I plan to opt for the new tax regime when filing my ITR for AY 2025-26. Currently, I am on the old tax regime, so the 12% of my salary to the Employee Provident Fund (EPF) will continue through the rest of the financial year. Is it correct that I cannot claim a tax exemption … Read more
Although more than seven crore income tax returns (ITR) were filed until 7 pm on July 31, 2024, there would still be hundreds of thousands of taxpayers who have yet not filed their income tax returns. Such taxpayers who missed filing their income tax returns on time, i.e., before the July 31 deadline, can file … Read more
On July 23, 2024, Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 in the Parliament, announcing modifications to direct taxes. One notable highlight of the Union Budget 2024-25 is the 50% rise in the standard deduction, now up to ₹75,000. This is a beneficial move for salaried taxpayers, particularly those choosing the new tax … Read more
One of the government’s objectives is to provide social security benefits to citizens. In Budget 2024, the Finance Minister made two announcements towards this objective. These include proposals to raise the limit for employer contribution towards employee’s NPS to 14% from the earlier 10%, and the introduction of NPS Vatsalya for minors. Let us understand … Read more
Although many taxpayers anticipated the possibility of capital gains tax rationalisation in Budget 2024, not many were expecting the tax rates to be raised, said Saumya Aggarwal, assistant professor, department of commerce at Shri Ram College of Commerce, University of Delhi. In a telephonic interview with MintGenie, Aggarwal also spoke about the National Pension System … Read more
In a recent interview, Finance Minister Nirmala Sitharaman revealed that the Union Budget 2024 aims to provide relief to the middle class, albeit within certain limitations. Nirmala Sitharaman stated, “I want to relieve the middle class, but I have limitations too. I want to give relief by reducing the tax rate, and that is why … Read more
In Budget 2024, the central government has sweetened the new tax regime with more slab relaxations and an increase in the standard deduction from ₹50,000 to ₹75,000. 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 … Read more
In Budget 2024-25, Finance Minister Nirmala Sitharaman is likely to raise the basic exemption limit under the old tax regime after a hiatus of 10 years, says Deepashree Shetty, Partner, Global Employer Services, Tax & Regulatory Services, BDO India, in an interview with MintGenie. Other changes in Budget 2024 that come in her ‘should happen’ category include rationalisation … Read more
Although a range of tax-related changes are introduced every year for taxpayers, a few key changes are ‘radical’ and occur only once every three or five years. The introduction of the ‘new tax regime’ is undoubtedly one such key change that is substantive, and will transform the way income tax is calculated and deductions allowed. … Read more
Budget 2024: The salaried class has high expectations for the upcoming budget as there was not much relief for the taxpayers in the interim budget of 2024. Anticipating Budget 2024, substantial tax reforms are expected to provide relief and boost savings for taxpayers, especially the middle class. Personal Finance Experts suggest potential changes such as … Read more