Income Tax Return News

Money

New Income Tax Bill to be concise with nearly 30 percent fewer sections, says report

The Bill has received the Cabinet nod and will perhaps be referred to the standing committee on finance after being presented in the Parliament

2 min read9 Feb 2025
Budget

NDA govt has left more money in the hands of middle class by lowering income tax: PM Modi

The Union budget presented on 1 February made income up to ₹12 lakh tax-free, up from ₹7 lakh earlier. Factoring in the standard deduction of ₹75,000 for the salaried class, an income up to ₹12.75 lakh will be tax-free.

2 min read4 Feb 2025
Money

Invested in debt mutual funds? Here’s how you can save tax after Budget 2025.

Debt mutual funds bought after April 2023 fall under Section 50AA and are eligible for tax rebates, but units bought before that don’t qualify.

4 min read4 Feb 2025
Money

All income groups got a little something from the Budget

The Budget 2025 brings major tax relief for the middle class, making the new tax regime more attractive. From higher exemptions to simplified compliance, the reforms aim to boost savings, investment, and spending.

4 min read4 Feb 2025
Markets

Income tax cut unlikely to translate into higher auto sales, says Nomura. Here’s why

While the 2025 Union Budget’s tax relief is expected to aid sectors like automobiles, Nomura cautions that the benefits might be limited, as 60% of tax filers do not pay taxes. Rural demand and capital expenditure are projected to positively influence vehicle sales.

3 min read4 Feb 2025
Markets

Budget 2025: How should equity traders asses FM’s income tax rebates? Experts weigh in

Equity traders are excluded from tax reliefs, raising concerns as market focus shifts to RBI’s monetary policy. The Union Budget 2025 increased the income tax exemption limit to ₹12 lakh, enhancing disposable incomes but leaving traders without benefits amid ongoing tax reforms.

3 min read3 Feb 2025
Money

Budget 2025: Was this a death knell for the old tax regime?

With income tax rates becoming even more attractive under the new tax regime, will the old tax regime become completely irrelevant from the next financial year

2 min read1 Feb 2025
Budget

Budget 2025: This is how the new tax rates will impact your tax outgo

Budget 2025: A tax payer in the new regime with an income of ₹12 lakh will get a benefit of ₹80,000 in tax (which is equivalent to 100 per cent of tax payable as per existing rates).

1 min read1 Feb 2025
Money

Why is the income tax department messaging political donors?

Unlike donations to charitable trusts, there is no form or reporting mechanism under the Income Tax Act, 1961 for donations to political parties. Now, many who reported such donations in their income tax returns are being asked to verify their claims.

3 min read29 Jan 2025
Money

Can a 30% flat deduction bring taxpayers back to long-term investments, insurance?

The ease of the new tax regime comes at a price—declining insurance coverage and long-term savings. A fair deduction model may be the solution.

2 min read24 Jan 2025
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Budget

The Union Budget contains details about the estimated receipts and the expenditure of the government for a particular fiscal year. The Budget is allotted for the upcoming fiscal year, which runs from 1st April to 31st March of the next year. Here is a quick guide on how the Union Budget is prepared

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