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

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 ...

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 ...

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

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 ...

Budget 2025 may bring significant tax relief for individuals earning up to Rs 15 lakh as the Direct Tax Code 2025 aims to ...

Salaried employees opting for the old tax regime for FY 2024-25 must submit investment proofs to claim exemptions and ...

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

India currently offers two tax regimes: the old regime with higher tax rates and more exemptions, and the new regime with ...

Finance Minister Nirmala Sitharaman’s Budget 2024 modified income tax slabs, favouring the new tax regime. The old regime, ...