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 ...

A key highlight this Budget for middle-class and salaried taxpayers is the exemption of income tax for those earning up to Rs ...

If you're a salaried employee, you could be saving up to Rs 96,000 in tax annually, all thanks to the NPS and standard ...

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).

Not all your incomes qualify for the rebate benefit under Section 87A. Income from capital gains, lotteries, and other categories taxed at special rates remains ineligible for the rebate, leaving many ...

“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% ...

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 ...

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 providing an option to a taxpayer to offer his income to tax at new lower rates.