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
Tue, Jan 08, 2019
Every employee’s gross salary is a sum of Basic salary + HRA + Special Allowance + Transport Allowance + any other allowance.
Wed, Jan 24, 2018
It is expected that the government may increase the income tax exemption limit to Rs 3 lakh from currently Rs 2.5 lakh.
Fri, Jul 28, 2017
Defaulters will have to pay Rs 5,000 if taxes are paid after the deadline of July 31 but before December 31 of the assessment year.
Tue, Jul 11, 2017
Union Cabinet last month under Prime Minister Narendra Modi gave its final go-ahead to 7th Pay Commission recommendations with 34 modifications.
Sat, Jul 08, 2017
Government has notified to quote their Aadhaar for applying PAN. We tell you how to file your income tax returns if you have to file using ITR-4.
Mon, May 22, 2017
Income Tax (IT) slabs have been tinkered with a bit by Finance Minister Arun Jaitley during his Budget speech on February 1, 2017. If you are looking to file your Income Tax Returns (ITR) and have a few questions regarding your income tax slab or how much tax you can save this year, read on.
Wed, Feb 01, 2017
The Union Budget which will be declared on February 1, a month prior to its usual timeline will present consolidated funds for the centre as well as Indian railways.
In the Budget 2015, during the speech, Jaitley had said that the government will reduce the tax rate for the domestic companies from 30% to 25%.
Wed, Jan 25, 2017
Find out what India's real estate players expect from the government's Budget 2017.
Mon, Jan 16, 2017
A large majority of tax payers also said that the deductions on the investment limit, medical reimbursement and travel reimbursement should be increased.
Wed, Jan 11, 2017
Finance Minister, Arun Jaitley’s stance on levying income tax stands to be ‘making taxation more reasonable;’ however, this could cost the government Rs 25,000 crore in FY18.
Mon, Dec 26, 2016
"What you need is lower level of taxation, to provide services more competitive in nature. Competition is not domestic, it is global. This is one important change you will witness while you will be in service," Jaitley said.
Tue, Dec 20, 2016
After demonetisation, Government of India is currently mooting several proposals to push the country towards being less-cash. Apart from giving discounts on using debit or credit cards, there is a possibility that using cash may be taxed, Aseem Manchanda reports.
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