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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 Imagine getting a salary bump, only to find that your tax bill eats up most—if not all—of your raise. While the new tax regime in Budget 2025 promises no tax on incomes up to ₹12 lakh, it doesn’t necessarily mean that earning a little more is always beneficial. Thankfully, marginal relief has…
Source: Live Mint Standard Deduction: Income taxpayers can lower their income without providing any documentation or disclosures by using the standard deduction, which is a fixed sum subtracted from taxable salary income. After being eliminated for several years, the standard deduction provision was reinstated in the 2018 budget announcement. Under Section 16 of the Income…
Source: Live Mint As Finance Minister Nirmala Sitharaman prepares for Budget 2025 announcements, several anticipated income tax reforms may impact salaried people. The upcoming budget may include reforms to aid taxpayers, especially given rising inflation and financial restrictions. In a telephone conversation with Mint, Mumbai-based tax and investment expert Balwant Jain listed five crucial tax…
Source: Live Mint In Budget 2024, Finance Minister Nirmala Sitharaman introduced changes to the income tax slabs to make the new tax regime more appealing to taxpayers. However, she announced no such perks in the July 2024 Budget for those who opted for the old tax regime. Income tax slab for FY 2024-25: Old tax…
Source: Live Mint A press release issued on 2 August 2024 showed that 72% of taxpayers who filed their returns by 31 July 2024 chose the new tax regime, up from 67 percent in FY23. While it’s heartening to see the majority of taxpayers moving to the new regime, there’s been a marginal increase of…
Source: Live Mint I live in a rented flat in Noida, U.P., paying a rent of less than two lakh per annum (INR). The flat owner is an NRI residing in Dubai, UAE. Please advise whether I, as a tenant, must deduct tax before paying rent every month to the NRI landlord. If yes, how…
