MUMBAI: The New Income Tax Bill 2025, which will replace the 1961 Act, is an attempt at simplifying the tax rules. While the ...

The concept of ‘tax year’ has been introduced replacing ‘previous year’ and ‘assessment year’ in the new Income Tax Bill ...

Simplification: The provisions under the Income Tax Bill, 2025, have clearer language and cater to modern work scenarios, ...

The new Income Tax Bill 2025 consolidates salary provisions for clarity, incorporating previous deductions into the salary ...

Introduced in 2020, the new tax regime became a default regime in 2023. To be able to file tax return under the old tax ...

What if someone earning above Rs 12.75 lakh annually chooses the old regime and claims the maximum deductions? Will it result ...

Finance Minister Nirmala Sitharaman has made the new tax regime more attractive by making income up to Rs 12 lakh tax-free in ...

Finance Minister Nirmala Sitharaman, while presenting the first full-year Budget for Modi 3.0 government, said the government would remove 7 tariff customs rates and keep only eight tariff rates a ...

On February 1, Finance Minister Nirmala Sitharaman relieved individual income taxpayers by increasing the income tax rebate limit from Rs 7 lakh to Rs 12 lakh. Experts said this move will ...

Income tax (I-T) limit should be increased considering inflation. GST concession which is for 20 lakh service sectors should be for 40 lakh service sectors We have demanded 10% exemption in tax slab.

Budget 2025 income tax expectations: Experts predict that due to the government's focus on promoting the new tax regime, the old income tax regime might remain unchanged. Currently, the new tax ...

Deduction for employee’s contribution towards National Pension Scheme (NPS): To extend deduction of Rs 50,000 under section 80CCD(1B) to bring in parity between old income tax regime and new ...