Tue, Jul 23, 2024
New Income Tax Slabs News: What has really happened to the income tax slabs in the new income tax regime? A closer look at the income tax proposals in Finance Minister Nirmala Sitharaman's historic Budget on July 23, 2024, keeps the first tax slab of income up to Rs 3 lakh, and the highest slabs of incomes of Rs 12,00,001-Rs 15,00,000 and above Rs 15 lakh unchanged. So what has changed? The finance minister has raised the upper end of the Rs 3,00,001-6,00,000 slab by Rs 1 lakh, widened the Rs 6,00,001-9,00,000 slab by Rs 1 lakh each from both ends, and raised the lower end of the Rs 9,00,001-12,00,000 slab by Rs 1 lakh. Still confused? Read more to understand.
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Mon, Jul 22, 2024
Income Tax Slabs 2024-25 Budget 2024 Highlights: Finance Minister Nirmala Sitharaman increased the standard deduction income tax limit from Rs 50,000 to Rs 75,000 in the new tax regime. She has also introduced three new tax slabs in the new tax regime. The three new tax slabs that have been announced are Rs 3 lakh-7 lakh, Rs 7 lakh-10 lakh, and Rs 10 lakh- Rs 12 lakh. They have replaced Rs 3 lakh-Rs 6 lakh, Rs 6 lakh-9 lakh, and Rs 9 lakh-Rs 12 lakh.
Old vs New Income Tax Slabs: The old regime has the same tax slabs as announced in the 2012–13 budget. Inflation has increased significantly in the last 12 years, but there have been no changes in slabs. A BankBazaar.com study shows Rs 10 lakh earned in 2012–13 is now Rs 5.50 lakh, so the 20 per cent tax slab should be Rs 9–18 lakh. Amid such a scenario, will finance minister Nirmala Sitharaman increase tax slabs in the Union Budget 2024 tomorrow (July 23, 2024)? Here's what Zee Business sources say
Wed, Jan 31, 2024
Budget 2024 Income Tax Slabs Highlights: In the year of the General Elections 2024, on expected lines, Union Finance Minister Nirmala Sitharaman has proposed to retain the same tax rates for direct and indirect taxes, including import duties. She said in her Budget 2024 speech, "
Fri, Aug 05, 2022
More than 5.8 crore returns were filed on July 31st, the last date for ITR filing. But what happens if you miss the ITR filing deadline.
Tue, Jan 28, 2020
Budget 2020 Expectation: Call for reduction of income tax on income up to Rs 10 lakh; this could give a boost to consumption and kickstart economy, experts say
Fri, Jul 05, 2019
A little teaser by Nirmala Sitharaman has shed some light during Economic Survey 2018-19 and 35th GST council meet about how things may pan out going forward. It will be interesting to know how does final Budget 2019 turns out!
Budget 2019: New Income Tax Slabs, Amount Calculator: There are salaried employees whose expectations were running high amid declaration of Income Tax slabs.
Thu, Jul 04, 2019
Post Economic Survey announcement, experts believe a few measures can actually help achieve this target, and one can expect certain announcements tomorrow during the presentation of Budget 2019.
Fri, Jun 21, 2019
Real estate plays a major role for Indian economy, and this time realtors are hoping for big tax breaks - both direct and indirect - in Union Budget 2019.
Fri, Jun 14, 2019
Section 80C is not the only thing that income tax payers should be looking at. In fact, many are eyeing tax relief for bond investment like the one under Section 80CCF.
In the interim Budget 2019, the then interim FM Piyush Goyal raised the bar of expectations of taxpayers with a host of tax rebates.
Fri, Jun 07, 2019
Honestly, not many are aware, but the Income Tax Department does give tax exemption on the meals in your office.
Mon, Jun 03, 2019
The system and tax formulation is different when it comes to winning money from lotteries, races, bets etc.
Mon, May 27, 2019
During the interim Budget, there was a wave of joy among taxpayers.
Mon, Feb 18, 2019
Currently, Income tax rates for salaried employee below 60 years of age - stands NIL on below Rs 2.5 lakh income, 5% between Rs 2.5 lakh to Rs 5 lakh income, 20% between Rs 5 lakh and Rs 10 lakh income and 30% above Rs 10 lakh income.
In the interim Budget 2019, interim finance minister Piyush Goyal introduced a host of good news for taxpayers, by increasing standard deduction up to Rs 50,000 and giving tax rebate to employees earning salaries up till Rs 5 lakh.
Tue, Feb 05, 2019
It is of utmost importance that you know what your income tax rate is and how much you will have to pay post Budget 2019.
Mon, Feb 04, 2019
Considering the tax reliefs given to middle class salaried employees, consumer companies now believe that there will be massive rise in their products ahead.
Fri, Feb 01, 2019
Individual taxpayers will get tax rebate of up to Rs 5 lakhs and will not be required to pay any income tax.
There are some hidden clarifications which has slipped through the minds of employees and citizens, in the midst of Rs 5 lakh tax free bubble.
Yes, government has provided income tax relief to salaried employees whose gross salary is up to Rs 5 lakh. Simply put, you do not have to pay any taxes if you earn this much. This means people earning more than Rs 5 lakh will continue to pay taxes like earlier.
Every employees is liable to pay taxes on their income, and hence such deduction reduces the amount a taxpayer pays to Income Tax Department.
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