Income Tax News

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....

Nitin Gadkari highlighted that the union also raised concerns about the discriminatory treatment of life insurance savings, the need to reinstate income tax deductions for health insurance premiums and the proposed consolidation of public sector general insurance companies....

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 from ₹50,000 to ₹75,000. ...

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 all financial and non-financial assets will be increased to 12.5%, up from the current 10%....

Finance Minister Nirmala Sitharaman has provided some relief to taxpayers by hiking slabs for personal income tax while presenting the first budget of the Modi 3.0 government....