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Source: Live Mint After receiving the cabinet nod last week, new income tax law is set to be tabled in the Parliament this week in the ongoing budget session. This is seen as a historic bill which will replace the current legislation which was enacted way back in 1961. Why is there a need for the new…
Source: Live Mint The recently announced budget introduced significant personal finance changes impacting taxpayers and investors. One of the key updates involved Unit Linked Insurance Plans (ULIPs). It has been clarified by the Finance Ministry that if the annual premium exceeds ₹2.5 lakhs the redemption becomes subject to capital gains tax. ULIPs that are held for…
Source: Live Mint The new tax regime became a default regime in 2023 but Budget 2025 introduced a higher incentive for taxpayers by allowing zero tax for income upto ₹12 lakh, following which there is an expectation that around 90 percent of taxpayers will opt for it over old tax regime. However, one collateral damage of this…
Source: Live Mint I have gifted some money to my daughter when she turned 16. We both are residents. I have set up her custodial account in US for investment in Nasdaq-listed stocks from this gifted money. I would like to understand the potential tax implications in India on this. -Name withheld on request As…
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…
Source: Live Mint Income Tax Bill News LIVE: The Union Cabinet has approved the new Income Tax Bill on Friday, February 7, potentially leading to its introduction in the Lok Sabha early next week. This bill is part of a larger effort to reform the tax system and aims to overhaul the existing tax structure…
Source: Live Mint After Cabinet cleared it, the new income tax bill is set to be tabled in Parliament next week. The new bill is expected to reduce the number of sections by 25-30 percent to make the law simpler and more concise, Business Standard reported quoting an official without naming him/her. Even the provisos…
Source: Live Mint In Budget 2025, Finance Minister Nirmala Sitharaman revised the income slabs under the new tax regime, thus offering relief to the middle-class taxpayers. Now, there is no income tax payable for those earning up to ₹12 lakh. However, if you have seen the tax slabs, you must have noticed that there is…
Source: Live Mint In 2020, the Government of India introduced a new tax regime that offered concessional tax rates while scrapping most of the deductions and exemptions offered under the old tax regime. Most small taxpayers were – until then – accustomed to claiming exemptions and deductions against the investments they made during the financial…
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,…
