The Government of India levies tax upon the income of salaried and self-employed citizens of all age groups. Once you figure out which tax slab you fall under as per your tax regime, it becomes easier ...

The proposed changes could substantially increase the disposable income available to both middle-class and high-income ...

Finance Minister Nirmala Sitharaman is set to introduce a new Income Tax Bill aimed at simplifying the six-decade-old tax ...

The Union Budget 2024 increased the standard deduction from Rs 50,000 to Rs 75,000 under the new tax regime, simplifying tax ...

Multifarious Key Taxation Laws and Rules: The Indian taxation system is governed mainly under the Income Tax Act, 1961, with relevant sections being: Section 4: General Taxability. Section 90: ...

Since its introduction, the government has actively promoted the new tax regime, citing its reduced compliance burden for ...

What if someone earning above Rs 12.75 lakh annually chooses the old regime and claims the maximum deductions? Will it result in tax savings? This article explores the key deductions available under ...

The Budget 2025 is expected to feature some tax reforms potentially taking place as inflation is rising. A standard deduction hike is one of those expectations ...

A key point of contention was the society’s claim for deduction under Section 80P(2)(a)(i) of the Income Tax Act, 1961, for interest income received from various banks, including nationalized banks.

India's Income Tax Act is a complex web of sections offering deductions to taxpayers. These deductions help reduce your ...

Budget 2025 income tax expectations: Standard deduction is a flat deduction available on the salary income that helps reduce the taxable income of a taxpayer. Personal tax experts are of the view ...

Budget 2025 prioritised three key areas: reviving consumption amid a notable slowdown, keeping inflation in check through a ...