[ad_1] In India, taxpayers can choose between the old and new income tax regimes, each offering distinct benefits. However, this choice isn’t permanent and can be revisited annually. Whether you are a salaried employee or running a business, understanding how often you can switch between tax regimes is crucial for maximising your tax savings. In…
[ad_1] Union Finance Minister Nirmala Sitharaman will introduce the new Income-Tax Bill 2025 in Lok Sabha on February 13 with aims to consolidate and amend the taxation laws of the nation, according to the official data released on February 12. “Smt. Nirmala Sitharaman to move for leave to introduce a bill to consolidate and amend…
[ad_1] Income Tax Updates: The new Income Tax Bill is expected to be tabled in the Lok Sabha on February 13, marking a significant step towards modernizing and simplifying India’s tax system, according to an ANI report. Approved by the Union Cabinet on February 7, the bill aims to replace the Income Tax Act of…
[ad_1] Income Tax Bill News LIVE: The Union Cabinet is expected to approve the new Income Tax Bill, potentially leading to its introduction in the Lok Sabha early the following week. This bill is part of a larger effort to reform the tax system and aims to overhaul the existing tax structure to make it…
[ad_1] Budget 2025 Finance Minister Nirmala Sitharaman presented an annual budget to Parliament on Saturday that focused on wooing the salaried middle class with tax cuts. In a booster dose for the middle class, she announced an exemption from income tax up to ₹12 lakh. This limit will be ₹12.75 lakh for salaried taxpayers, counting…
[ad_1] Starting October 1, 2024, significant changes will be implemented in the taxation of share buybacks, shifting the tax burden from companies to shareholders. Companies are taxed at 23.296 per cent on buyback transactions, covering surcharges and cess, while shareholders face no tax on the buyback proceeds. Under the new rules, buyback proceeds will be…
[ad_1] July 31 was the final deadline for filing income tax returns (ITR). As of this date, over 7.28 crore income tax returns for the financial year 2023-24 were filed, marking a 7.5% increase compared to the 6.77 crore returns filed for FY 2022-23, according to a Ministry of Finance release on Friday. Taxpayers are…
[ad_1] The deadline for filing income tax returns (ITR) 2024 is July 31. As a result, numerous taxpayers have begun the filing process, with many having already submitted their returns. However, some are waiting for the last moment to complete this financial task. Personal Finance experts suggest filing the returns as soon as possible to…
