In her Budget 2025 address, FM Nirmala Sitharaman announced modifications to the new tax regime, such as the exemption of up to Rs 4 lakh from basic tax. The old tax regime was kept unchanged.

These rates apply to your taxable income. Your taxable income is your income after various deductions, credits, and exemptions have been applied. There are also various tax credits, deductions and ...

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.