New Income Tax Bill New Income Tax Bill Finance Minister Nirmala Sitharaman is all set to introduce the New Income Tax Bill in the Lok Sabha, marking a significant step towards tax reform in India. This bill aims to replace the six-decade-old Income Tax Act, 1961, with a more modern, simplified, and taxpayer-friendly law. The … Read more
Income Tax under the Old Tax Regime Income Tax under the Old Tax Regime Budget 2025 Key Proposal: The government has introduced a full tax rebate for individuals earning up to ₹12 lakh per year under the new tax regime. With the ₹75,000 standard deduction, anyone with an annual income of ₹12.75 lakh (₹1.06 lakh … Read more
Major Income Tax Changes for FY 2025-26 Major Income Tax Changes for FY 2025-26 The Union Budget 2025 has introduced significant changes to the income tax structure, bringing relief to middle-income earners while making substantial revisions to the rebate system under Section 87A. This budget aims to simplify tax compliance and enhance revenue collection by … Read more
Old Tax Regime if Your Company Opted for the New Tax Regime Understanding the Old and New Tax Regimes Old Tax Regime if Your Company Opted for the New Tax Regime Taxpayers often face confusion when selecting the most suitable income tax regime. With the introduction of the New Tax Regime as the default option … Read more
ITR-U Filing Alert ITR-U Filing Alert The Income Tax Department has issued a warning to taxpayers regarding claims under Section 80GGC for donations to political parties. Many taxpayers, including salaried individuals, have received SMS alerts advising them to verify their claims and file an Updated ITR (ITR-U) by March 31, 2025, if any discrepancies exist. … Read more
