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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 The Income Tax (I-T) department has reportedly found ₹22,000 crore during a drive against foreign assets, reported Economic Times. This was part of a drive launched last November based on the information received under bilateral and multilateral agreements and foreign remittance data. The income tax department has said that it has identified…
Source: Live Mint The introduction of the Income Tax Bill 2025 in the Lok Sabha sparked concerns among taxpayers about their eligibility for refunds if they file their Income Tax Return (ITR) after the due date. Initial reports suggested that the new bill would prevent late filers from claiming refunds, marking a shift from 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 With the new tax regime becoming increasingly prevalent and more common, taxpayers stand to lose their eligibility to claim most of the exemption and deductions offered under various provisions such as sections 80C, 80D, 80DD and 80G under the old tax regime. Nearly 73 percent of taxpayers have already opted for the new…
Source: Live Mint In 2023, new tax regime became a default regime which means the taxpayers must opt out of the new tax regime to be able to claim tax exemptions given under sections 80C, 80D and 80G, among others. The provision under section 80C enables taxpayers to claim deduction for investing in various financial…
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 The income tax department has launched the utility to enable taxpayers to check the relevant provision of the new income tax Bill. The new income tax Bill was introduced in the Parliament on Thursday and it will now be referred to the Select Committee of Lok Sabha for further review. Meanwhile, the…
