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Source: Live Mint Budget 2025: In India, the maximum income tax rate is 30 percent for those in the highest income bracket before a surcharge of up to 25 or 37 percent depending on which regime (new or old) and a 4 percent cess on the combined figure. In Budget 2023, the government had cut down…
Source: Live Mint Income tax calculator: As we are aware that the new tax regime will become a default regime in FY2023-24, taxpayers are meant to calculate their income tax as per the lower slab rates sans major deductions and exemptions that are no longer allowed in this regime. Although the new tax regime does not offer…
Source: Live Mint The Union Budget 2025 is just around the corner, and taxpayers are keeping a close watch. Over the years, the middle class has shouldered a big part of the tax burden, with individual tax collections doubling from ₹4.8 lakh crore in FY21 to ₹10.4 lakh crore in FY24. This year, many are…
Source: Live Mint Agricultural income is exempt from taxation, but what if you don’t own a farmland in a rural area? If you manage a home garden in a city and sell some of your produce, can this income still qualify as agricultural income? Here’s what tax experts say. Cultivation on land not mandatory The…
Source: Live Mint As you must be aware that Income Tax (I-T) law is currently being reviewed. During the Budget speech last year, Finance Minister Nirmala Sitharaman said that the tax law is being reexamined. The goal, she emphasised, is to make the legislation easy to read and understand. “The purpose is to make the…
Source: Live Mint I receive a monthly pension from the Superannuation Fund (managed by LIC) as per the terms of my employment. I was working in a private sector company and retired recently. My employer contributed to the superannuation fund. I also received a monthly pension from EPFO under the Employees Pension Scheme 1995 and…
Source: Live Mint In FY 2023, the income tax regime became a default regime for all taxpayers. This means the taxpayers are meant to file their income tax return (ITR) as per the new regime unless they choose to opt out of it. And if you do not opt out of the new tax regime,…
Source: Live Mint As we approach the Union Budget 2025, the one expectation that keeps buzzing strongly is whether Finance Minister Nirmala Sitharaman will lower the personal tax rates. While many changes have been introduced to ease taxpayer compliance – pre-filled tax returns – there has hardly been any substantial tax saving for individual taxpayers….
Source: Live Mint Income tax calculator: The new tax regime became a default tax regime in FY 2023, which means taxpayers are meant to pay income tax based on the new regime unless they opt out of it. They would do so only if they were told that the old tax regime would lead to…
Source: Live Mint I got a job in Dubai through campus placement and left India in August 2023. However, I had to quit in October 2024 for personal reasons and returned to India in early November 2024. Can I be considered a non-resident in India for this tax year? If not, what happens to my…
