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Income Tax News

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Big Relief for Middle Class: ₹12 Lakh Income Now Tax-Free from April 1

Starting today, April 1, 2025, millions of middle-class taxpayers can breathe a sigh of relief as the government rolls out a game-changing update to the income tax slabs. With no tax levied on incomes up to ₹12 lakh, this bold move promises to put more money back into the pocke...
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Taxpayers, take note: New income tax bill heads to Parliament next week

New Delhi: The Union Cabinet approves the Income Tax Bill 2025 to replace the 1961 Act, aiming for simplicity, reduced litigation, and no new taxes, with potential nil tax for incomes up to Rs 12 lakh....
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Transformative tax reforms announced in Budget 2025-26: No income tax for individuals earning up to Rs12 lakh | Full details inside

Union Budget 2025: The Budget 2025-26 emphasizes India's rapid economic growth and introduces significant income tax relief aimed at empowering key demographics such as the middle class and farmers while projecting a revenue loss in direct taxes....
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MAJOR TAX RELIEF for middle class, no income tax for earnings up to Rs12 lakhs

Delhi: Finance Minister Nirmala Sitharaman proposes a new income tax bill and potential tax relief for the middle class, alongside reductions in life-saving drug prices in Budget 2025-26....
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Government introduces tax relief for homeowners with new LTCG options

In Budget 2024, Finance Minister Nirmala Sitharaman proposed eliminating indexation benefits for homeowners. Under the new rules, homeowners who sell their property would have to pay tax on the entire profit amount rather than on the inflation-adjusted profit....
Minister of Road Transport and Highways of India

Nitin Gadkari writes to Nirmala Sitharaman for dropping GST from life, medical insurance

Nitin Gadkari highlighted that the union also raised concerns about the discriminatory treatment of life insurance savings, the need to reinstate inco...
How Union Budget 2024 new tax regime eases tax burden for salaried class?

How Union Budget 2024 new tax regime eases tax burden for salaried class?

One of the major changes is the increase in the standard deduction for those opting for the new tax regime. The standard deduction has been raised fro...
Union Budget 2024: Higher taxes on capital gains from ancestral property, gold sales

Union Budget 2024: Higher taxes on capital gains from ancestral property, gold sales

Long-term capital gains on non-financial assets were taxed at 20% with the indexation benefit. Now, from July 23, taxes on long-term capital gains for...
income tax

Union Budget 2024: How is old tax regime different from the new one?

Finance Minister Nirmala Sitharaman has provided some relief to taxpayers by hiking slabs for personal income tax while presenting the first budget of...
Union Budget 2024

Union Budget 2024: Top 5 income tax changes highly expected from FM Nirmala Sitharaman

There is also considerable discourse around rationalising tax slabs to make the system more equitable. Currently, the 20% tax bracket for income betwe...
Puja Khedkar

Puja Khedkar wanted red-blue beacon on personal Audi: Whatsapp chat reveals

Puja Khedkar is under fire for reportedly using a "Maharashtra Government" board and a red-blue beacon on her personal Audi. She also purportedly aske...
IAS officer Puja Khedkar

IAS officer Dr Pooja Khedkar in hot water over alleged fake disability, income certificates

As the investigation by the CAT and other authorities continues, the focus remains on ensuring justice and maintaining the integrity of the selection ...
Income tax (representative image)

Income Tax: All you should know before filing ITR

The last date to file the income tax is July 31. Here are the key documents that a person is required to have before filing the income tax....
Banking

From Union Budget to Income tax rules… Major financial changes July will witness

It is important to note that changes reflect ongoing adjustments in financial regulations aimed at enhancing compliance and efficiency in financial tr...
Nirmala Sitharaman

Budget 2024: New tax regime likely to give relief to salaried taxpayers

The Union Finance Minister Nirmala Sitharaman is expected to table the budget in the third week of July, with the commencement of the Monsoon Session ...

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