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

JCIT (A) upheld the CPC’s action, stating that under section 115BAC, once the option for the new regime is exercised, it cannot be withdrawn for the current year, only for subsequent years. However, ...

Switching between the Old Regime and the New Regime is possible for individuals, allowing their annual tax regime to ...

In 2014, taxpayers were exempt from tax on income up to Rs 2 lakh. Budget 2025 has significantly expanded this relief to Rs ...

“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% ...

Income Tax Expectations ... in the form of lower tax rates and increased deductions. Speculation is rife that the government may introduce significant changes to the new tax regime, including ...

It has been taken away in the new regime. In my opinion, it should be given in some form or the other. The big question at this moment is how to boost consumption? What kind of tax benefits should ...

Anyone earning Rs 2.5 lakh or more in India must file an ITR. This rule applies to everyone, not just high-income earners.

This article discusses some of the key amendments that may be introduced in the upcoming budget to achieve the Finance ...

With state governments handing out freebies to the poor leading to despondency in the middle-class, it was assumed that ...

Given the economic slowdown and geopolitical uncertainties, bold reforms are expected from FM Nirmala Sitharaman to simplify ...