NEW TAX REGIME INDIA

Budget 2024 Section 80D Exemption: Taxpayers who have opted for the old tax regime are hoping for an increase in the limit under section 80D in the upcoming July 2024 budget, considering the significant rise in healthcare costs.

Will Budget 2024 increase standard deduction: The Finance Minister in the 2023 Budget included a standard deduction of Rs 50,000 for salaried taxpayers and individuals getting pensions in the new tax regime. This standard deduction was made the auto...

New tax regime to old tax regime: Starting from April 1, 2023, if a taxpayer has not opted for the old tax system, their employer will deduct tax from their salary according to the new tax system. This change is because the new tax system will be th...

EY recommends significant tax reforms in the upcoming Budget, urging the government to double the standard deduction under the new concessional tax regime to Rs 1 lakh or increase the basic exemption limit to Rs 3.5 lakh. Key suggestions include mai...

The positive trends in global markets, favourable domestic economic data, and optimism regarding corporate earnings growth have further bolstered market sentiment.

Budget expectations: Indian industry and financial institutions had their customary pre-budget consultations with Finance minister Nirmala Sitharaman on Thursday. The suggestions from India Inc included tax sops, capex boost as well as tax stability.

Marketers in India have started implementing the self-declaration certificate (SDC) mandate for new ads since June 18. The ministry of information and broadcasting (MIB) directive mandated that all new print, TV, digital, and radio ads must have an ...

Supply Chain Finance company Veefin has announced a strategic stake in Mumbai-based Regime Tax Solutions.

Income tax return: Taxpayers have to file ITR if their income level exceeds the basic exemption limit or they have conducted certain specified transactions. Experts say that most taxpayers have a misunderstanding that if tax is not payable then fili...

Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.

Due date of income tax return filing: Under the income tax laws, different taxpayers have different due date for filing ITR. It is important to file the tax return on or before the deadline to avoid certain penal consequences. This includes payment ...

ITR forms: The important part of ITR filing process is to identify the correct the income tax return form applicable to their incomes. Filing income tax return using wrong ITR form will make the filed ITR as defective ITR. Read on to know the correc...

The government is considering changes to the capital gains tax regime for debt mutual funds to provide relief for the Bharat Bond Exchange Traded Fund, amid concerns over the current taxation structure.

Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments. TaxSpanner estimates that Vivek Jaiswal can have a surplus of almost Rs.60,000 if his salary is rejigged to include tax-free p...

Moonlighting, driven by side hustles and remote work opportunities post Covid-19, requires moonlighters to carefully choose the right ITR form, consider the presumptive tax regime, and submit Form 10-IEA online for tax benefits under the old regime.

Current Income tax slabs: Here are the income tax slabs for current financial year 2024-25 (assessment year 2025-26). An individual has to choose between new and old tax regime to calculate their income tax liability, subject to certain conditions. ...

Former Supreme Court judge Navin Sinha praised newly passed criminal laws, stressing effective training for judges and police. BJP's Kailash Vijayvargiya hailed Modi government's abolition of "black laws" and implementation of new ones for swift jus...

India's regulatory regime has also facilitated shifts in both directions. Outbound investments were made easier by regulators clarifying what constitutes bona fide business when a startup intends to relocate abroad. Inbound investments also face mor...

LTA for central govt employees: Employers offer Leave Travel Allowance (LTA) to offset travel expenses during leave. It covers airfare, train tickets, or public transport, but reimbursement is capped by employer or tax limits. Confusions arise, espe...