NEW DELHI: Finance minister Nirmala Sitharaman on Wednesday urged the income tax department to follow a faceless, fair and friendly regime and ensure that communication was in simple language that did not frighten taxpayers.While thanking honest taxpayers at the 165th Income Tax Day celebrations, FM stated there were almost 59 lakh first time tax filers…
In another indication that the old tax regime will be eased out, finance minister Nirmala Sitharaman has tried to make the new tax regime more attractive for taxpayers.She has increased the standard deduction for salaried class by Rs 25,000 from Rs 50,000 to Rs 75,000 while keeping it at the same level of Rs 50,000…
New versus old income tax regime – understanding TDS on salary: The new financial year, 2024-25 has begun starting from April 1. However, the income tax laws from the previous year, FY 2023-24, remain in effect for FY 2024-25 because the government has not made any changes. Potential changes may be announced in the upcoming…
NEW DELHI: The pension scheme for the corporate and individuals, regulated by Pension Fund Regulatory and Development Authority (PFRDA), may have been hit by the new tax regime, which offers lower tax rates but no exemptions, such as, those for investment.Latest data released by PFRDA on Thursday estimated that the growth in overall subscriber base,…
HRA tax exemption rules: House Rent Allowance (HRA) is a common component of many employees’ salary packages. Unlike basic salary, HRA isn’t entirely taxable, subject to specific conditions outlined in Section 10(13A) of the Income-tax Act, 1961.The exemption on HRA reduces the taxable portion of an employee’s income, thus offering a means to save on…
