III. Which tax rate apply: In the latest Budget 2025, meanwhile, taxpayers with annual income upto ₹12 lakh are not made to pay any income tax. The new rates will kick in from April 1 ...

Under the new tax regime of Section 115BAC, resident individuals ... This means that only income taxed at the standard slab rates, such as salary or business income, will be eligible for rebate ...

Notably, this affects gains taxable under Sections 111A and 112, which have special rates applied under the Income-tax Act, 1961. Under the new tax regime of Section 115BAC, resident individuals ...

The Central Board of Direct Taxes (CBDT) has released updated income tax ... slab rate of the individual taxpayer. Earlier, such proceeds were either exempt or taxed differently, but under the new ...

Taxpayers will pay a 10 per cent tax on an income of Rs 8,00,001 to Rs 12,00,000. Tax for an income of Rs 12,00,001 to Rs 16,00,000 is 15 per cent. Tax for an income of Rs 16,00,001 to Rs 20,00,000 is ...

the government charges 25% income tax, which could be reduced to 22.5%. There is also a recommendation to introduce a new slab at 20% rate but this may not pass through the IMF scrutiny that is ...

LOWER TAX RATES UNDER THE NEW REGIME Under the old tax regime, the basic exemption limit is Rs 2.5 lakh, and the highest tax rate of 30% applies to income above Rs 10 lakh. CA (Dr) Suresh Surana ...

The legislature’s Finance Committee endorsed a $300 million state tax-cutting plan Wednesday that includes the first income tax rate reductions ... fails to include a new income tax credit ...

with a top income tax rate of 6.2%. However, a new income tax reform bill could change all of it. “End the income tax in South Carolina by putting it into statutory law and requiring the general ...

BATON ROUGE — The Louisiana House of Representatives voted 86-13 Wednesday to approve a bill that might further cut the state’s new flat individual income tax rate and create a tax break for ...