The proposed Income Tax Bill, 2025 aims to simplify the tax system with a reduction in sections and word count, introduce a ...

As tax season approaches, it's essential to determine whether you're required to file a tax return. While most U.S. residents ...

Auto dealerships employ a wide range of workers and often maintain a variety of complex pay plans, which can make compliance with federal wage ...

Perquisites and Profits in Lieu of Salary are important components of taxable income under the Income Tax Act of 1961. These ...

Under the new bill, the draft proposes a standard deduction of Rs 75,000 or the salary, whichever is less, where income is ...

In the Budget 2025, Finance Minister Nirmala Sitharaman increased the income tax rebate limit from Rs 7 lakh to Rs 12 lakh in the New Tax Regime. Effectively, individuals earning up to Rs 12 lakh will ...

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

Increase basic exemption limit ... to employees’ NPS from 10 percent of basic pay to 14 percent under the new regime. However, this tax break, offered under section 80CCD(2) is available only ...

Under the old tax regime, Income from Rs 2.5-5 lakh attracts 5 per cent tax, and 20 per cent for income between Rs 5 lakh and Rs 10 lakh ... former offers a host of exemptions and deductions ...

Allowances exempted under both the regimes ... respect to travel concession or assistance as covered in section 10(5). 2. HRA exemption as covered in section 10(13A) 3. Any other allowance ...

In the Union Budget 2025, Finance Minister Nirmala Sitharaman is expected to adjust the personal income tax rules under the New Tax Regime to be in line with inflationary patterns in a bid to ease the ...

GST concession which is for 20 lakh service sectors should be for 40 lakh service sectors We have demanded 10% exemption in tax slab. Currently, it is up to Rs 7 lakh and it should be up to Rs 10 ...