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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 The new income tax bill, 2025, has transferred section 80C tax saving deductions to clause 123, in Chapter VIII in it with an intention of bringing ease and decluttering the tax structure. This has been detailed in the bill tabled by the Finance Minister of India in the Parliament on February 13,…
Source: Live Mint While the new tax regime trims down the deductions and exemptions available to taxpayers, it still offers several strategic benefits that can lighten the load for individual taxpayers. Here’s a breakdown of what you can still claim under the revamped system. Deductions For salaried individuals who opt for the new tax regime,…
Source: Live Mint Inspired by developed nations, this progressive tax system is designed to promote fairness by imposing incrementally higher tax rates on higher income brackets. For instance, an individual earning ₹5,00,000 pays tax at 5%, while someone with an income of ₹7,00,000 is taxed 5% on the first ₹5,00,000 and 20% on the additional…
Source: Live Mint In the financial year 2023-24, the new tax regime became the default regime. This regime’s tax rates are lower than those of the old regime, but it phases out most of the exemptions and deductions. This means if you want to avail any of these exemptions, you must opt specifically for the…
Source: Live Mint A press release issued on 2 August 2024 showed that 72% of taxpayers who filed their returns by 31 July 2024 chose the new tax regime, up from 67 percent in FY23. While it’s heartening to see the majority of taxpayers moving to the new regime, there’s been a marginal increase of…
Source: Live Mint Rent can be an additional source of income for salaried individuals who have invested in property. While real estate as an investment may have its challenges in terms of liquidity and high capital requirement, rental income can complement one’s salary. However, rental income is taxed at the individual’s slab rate. But there…
Source: Live Mint I’m working with the Indian Army. Until last year, we received Form 16 under the old tax regime, which included all allowances such as house rent allowance, travel, uniform, etc. However, from AY 2024-25, we are receiving Form 16 under the default new tax regime, which does not mention non-taxable allowances. My…
Source: Live Mint Among the many other provisions and laws of the land, Section 80DD of the Income Tax Act, 1961, (the Act) is a vital provision aimed at offering relief to those caring for disabled dependents. This section allows tax deductions for expenses related to medical treatment, training, and rehabilitation of dependents, as well…
