The income tax rates for the assessment years (AY) 2025-26 and 2026-27 remain unchanged across categories. Under Section 115BAC, default rates for individuals and Hindu Undivided Families (HUF) ...

Under the provisions of section 87A of the Act, an assessee, being an individual resident in India, having total income not exceeding Rs 5 lakh, is provided a rebate of 100 per cent of the amount of ...

In the Finance Act, 2020 a new Section 115BAC was inserted as part of the Income Tax Act, 1961 (the Act) with a view to ...

“For a person earning Rs 12,10,000, in the absence of marginal relief, the tax would amount to ₹61,500 (5% of ₹4 lakh + 10% ...

Finance Minister Sitharaman announced a substantial tax benefit, ensuring that individuals earning up to Rs 12 lakh annually ...

Budget 2025 saw major income tax changes with FM Nirmala Sitharaman announcing new income tax slabs and income tax rates for ...

The new tax regime was first introduced in Union Budget 2020-21 by inserting a new section, 115BAC, in the Income Tax Act for individuals and Hindu Undivided Families (HUFs).

Tax Rebate under Section 87A is given to reduce your taxable income to nil. It is a better option to give tax relief through ...

FinMin says of the total 7.28 crore income tax returns filed for AY 2024–25, 5.27 crore were filed under the new tax regime ...

A comparison of the two regimes would clearly indicate that the intention of the Government is to streamline the process and ...

The new tax regime is the default tax regime. Currently, the highest tax rate of 30% is applicable from net taxable income ...

Section 80GGC allows taxpayers to claim deductions for contributions made to eligible political parties and electoral trusts. This deduction aims to encourage political funding.