Meanwhile, resident individuals are also entitled to a rebate of up to 100 per cent of income tax subject to a maximum limit depending on tax regimes as under: ₹ 12,500 for income up to ₹ 5 lakh under ...

Also, the return-filing process needs to be simplified for NRIs, who are facing several challenges as tax refunds are not ...

As Budget 2025 approaches, whispers of scrapping the old income tax regime have grown louder. Has the old regime lost its ...

These adjustments, announced by the IRS in October 2024, reflect an approximately 2.8 percent increase in income thresholds ...

While the old regime allows for various exemptions and deductions, the new regime offers reduced tax rates with limitations ...

The Child Tax Credit for 2024 is a tax benefit that provides financial relief to families with qualifying dependent children.

Budget 2025 is scheduled to be presented on February 1, 2025. The Budget will announce proposals for the FY 2025-26.

Initially, the Central Board of Direct Taxes (CBDT) set the original deadline for filing of belated or revised tax returns as ...

Section 80C is one of the most widely utilised provisions under the old tax regime, enabling individual taxpayers and Hindu ...

India's Budget 2025 may potentially abolish the old tax regime. The new tax regime, default since 2020-21, offers simplified, ...

Individual tax-payers, especially senior citizens, are hoping for increased tax deductions under Sections 80TTA and 80TTB in ...

Congress, in its role as the legislative branch of government, submitted numerous bills to the President for approval. Among ...