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

The Union Budget 2025 brings substantial tax relief to individuals earning up to ₹12 lakh, making them effectively tax-free. The revised tax slabs, enhanced Section 87A rebate, and marginal relief ...

Ans. Earlier the limit of income for nil tax payment was Rs 7 lac. By increasing this limit to Rs 12 lakh around one crore assessees who were earlier required to pay tax varying from Rs 20,000 to Rs ...

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 ...

No Section 87A tax rebate on special rate incomes like short term capital gains, long term capital gains, and others, said ...

MUMBAI: Imagine opening your paycheck and finding an unexpected bonus—except this time, it’s courtesy of the taxman. Looks ...

“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% ...

Budget 2025 brings key tax, insurance, and investment changes. From ULIP taxation to NPS benefits and Kisan Credit Card ...

Budget 2025 has made no change to the tax rate or holding period for long term capital gains (LTCG) and short term capital ...

Less: Exemptions on Salary income (other than HRA) which are not allowed under New Regime (e.g. Leave travel allowance, Education allowance, Hostel allowance etc.) Less: Exemptions on Salary ...