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Source: Live Mint Though the announcement was widely welcomed, it failed to address a critical question – does income from capital gains affect a person’s eligibility for the rebate? In other words, if a person with a ₹12 lakh salary earns an additional ₹1 lakh from capital gains, will they lose the rebate or will…
Source: Live Mint The argument is that their flexi-pay benefits and work-related allowances such as leave travel allowance (LTA), car leases, fuel reimbursements, phone bills, meal cards, and gadget allowances all add up to a substantial deductible chunk. However, experts said it’s not worth the hassle. “The benefit of reduced tax slab rates in the…
Source: Live Mint In Budget 2025, Finance Minister Nirmala Sitharaman announced that taxpayers with income upto ₹12 lakh do not need to pay any income tax. Aside from this, salaried taxpayers will be entitled to take an additional benefit of no tax by virtue of ₹75,000 standard deduction. Notably, these changes will come into effect from April 1…
Source: Live Mint India’s income tax law has recently undergone a major reform with a new Bill having been introduced in the Lok Sabha on Thursday and proposed to be reviewed by the select committee. The new Income Tax Bill aims to make the tax legislation simpler, concise and easy to read, so that there…
Source: Live Mint New Income Tax Bill: Finance Minister Nirmala Sitharaman tabled the long-awaited bill for the new tax code in the Lok Sabha on Thursday, February 13. While the new bill is a significantly shorter version of the Income Tax Act of 1961, it mandates that assessees would have to share their computer “…
Source: Live Mint In Union Budget 2025, Finance Minister Nirmala Sitharaman announced an increase in the Kisan credit card limit from ₹3 lakh to ₹5 lakh. This step has been taken by the Government of India to primarily enhance credit access for farmers, facilitate financial inclusion, promote financial support for agricultural needs and boost rural…
Source: Live Mint About 83.9 million Indians have filed income tax returns (ITRs) for financial year 2023-24 (FY24) as of December 2024. Of these, only 28.2 million (or 34%) paid tax, while the remaining 55.7 million (66%) had zero tax liability. This data was released by the finance ministry in a response to queries during…
Source: Live Mint Tax-saving component of the house rent allowance (HRA) makes the old tax regime more beneficial in some cases. One such case is of married couples, who can use HRA strategically to save tax based on their salary and tax slabs. Also read: Goodbye old tax regime; new regime now more attractive Popular…
Source: Live Mint Finance Minister Nirmala Sitharaman introduced customized credit cards for micro enterprises registered on the Udyam portal in her recent budget speech. This step was taken with the objective of strengthening India’s Micro, Small and Medium Enterprises (MSME) sector. These cards will come with a credit limit of ₹5 lakh each. These cards…
Source: Live Mint In the past several years, a number of big and small changes have been made in the Income Tax Act, 1961. Its fallout is that an array of complexities, albeit unwittingly, have crept into it. The new income tax law, conversely, is likely to have them removed simply because it is a fresh…
