In Budget 2025, Finance Minister Nirmala Sitharaman announced that taxpayers with income upto â‚ą12 lakh do not need to pay any income tax. Aside from this, salaried taxpayers will be entitled to take an additional benefit of no tax by virtue of â‚ą75,000 standard deduction. Notably, these changes will come into effect from April 1 2025, which means…
A new income tax bill was finally placed before Indian lawmakers in Parliament on Thursday. This proposed law significantly cuts down the current legislation’s text, reduces its number of sections and tries to simplify its language. Also Read: Andy Mukherjee: India has slashed income tax but still needs to snip red tape Terms like “assessment…
Dispirited by an economic slowdown and stagnant spending power, observers greeted finance minister Nirmala Sitharaman’s beribboned tax breaks with a combination of euphoria and hope. There was elation because tax breaks could mean more money to spend and save; there are also expectations that this time will be different, because past experience shows that good…
That the Indian economy is going through a difficult phase is no longer a matter of speculation. The Economic Survey not only made that clear, but went further by offering evidence of a decline in earnings of the self-employed in the last six years. For regular and casual workers, wages have been declining for almost…
In these years, the number of tax filers has gone up from 65 million to 80 million, which is still less than 6% of the population. Of all those filers, barely 25 million pay more than zero tax. Thanks to the recent hike in the exemption ceiling, it is possible that another 8 to 10…
For the upcoming budget year, nominal gross domestic product (GDP) has been projected to grow at 10.1% over the half year-based First Advance Estimate (FAE) for the current year, yielding a budgeted GDP denominator of â‚ą356.97 trillion for 2025-26. The Second Advance Estimate (SAE) for 2024-25 will soon follow at February-end, and at May-end the…
