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Source: Live Mint In India, taxpayers can choose between the old and new income tax regimes, each offering distinct benefits. However, this choice isn’t permanent and can be revisited annually. Whether you are a salaried employee or running a business, understanding how often you can switch between tax regimes is crucial for maximising your tax…
Source: Live Mint ITR filing 2025: Before filing your income tax return, it is vital to compare the tax computation under both the tax regimes i.e., old and new. And you can opt for the regime which gives lower tax outgo. Introduced in 2020, the new tax regime was made the default regime for taxpayers…
Source: Live Mint I bought an under-construction house in September 2023 and have made several payments toward it. Here is a breakdown of the expenses I have incurred so far: In 2023, I made an initial payment of ₹5.5 lakh as a token amount to the builder. I also paid ₹4 lakh to the government…
Source: Live Mint As the financial year 2024-25 is about to end in five weeks, taxpayers must be looking for investment avenues which they can explore before March 31 which can be availed for claiming tax deduction. Since deductions under 80C, 80D, 80DD and 80G are not permitted in the new tax regime, taxpayers can still claim a…
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 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 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 Finance Minister Nirmala Sitharaman introduced the Income Tax Bill 2025 in the Lok Sabha on Thursday, 13 February. The much-anticipated new Bill will replace terminology like assessment and the previous year with the easier-to-understand ‘tax year’ as part of a move to simplify language while removing provisos and explanations. The bill is…
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…
