New Income Tax Bill unlikely to be tabled in Parliament this week! Here’s all you need to know
The new income tax law will replace the existing Income Tax Act of 1961. The tax Bill is being brought to make the tax process simple and clear.
Read MoreThe new income tax law will replace the existing Income Tax Act of 1961. The tax Bill is being brought to make the tax process simple and clear.
Read MoreOld Vs New Tax Regime: For individuals earning Rs 15 lakh annually, opting for the old tax regime can result in tax savings of up to Rs 48,100, provided they maximize deductions like HRA, 80C, 80D, and home loan benefits.
Read MoreAmong the most significant announcements was the introduction of a New Income Tax Bill, set to be tabled this week
Read MoreThe revised tax structure also introduces a 25% tax slab for incomes between Rs 20 lakh and Rs 24 lakh.
Read MoreThe new structure will significantly enhance the accessibility of the middle class by leaving them with more disposable income.
Read MoreLife insurance policies are not just a means of financial security but also offer tax benefits under specific conditions. The Income Tax Act, 1961, under Section 10(10D), provides exemptions on sums received from life insurance policies, including bonuses, subject to fulfilling certain criteria. Let's delve into the key aspects surrounding this provision.
Read MoreThe middle class, often seen as the silent engine driving India’s economic growth, is finally at the center of fiscal relief. This budget doesn’t just nod to their contributions; it delivers a tangible, transformative impact on their take-home income.
Read MoreThe standard deduction on salary streamlines tax filing for salaried individuals by reducing taxable income by a set amount, minimizing the overall tax burden.
Read MoreNew Tax Regime Slabs 2025 for Salaried Employees: As per the updated structure, individuals earning up to Rs 12 lakh per annum will not have to pay any income tax, offering a substantial benefit compared to previous years
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