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 2025The 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 2025Debt 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 2025The 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 2025While 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 2025Equity 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 2025With 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 2025Budget 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 2025Unlike 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 2025The 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 2025The 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