No tax on income up to ₹12 lakh. Are NRIs eligible?
1 month, 2 weeks ago

No tax on income up to ₹12 lakh. Are NRIs eligible?

Live Mint  

Budget 2025 has been well received by middle-class Indians, particularly due to the zero tax on income up to ₹12 lakh under the new tax regime. According to the rules, individuals can receive a rebate of up to ₹60,000 or any income tax paid for income up to ₹12 lakh in a year under Section 87A. Since NRIs earn their income outside India and may have tax liabilities in their country of residence, they are not given this concession," said Ajay R. Vaswani, a chartered accountant who mostly deals with NRIs. NRIs who opt for the new tax regime may get some benefits, but they are not eligible for the Section 87A rebate.

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History of this topic

Income tax rebate confusion: Capital gains impact on new ₹12 lakh threshold explained
1 month ago

Income tax rebate confusion: Capital gains impact on new ₹12 lakh threshold explained

Hindustan Times  

The calculation of tax rebates continues to be unclear when it comes to income from capital gains. This issue arises following finance minister Nirmala Sitharaman’s decision to increase the tax-rebate threshold under Section 87A of the Income Tax Act from ₹7 lakh to ₹12 lakh in the Union Budget 2025-26. “However, their impact on overall tax liability depends on the …

Mint Explainer: Can capital gains make you ineligible for a tax rebate?
1 month ago

Mint Explainer: Can capital gains make you ineligible for a tax rebate?

Live Mint  

In Union Budget 2025-26, finance minister Nirmala Sitharaman raised the tax-rebate threshold under Section 87A of the Income Tax Act from ₹7 lakh to ₹12 lakh. “If the rebate applies only to normal income, an individual with a ₹12 lakh salary and any additional capital gains should still be eligible for the rebate on salary income," Rajitha said. This means …

Surprising tax hack: Earn ₹14.65 lakh and pay zero income tax in 2025-26
1 month ago

Surprising tax hack: Earn ₹14.65 lakh and pay zero income tax in 2025-26

Live Mint  

Income tax slabs 2025-26: You are in the ₹12 lakh bracket and dreaming of a salary appraisal. Under the new income tax regime for 2025-26, you can pay zero income tax even with a ₹14.65 lakh salary. Under the new income tax regime, you must utilise deductions strategically to achieve a zero tax liability with a ₹14.65 lakh salary. Abhishek …

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 …

Income Tax: What is rebate under 87A which enables taxpayers earning upto ₹12 lakh to claim zero tax? An explainer
1 month, 2 weeks ago

Income Tax: What is rebate under 87A which enables taxpayers earning upto ₹12 lakh to claim zero tax? An explainer

Live Mint  

In Budget 2025, Finance Minister Nirmala Sitharaman revised the income slabs under the new tax regime, thus offering relief to the middle-class taxpayers. Now, there is no income tax payable for those earning up to ₹12 lakh. So, when there is no tax for income upto ₹12 lakh, why do these slabs suggest otherwise? These are the latest slab rates: …

Invested in debt mutual funds? Here’s how you can save tax after Budget 2025.
Trending News
1 month, 3 weeks ago

Invested in debt mutual funds? Here’s how you can save tax after Budget 2025.

Live Mint  

Finance Minister Nirmala Sitharaman announced on Saturday that Indians with incomes up to ₹12 lakh will effectively pay no income tax. Luckily, debt mutual funds bought after April 2023 fall under Section 50AA and are eligible for such rebates, though units bought before April 2023 don’t qualify. “The thumb rule to follow is that whatever is taxed at slab rates …

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

All income groups got a little something from the Budget

Live Mint  

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

What does no income tax up to ₹12 lakh really mean? Decoding differences between tax rebate, deduction & exemption
1 month, 3 weeks ago

What does no income tax up to ₹12 lakh really mean? Decoding differences between tax rebate, deduction & exemption

Live Mint  

In the Union Budget 2025, Finance Minister Nirmala Sitharaman mentioned that the ‘nil income tax’ slab would be raised to ₹12 lakh; however, it is often misunderstood as a tax exemption or tax deduction. “To taxpayers up to Rs12 lakh of normal income tax rebate is being provided in addition to the benefit due to slab rate reduction in such …

Budget 2025: How should equity traders asses FM’s income tax rebates? Experts weigh in
1 month, 3 weeks ago

Budget 2025: How should equity traders asses FM’s income tax rebates? Experts weigh in

Live Mint  

The Union Budget 2025 introduced a series of direct tax measures aimed at making the new tax regime more attractive for resident taxpayers. Mihir Ashok Tanna, Associate Director at S K Patodia & Associates LLP, noted, “Direct Tax proposal in the budget continued to make the new tax regime more attractive for resident taxpayers except for equity traders who will …

Income up to Rs 12 lakh is tax-free, but do you know the tax-exemption limit? Find out
Trending News
1 month, 3 weeks ago

Income up to Rs 12 lakh is tax-free, but do you know the tax-exemption limit? Find out

India TV News  

Tax-free vs tax exemption: In a major relief to middle-class salaried people, Finance Minister Nirmala Sitharaman hiked the tax rebate available to individual taxpayers. In her Budget speech, the finance minister said that individuals earning up to Rs 12 lakh will pay zero tax. "One crore more people will pay no income tax due to hike in rebate to Rs …

Earn over Rs 12.75 lakh? You can still pay zero tax under new regime
1 month, 3 weeks ago

Earn over Rs 12.75 lakh? You can still pay zero tax under new regime

India Today  

The new income tax regime got a major revamp in the Union Budget 2025, aimed at benefiting middle-class taxpayers. And with a standard deduction of Rs 75,000, salaried taxpayers earning up to Rs 12.75 lakh annually do not need to pay any tax. For an annual income of Rs 13.5 lakh, assuming a 50% basic salary of Rs 6.75 lakh, …

‘Taxpayers build nation they’ll drive demand,’ says FM Nirmala Sitharaman
1 month, 3 weeks ago

‘Taxpayers build nation they’ll drive demand,’ says FM Nirmala Sitharaman

Hindustan Times  

The Prime Minister Narendra Modi-led government has sought to respect the taxpayer instead of following a rent-seeking approach, finance minister Nirmala Sitharaman said on Sunday, emphasising that the huge tax relief announced in Saturday’s Union Budget was an acknowledgement of the contribution of citizens who pay their fair share towards nation-building, or, as she repeatedly stressed, a manifestation of “respect”. …

Budget 2025: Earning above ₹12 lakh? Here’s how your tax could spike—or stay in check
1 month, 3 weeks ago

Budget 2025: Earning above ₹12 lakh? Here’s how your tax could spike—or stay in check

Live Mint  

Imagine getting a salary bump, only to find that your tax bill eats up most—if not all—of your raise. Thankfully, marginal relief has your back, ensuring that small increases in income don’t result in a huge spike in tax outgo. View Full Image Marginal relief ensures that the maximum tax outgo on income that marginally exceeds ₹ 12 lakh is …

Budget 2025: Understanding the rebate benefits—and the fine print on capital gains tax
1 month, 3 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 …

'If you earned ₹12 lakh in Nehruji's time…': How PM Modi praised Budget 2025
1 month, 3 weeks ago

'If you earned ₹12 lakh in Nehruji's time…': How PM Modi praised Budget 2025

Hindustan Times  

Prime Minister Narendra Modi on Sunday took a swipe at the Congress, invoking former prime ministers Jawaharlal Nehru and Indira Gandhi to claim that their governments imposed heavy taxes on people’s earnings, while his government has eased the tax burden and provided greater relief to the middle class. If we look at this budget—back in Nehru Ji’s time, if you …

’PM Modi was very clear...’: What FM Nirmala Sitharaman said on income tax relief up to ₹12 lakh
Top News
1 month, 3 weeks ago

’PM Modi was very clear...’: What FM Nirmala Sitharaman said on income tax relief up to ₹12 lakh

Live Mint  

Nirmala Sitharaman announced a major overhaul of the income tax system while outlining the Budget on Saturday. Individuals earning up to ₹12 lakh annually will no longer have to pay any tax under the new income tax regime — with benefit of ₹80,000. Sitharaman announced on Saturday that there would be “no income tax payable up to income of ₹12 …

Budget 2025: You will have to pay taxes despite income below Rs 12 lakh if...
1 month, 3 weeks ago

Budget 2025: You will have to pay taxes despite income below Rs 12 lakh if...

Firstpost  

Income taxed at special rates, such capital gains made through investments in stocks, including short-term and long term capital gains under Section 111A and Section 112, respectively, cannot be offset by the rebate Budget 2025 proposes great relief to taxpayers earning up to Rs 12 lakh annually by offering rebates under Section 87A such that their tax liability becomes nil. …

Bracketed joy for Hyderabad professionals over tax slabs
1 month, 3 weeks ago

Bracketed joy for Hyderabad professionals over tax slabs

The Hindu  

Hyderabad-based Ankit Priya and Bansari Trivedi, who will be tying the knot mid-2025, have more reasons to celebrate. Higher investments and savings are the norm for most Hyderabad citizens, as Ms. Sitharaman announced I-T exemption for annual income of up to ₹12 lakh and rejig in tax slabs. While professionals earning an annual income of less than ₹12 lakh lauded …

No income tax for annual income upto Rs 12 lakh in New Tax Regime
1 month, 3 weeks ago

No income tax for annual income upto Rs 12 lakh in New Tax Regime

Deccan Chronicle  

Mumbai : At a time when the economy is slowing, the Union Budget 2025-26 on Saturday announced major tax reliefs for the middle class to bolster their spending power thereby invigorating domestic consumption. Finance Minister Nirmala Sitharaman while presenting the Budget announced that under the New Tax Regime, no income tax will be payable for salaried individuals with total income …

Budget 2025 | No tax for incomes up to ₹12 lakh
Top News
1 month, 3 weeks ago

Budget 2025 | No tax for incomes up to ₹12 lakh

The Hindu  

With an objective to boost household consumption and aggregate demand, Finance Minister Nirmala Sitharaman announced on Saturday that incomes up to ₹12 lakh would draw no income tax. To boost consumption, savings and investment Explaining the rationale for the revision in taxation limit, the Minister said the new structure would substantially reduce taxes for the middle class and provide more …

One crore more people will pay no income tax due to hike in rebate to Rs 12 lakh: FM
1 month, 3 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 …

Budget 2025: No income tax upto ₹12 lakh income. Here’s how much you will save
Top News
1 month, 3 weeks ago

Budget 2025: No income tax upto ₹12 lakh income. Here’s how much you will save

Live Mint  

Union Finance Minister Nirmala Sitharaman on Budget 2025 announced that there will be no income tax on income upto ₹12 lakh. Salaried taxpayers are now entitled to claim standard deduction of ₹75,000 which means even if their income is upto ₹12.75 lakh, they wont have to pay any income tax. Let us understand how this happens: Income Tax For income …

’Ye jo hawa chali hui hai…’: Entrepreneur decodes income tax relief up to ₹12 lakh in Budget 2025
1 month, 3 weeks ago

’Ye jo hawa chali hui hai…’: Entrepreneur decodes income tax relief up to ₹12 lakh in Budget 2025

Live Mint  

Finance Minister Nirmala Sitharaman announced a major overhaul of the income tax system on Saturday with changes to the exemption limits. Individuals earning up to ₹12 lakh annually will no longer have to pay any tax under the new income tax regime other than special rate income such as capital gains. The fintech startup founder went on to remind that …

No Income Tax Up to Rs 12 lakh: Memes Galore on Social Media After Budget 2025
1 month, 3 weeks ago

No Income Tax Up to Rs 12 lakh: Memes Galore on Social Media After Budget 2025

Deccan Chronicle  

Finance Minister Nirmala Sitharaman presented the Union Budget 2025-26 on Saturday and said the Budget will initiate reforms in six areas of taxation, urban development, mining, financial sector, power, and regulatory framework. Presenting her eighth straight budget, Sitharaman announced that annual income of up to Rs 12 lakh will be exempt from I-T under the new income tax regime. Here …

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

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

Live Mint  

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

New income tax slabs: From when is it applicable for salaried individuals? Check details here
1 month, 3 weeks ago

New income tax slabs: From when is it applicable for salaried individuals? Check details here

Live Mint  

Budget 2025, Income Tax Slab Update: Finance Minister Nirmala Sitharaman in her Union Budget 2025 speech announced new income tax slabs for salaried individuals. The tax slabs and rates announced by Sitharaman in her record eighth consecutive Union Budget speech are as follows: ₹ 0-4 lakh: Nil 0-4 lakh: Nil ₹ 4-8 lakh: 5 per cent 4-8 lakh: 5 per …

Union Budget 2025 has good news on income tax for NRIs too
1 month, 3 weeks ago

Union Budget 2025 has good news on income tax for NRIs too

Firstpost  

Under the revised New Income Tax Regime for 2025, the tax-free income threshold, including the standard deduction, has been raised to Rs 12.7 lakh. Additionally, individuals earning up to Rs 25 lakh will benefit from a tax reduction of up to Rs 1.1 lakh Union Budget 2025 has been a treat to the middle class after Finance Minister Nirmala Sitharaman …

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

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

Live Mint  

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

New Income Tax slabs salary-wise calculation: Who will pay zero tax?
1 month, 3 weeks ago

New Income Tax slabs salary-wise calculation: Who will pay zero tax?

Hindustan Times  

Finance minister Nirmala Sitharaman on Saturday announced income tax cuts in her eighth consecutive Budget speech, enhancing the middle class's prowess to increase spending and consumption. Nirmala Sitharaman announced that those with salaries up to ₹12 lakh per year will not have to pay any income tax. What experts said on the income tax announcement "The revamped tax slabs under …

Revised income tax slabs: How much do you save? Calculation of benefits
1 month, 3 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: Nirmala Sitharaman announces rejig of income tax rates — Here’s how slabs have changed under new tax regime
1 month, 3 weeks ago

Budget 2025: Nirmala Sitharaman announces rejig of income tax rates — Here’s how slabs have changed under new tax regime

Live Mint  

Finance Minister Nirmala Sitharaman announced a major overhaul of the income tax system while outlining the Budget on Saturday. Individuals earning up to ₹12 lakh annually will no longer have to pay any tax under the new income tax regime — with benefit of ₹80,000. Sitharaman announced on Saturday that there would be “no income tax payable upto income of …

Union Budget 2025: No income tax payable on income up to ₹12 lakh, says Nirmala Sitharaman
1 month, 3 weeks ago

Union Budget 2025: No income tax payable on income up to ₹12 lakh, says Nirmala Sitharaman

The Hindu  

In the most anticipated announcement this budget, Finance Minister Nirmala Sitharaman announced there would be no income tax for incomes up to ₹12 lakhs. Effectively, under the new tax regime considering the erstwhile standard deduction of ₹75,000, income of up to ₹12.75 would have no income tax liability. “The new tax structure will substantially reduce the taxes of middle-class and …

Nil tax for individuals earning up to ₹12 lakh annually under new regime: FM
1 month, 3 weeks ago

Nil tax for individuals earning up to ₹12 lakh annually under new regime: FM

Live Mint  

New Delhi, Feb 1 Individuals earning up to ₹12 lakh annually will not have to pay any income tax under the new tax regime as Finance Minister Nirmala Sitharaman on Saturday gave relief to middle class by raising exemption limit and rejigging slabs. "I am now happy to announce that there will be no income tax payable up to income …

Here’s exactly what FM said about income tax cut for salaried middle class. Read full text
1 month, 3 weeks ago

Here’s exactly what FM said about income tax cut for salaried middle class. Read full text

Live Mint  

Union Budget 2025: Union Finance Minister Nirmala Sitharaman, in a major Budget announcement, said that there will be no income tax for salaried taxpayers with income up to ₹12 lakh. New Income Tax Slabs in Budget 2025: Income Tax ₹ 0- ₹ 4 lakh Nil ₹ 4- ₹ 8 lakh 5 per cent ₹ 8- ₹ 12 lakh 10 per …

Budget 2025: FM Nirmala Sitharaman says nearly 90 lakh paid additional tax; extends time limit for updated tax returns
1 month, 3 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, 3 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, 3 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 …

No Income Tax On Income Up To Rs 12 Lakh: Finance Minister Sitharaman's Announcement For Middle Class
Top News
1 month, 3 weeks ago

No Income Tax On Income Up To Rs 12 Lakh: Finance Minister Sitharaman's Announcement For Middle Class

ABP News  

Union Budget 2025: Finance Minister Nirmala Sitharaman announced there will be no tax on income up to Rs 12 lakh under the new tax regime. "To taxpayers up to Rs 12 Lakhs of normal income other than special rate income such as capital gains, tax rebate is being provided in addition to the benefit due to slab rate reduction in …

Budget 2025: PM Modi says tax rebate will provide big benefit to middle class
1 month, 3 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, 3 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 …

No income tax up to Rs 12 lakh is highest exemption hike in 2 decades
1 month, 3 weeks ago

No income tax up to Rs 12 lakh is highest exemption hike in 2 decades

India Today  

In announcing no income tax for those with an annual income of up to Rs 12 lakh, the government has announced the highest exemption hike in over 20 years. The Narendra Modi government increased the exemption limit by Rs 2.5 lakh to Rs 5 lakh in 2019 while announcing the new tax regime. In 2023, a year ahead of the …

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

Budget 2025: Will FM Nirmala Sitharaman bid goodbye to the old income tax regime? All eyes on February 1 announcements
Trending News
1 month, 3 weeks ago

Budget 2025: Will FM Nirmala Sitharaman bid goodbye to the old income tax regime? All eyes on February 1 announcements

Live Mint  

With just three days to go for the Budget 2025, there are concerns over whether Finance Minister Nirmala Sitharaman will abandon the previous income tax system as the Union Budget 2025 deadline draws near. "Given the government's biased stance towards the new tax regime, the growing number of people choosing it, and the fact that the limits for various deductions …

Budget 2025: Five income tax changes that you can expect in Nirmala Sitharaman’s speech
2 months, 2 weeks 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 …

Missed income tax section 87A rebate? Here's your chance to claim it for FY 2023-24
Trending News
2 months, 3 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 …

NRI Taxation Explained: How India taxes non-resident Indians
3 months, 3 weeks ago

NRI Taxation Explained: How India taxes non-resident Indians

Live Mint  

An Indian-origin individual living outside India is termed a Non-Resident Indian. Regulations defining NRI status Two primary legislations outline the rules applicable to NRIs in India: Income Tax Act, 1961: Specifies the tax obligations of NRIs. You will be classified as resident but not ordinarily resident for a particular year if you satisfy one of the following conditions: If he/she …

New Tax regime rules to come into effect from today: Check deductions, rebates, changes in tax slab
11 months, 3 weeks ago

New Tax regime rules to come into effect from today: Check deductions, rebates, changes in tax slab

India TV News  

As the new financial year begins on April 1, there will be changes to India's income tax regulations. The Centre will implement the New Tax Regime as the default setting, which implies that unless individuals manually choose to abide by the old tax structure, taxes will be automatically assessed and applied according to this new system. The tax slabs will …

Major Income Tax Reforms Effective From April 1: What You Need To Know
1 year ago

Major Income Tax Reforms Effective From April 1: What You Need To Know

ABP News  

In the wake of the new fiscal year, April 1, 2024, sweeping changes in the tax landscape herald major implications for personal finances. Streamlined Slabs & Expanded Basic Exemption Limit Under the new tax regime, the minimum tax threshold has been raised from Rs 2.5 lakh to Rs 3 lakh. Increased Tax Rebate Threshold Individuals opting for the new tax …

Budget 2024: No change in tax regime this year; check old, new tax slabs
1 year, 1 month 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 …

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