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

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 ...

Currently, as per Section 24 of the Income-tax Act, 1961 (referred to as ‘the IT Act’), individuals can claim a deduction of ...

Each year, taxpayers anticipate an increase in the Section 80C limit in the Union Budget. However, the limit has not been ...

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

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

Budget 2025 is likely to prioritise fiscal discipline, minor tax tweaks, and cautious consumption boosts over bold reforms.

A unified tax structure that converges elements of the Old and New Tax Regimes can simplify compliance while retaining taxpayer benefits. The following rationalized tax slab structure combines the ...

Senior citizens seek tax relief and reforms in Budget 2025 to tackle inflation, income challenges and enhance their qulity of ...

At the very top of Republicans’ 100-day agenda with President-elect Donald Trump in the White House is the plan to renew some ...

The IRS has yet to announce the start date for the 2025 tax season, but it is likely to be in late January. In 2024, tax season began Jan. 29 and ran through April 15. Many, or all, of the ...