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 ...

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 ...

In a note to the Finance Minister, the industry body highlighted that corporate tax rates have decreased over the years, ...

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

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 ...