With just three days to go for the Budget 2025, there are concerns over whether Finance Minister Nirmala Sitharaman will abandon the previous income tax system as the Union Budget 2025 deadline draws near. Many experts speculate that it may soon be eliminated with an increasing number of taxpayers opting for the new tax system…
In Budget 2024, the central government has sweetened the new tax regime with more slab relaxations and an increase in the standard deduction from â‚ą50,000 to â‚ą75,000. However, despite the changes introduced in Budget 2024 in the rates under the new tax regime, there are taxpayers who would want to opt for the old tax…
In the Union Budget 2024, presented by Finance Minister Nirmala Sitharaman on July 23, the tax rates for long-term capital gains (LTCG) and short-term capital gains (STCG) have been tweaked. The changes include raising the tax rate on long-term capital gains on equity from 10 per cent to 12.5 per cent, while the tax rate…
The Union Budget 2024 endorses the government’s policy of an apparent tilt to the New Tax Regime over the previous one, as evident from a slew of efforts to make it a more attractive proposition for taxpayers. The government’s push for the New Tax Regime became evident last year when the income threshold limit for…
The budget has delivered a rude shock to most taxpayers. In the guise of rationalization of the capital gains provisions, there has been a significant increase in capital gains tax liability in most cases. Relatively straightforward is the increase in the rate of tax on long-term capital gains and short-term capital gains on listed equity…
The Government of India levies income tax at slab rates ranging between 0 and 30 per cent with a surcharge (up to 25 per cent) in addition to levying a 4 per cent health and education cess. Effectively, the maximum rate of income tax on the highest income bracket stands at 39 per cent now….
Finance Minister has announced changes in tax slabs in the budget 2024 presented on July 23. The rate of taxation remains unchanged, however the size of each of the slabs, excluding the initial zero rate for income upto â‚ą3 lakh remains unchanged. The slab of â‚ą3 lakh to â‚ą6 lakh has been expanded to â‚ą3…
Bihar Chief Minister Nitish Kumar said on Tuesday it’s a “beginning” after the Centre allotted special aid to facilitate development in the state but denied the long-standing demand for Bihar’s special status. “We were speaking of special status, and a lot of people said that the provision for special status has been done away with…
