 months, 1 week ago

No changes in income tax rates, slabs, announces Nirmala Sitharaman

Hindustan Times  

Finance minister Nirmala Sitharaman on Thursday announced no change in the existing tax regime -- both direct and indirect. For taxpayers, there will be no relief as income tax rates and slabs remain the same in the interim budget that Nirmala Sitharaman presented ahead of the Lok Sabha election 2024. "I propose to retain the same tax rates for direct …

Budget 2024: No change in tax regime this year; check old, new tax slabs
11 months, 1 week ago

Budget 2024: No change in tax regime this year; check old, new tax slabs

India TV News  

Union Finance Minister Nirmala Sitharaman, during the presentation of the interim Budget on Thursday, announced that there would be no changes to taxation, and she proposed to retain the same direct and indirect tax rates, including import duties. Income between Rs 3-6 lakh taxed at 5 per cent. Income between Rs 6-9 lakh taxed at 10 per cent. Income between …

Budget 2024: 6 key changes taxpayers want from FM Sitharaman
11 months, 1 week ago

Budget 2024: 6 key changes taxpayers want from FM Sitharaman

India Today  

Finance Minister Nirmala Sitharaman is set to present the Interim Budget 2024-25 on February 1, covering the initial three months of the next fiscal year. While hopes for a new 25 per cent high-income tax slab are slim, expectations include increased basic exemption, standard deduction, and higher limits for 80C & 80D," Ravi said. NPS deduction under new tax regime …

Budget 2024: Taxpayers can expect this announcement on February 1
11 months, 1 week ago

Budget 2024: Taxpayers can expect this announcement on February 1

India Today  

The Interim Budget 2024-25 will be presented by Finance Minister Nirmala Sitharaman on February 1 and experts indicate that major tax changes are unlikely. On interest on income tax refund, he said the AIS captures income tax refunds along with associated interest, there is room for improvement. However, in case the interest from income tax refund is not subject to …

Interim Budget 2024: Will new income tax regime get another makeover?
11 months, 2 weeks ago

Interim Budget 2024: Will new income tax regime get another makeover?

India Today  

As Finance Minister Nirmala Sitharaman gears up to announce the Interim Budget 2024-25, the new income tax regime is in focus again. Deduction for interest on housing loans Salaried individuals with housing loans are cautious about shifting to the new tax regime due to the potential loss of home loan interest deductions. Abhishek Soni suggests that extending the deduction for …

Robust revenues: On direct tax collection target and fiscal consolidation
11 months, 4 weeks ago

Robust revenues: On direct tax collection target and fiscal consolidation

The Hindu  

With little under a quarter left in the financial year 2023-24, the government has met nearly 81% of its direct tax collection target. Economists believe the exchequer’s net direct tax kitty will end up surpassing the Budget estimate of ₹17.2 lakh crore by about a lakh crore if not more, with the full-year growth settling at around 18%. Within direct …

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