One of the major amendments proposed in the current budget is the change in the tax rates and slabs under the Concessional Tax Regime. By Surabhi MarwahBudget 2025 income tax: The Finance Minister in her budget speech stated that taxation reforms were one of the key reforms to realise the vision of “Viksit Bharat”. The…
Union finance minister Nirmala Sitharaman on Saturday announced significant income tax cuts for the middle class and unveiled reforms for a ‘Viksit Bharat’, balancing fiscal prudence with growth. Individuals earning up to Rs 12 lakh annually will pay no tax, with an additional Rs 75,000 standard deduction for the salaried class. The revised tax slabs…
The new tax regime proposed in Budget – with a tax rebate of Rs 60,000 on income up to Rs 12 lakh (and Rs 12.75 lakh for salaried people) – leaves the old tax regime, with three slabs of 5%, 20%, an 30%, with little appeal, even with all the deductions against investments in tax…
NEW DELHI: Finance minister Nirmala Sitharaman on Saturday gave a big relief to the middle class as she announced zero income tax for up to Rs 12 lakh under the new tax regime.For salaried employees, this nil tax limit will be Rs 12.75 lakh per annum, after taking into account a standard deduction of Rs…
NEW DELHI: Amid expectations of a relief in income tax in the Budget, govt is keen to keep the new tax regime free of concessions, while it looks at raising the threshold and offering concessions through a rejig of slabs.Income tax rates are usually among the last set of announcements to be finalised and typically…
The Income Tax Act, 1961’s old tax regime provides various tax exemptions and deductions. (AI image) Income Tax Filing FY 2024-25: Employers are currently requesting salaried employees to provide documentation of tax-saving investments and expenses if they wish to reduce their tax liability. These documents are essential to prevent complete tax deduction at source (TDS)…
If one fails to submit a belated return by December 31, 2024, specific consequences apply. ITR filing deadline: December 31, 2024, marks the final deadline for submitting belated and revised income tax returns for FY 2023-24 (AY 2024-25). Whilst various taxpayer categories have distinct ITR filing deadlines, the final date for belated and revised returns…
Budget 2024 income tax takeaways: Finance Minister Nirmala Sitharaman on Tuesday presented the first Budget of the Modi 3.0 government. This is the first full budget of the Modi Government post elections. With no major changes being announced in the interim budget, the expectations were high this time around. In line with Government’s focus on…
Budget 2024 income tax changes explained: Salaried taxpayers have reason to cheer! Finance Minister Nirmala Sitharaman announced major changes in the new income tax regime during her Union Budget 2024 speech. These changes will give many salaried taxpayers a benefit of Rs 17,500 – provided that they are opting for the new income tax regime!“Coming…
Income Tax Expectations Budget 2024: Finance Minister Nirmala Sitharaman will present the Union Budget 2024 on July 23, 2024 and the Budget is being looked at for relief to salaried, middle class taxpayers and also the common man. What can you expect from the Modi 3.0 government’s Budget 2024? What are the top expectations from…
