New Income Tax Regime

About 66 per cent of taxpayers out of the over 4 crore filers have opted for the new regime for income tax return (ITR) filing during the current season till now, CBDT Chairman Ravi Agrawal said Wednesday.

Earlier, a salaried employee earning Rs 10 lakh per annum was supposed to pay an income tax of roughly Rs 52,500 under the new regime. Under the revised tax slabs in the new tax regime, he/she will have to pay around Rs 42,500.

Standard deduction in the new tax regime will be increased from Rs 50,000 to Rs 75,000, Finance Minister Nirmala Sitharaman said Tuesday as she announced the 2024 Union Budget.

In a bid to bolster the Indian startup ecosystem, the Centre today announced the abolishment of angel tax for all classes of investors.

The Indian tax system for FY 2024-2025 maintains existing income tax slabs, allowing taxpayers to choose between old and new regimes.

Tax Calendar For April 2024: Here's a look at the due dates and deadlines as per the income tax department.

The Finance Ministry today said that there is no change in the new Income Tax regime for individuals in the financial year 2024-25, starting today.

The finance ministry on Monday said there is no change in the new income tax regime for individuals for the current fiscal year and individual taxpayers can opt out of the regime at the time of filing their ITR.

In a detailed note, the ministry explained that the new tax regime has low rates but fewer exemptions and deductions.

Income Tax Rule: April 1 marks the beginning of a new financial year and it is always significant from a personal finance point of view as most of the Budget proposals on income tax take into effect from this day.

With the Interim Budget just days away, all eyes are on Finance Minister Nirmala Sitharaman for tax waivers or enhancement of income tax exemption limits.

Several changes will come into effect from April 1, when the new financial year begins.

The new tax regime will have none of the usual exemptions on insurance premium, mutual funds and other such investments.

In a relief to taxpayers opting for new tax regime, individuals earning marginally higher income than no-tax ceiling of Rs 7 lakh will pay tax only on the differential income after the government amended the Finance Bill.

The new income tax regime has been made the default tax regime. However, the citizens will continue to have the option to avail the benefit of the old tax regime.

About 66 per cent of taxpayers out of the over 4 crore filers have opted for the new regime for income tax return (ITR) filing during the current season till now, CBDT Chairman Ravi Agrawal said Wednesday.

Earlier, a salaried employee earning Rs 10 lakh per annum was supposed to pay an income tax of roughly Rs 52,500 under the new regime. Under the revised tax slabs in the new tax regime, he/she will have to pay around Rs 42,500.

Standard deduction in the new tax regime will be increased from Rs 50,000 to Rs 75,000, Finance Minister Nirmala Sitharaman said Tuesday as she announced the 2024 Union Budget.

In a bid to bolster the Indian startup ecosystem, the Centre today announced the abolishment of angel tax for all classes of investors.

The Indian tax system for FY 2024-2025 maintains existing income tax slabs, allowing taxpayers to choose between old and new regimes.

Tax Calendar For April 2024: Here's a look at the due dates and deadlines as per the income tax department.

The Finance Ministry today said that there is no change in the new Income Tax regime for individuals in the financial year 2024-25, starting today.

The finance ministry on Monday said there is no change in the new income tax regime for individuals for the current fiscal year and individual taxpayers can opt out of the regime at the time of filing their ITR.

In a detailed note, the ministry explained that the new tax regime has low rates but fewer exemptions and deductions.

Income Tax Rule: April 1 marks the beginning of a new financial year and it is always significant from a personal finance point of view as most of the Budget proposals on income tax take into effect from this day.

With the Interim Budget just days away, all eyes are on Finance Minister Nirmala Sitharaman for tax waivers or enhancement of income tax exemption limits.

Several changes will come into effect from April 1, when the new financial year begins.

The new tax regime will have none of the usual exemptions on insurance premium, mutual funds and other such investments.

In a relief to taxpayers opting for new tax regime, individuals earning marginally higher income than no-tax ceiling of Rs 7 lakh will pay tax only on the differential income after the government amended the Finance Bill.

The new income tax regime has been made the default tax regime. However, the citizens will continue to have the option to avail the benefit of the old tax regime.