Tax Regime  

The Union Budget introduced yesterday unveils significant plans for the education sector, allocating Rs 1.48 lakh crore for various initiatives including higher education loans, ITI upgrades, internships, and skill development in emerging sectors.

Standard Deduction is a fixed amount that can be deducted from the total taxable income. Salaried employees, pensioners, and retired individuals can claim this deduction.

In addition to the changes in tax slabs, the family pension deduction has also been increased to Rs 25,000 from the previous Rs 15,000. The new changes will benefit over 4 crore salaried folks and pensioners. 

The deadline for filing Income Tax Returns is July 31, 2024. Under old regime, no tax is payable on income up to Rs 5 lakh. And under new tax regime, you don’t have to pay taxes on an income up to Rs 7 lakh.

Filing Income Tax Returns (ITR) is an essential task that requires thorough preparation, and it is important to have proper documentation to ensure a smooth process. Here is a list of important documents for filing ITR for the financial year 2023-24 (the assessment year 2024-25).

The new financial year starts on April 1, and many new changes and additions have been made this year. A new tax regime has been introduced and taxes on converting physical gold have also been removed, among several other changes. 

Starting from April 1, the new tax regime will come into effect, bringing many changes and additions. Taxpayers can now avail of a basic exemption of Rs. 3 lakh, which was previously Rs. 2.5 lakh.

The government offers taxpayers a choice between the traditional old regime, which includes numerous deductions and exemptions, and the new regime with simplified structures and lower tax rates.

Union finance minister Nirmala Sitharaman provided relief for taxpayers by announcing a cut-down in tax rates in the government’s new Income Tax regime

Late Arun Jaitley will be remembered as the finance minister, who brought India under one unified indirect tax regime by introducing Goods and Services Tax (GST) and other significant economic reforms. As the day marks the presentation of Union Budget 2020, let's look at key economic reforms introduced by former finance minister.

Amitabh Kant, the CEO of NITI Aayog said that India has a massive opportunity in sectors like electronics, pharmaceutical sector and sports goods while hailing that the country has put out 'probably the best' corporate tax regime in the world