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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 Budget 2025 introduced a number of changes including the new tax slab rates under the new tax regime wherein taxpayers are not supposed to pay any income tax up to ₹12 lakh a year. This has undoubtedly made the new tax regime quite tempting for the middle-class taxpayers. In FY 2023-24, around 74 percent…
Source: Live Mint Thanks to Budget 2025, new tax regime has become even more lucrative now. With no income tax for those who earn up to ₹12 lakh a year, taxpayers have one more reason to abandon choose new regime over old tax regime. This means more and more taxpayers will now choose the new…
Source: Live Mint Budget 2025: Union Finance Minister Nirmala Sitharaman announced the revision of tax slabs for taxpayers under the new tax regime. This has, undoubtedly, made the new tax regime even more attractive for the taxpayers. Does this mean that today’s Budget rang a death knell for the old tax regime? Let us understand…
Source: Live Mint Your Budget 2025 Guide: Under the new income tax slabs, income up to ₹12 lakh will now be tax-free. Previously, income up to ₹15 lakh was taxed between 5% and 20%, with anything above ₹15 lakh taxed at 30%. The government released FAQs to clarify these changes, focusing on the new income…
Source: Live Mint Budget 2025, Income Tax Slab Update: Finance Minister Nirmala Sitharaman in her Union Budget 2025 speech announced new income tax slabs for salaried individuals. As per Sitharaman, under the New Tax Regime, taxpayers with income up to ₹12 lakhs are now exempted. We take a look at what the new income tax…
Source: Live Mint Budget 2025 Income Tax Changes: Finance Minister Nirmala Sitharaman proposed sweeping tax reforms for the middle class in the Budget 2025. From zero tax on income of up to ₹12 lakh to cutting the income tax rates proposed in the new tax regime, Budget 2025 came as a much needed relief for…
Source: Live Mint Finance Minister Nirmala Sitharaman announced a major overhaul of the income tax system while outlining the Budget on Saturday. Individuals earning up to ₹12 lakh annually will no longer have to pay any tax under the new income tax regime — with benefit of ₹80,000. Sitharaman also proposed a change to the…
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 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,…
