Page 6 - Latest Updates on Income tax
New income-tax law explained: No new taxes, simplified for common man
Finance Secretary Tuhin Kanta Pandey has already indicated that the new Bill will not have provisos and explanations or long sentences. It will be tax neutral
 "New income-tax law explained: No new taxes, simplified for common man")
After several steps to reduce direct tax disputes, govt takes another shot
Legislation to amend Income Tax Act, simplify language and procedures to reduce such disputes
 "After several steps to reduce direct tax disputes, govt takes another shot")
Markets Today: RBI MPC outcome; FIIs; M&M, ITC Q3; Chamunda IPO allotment
The Reserve Bank of India may cut the benchmark repo rate by 25 basis points to 6.25 per cent later in the day
 "Markets Today: RBI MPC outcome; FIIs; M&M, ITC Q3; Chamunda IPO allotment")
New I-T bill not to have provisos; may come up in Cabinet on Friday
The new bill, which will replace the six-decade-old Income Tax Act, is likely to be discussed at the Cabinet meeting on Friday, sources said
 "New I-T bill not to have provisos; may come up in Cabinet on Friday")
No tax on income up to Rs 12 lakh, but it's a rebate, not an exemption
A rebate applies after tax is calculated, reducing the final amount payable, much like a discount
 "No tax on income up to Rs 12 lakh, but it's a rebate, not an exemption")
Budget bets on tax cuts over capex-will it boost private investment?
An income-tax cut instead of a corporate tax cut in 2019 would have done more for the economy
 "Budget bets on tax cuts over capex-will it boost private investment?")
Is your salary between Rs 8-25 lakh? See how much tax you'll save this year
The Union Budget 2025 brings notable tax relief, particularly for middle-income earners
 "Is your salary between Rs 8-25 lakh? See how much tax you'll save this year")
Bombay HC to hear Volkswagen's plea against $1.4 bn tax notice on Feb 17
The automobile company last month filed a petition in the HC, challenging a show-cause notice issued by the authorities in September 2024 under the Customs Act
 "Bombay HC to hear Volkswagen's plea against $1.4 bn tax notice on Feb 17")
Updated income-tax return: Ensure accuracy as revisions are not permitted
Only those with additional tax to pay can file an updated return
 "Updated income-tax return: Ensure accuracy as revisions are not permitted")
Increasing threshold: Ensuring more people contribute to income tax
The most important question is this: In a country at India's income level, is it right or wise to exempt those earning ₹12 lakh a year from the income-tax net?
Domestic demand to boost growth post income tax cuts in Budget 2025: S&P
S&P said India's union Budget is in line with its expectation of gradual fiscal consolidation and that undergirds the positive outlook on India's sovereign ratings 'BBB-'
 "Domestic demand to boost growth post income tax cuts in Budget 2025: S&P")
Budget 2025: Which tax regime is better for deductions, exemptions
Individuals earning up to Rs 12,00,000 per annum exempted from income tax; salaried taxpayers get additional Rs 75,000 standard deduction
 "Budget 2025: Which tax regime is better for deductions, exemptions")
Budget proposals to garner up to Rs 45,000 cr bank deposit: DFS Secy
TDS threshold for fixed deposit interest income earned by senior citizens will go up from Rs 50,000 to Rs 1 lakh from FY2025-26, Financial Services Secretary M Nagaraju said
 "Budget proposals to garner up to Rs 45,000 cr bank deposit: DFS Secy")
Budget 2025: All the latest tax rates and holding period for all assets
Unit Linked Insurance Plans (ULIPs) with annual premiums exceeding Rs 2.5 lakh will now be subject to long-term capital gains (LTCG) tax at a rate of 12.5%, effective from April 1, 2026
Decoded: With Budget 2025 tax sops does old tax regime still make sense?
The government on Saturday said the old tax regime will continue. But with the changes announced in Budget 2025, does it still make sense to use it?
 "Decoded: With Budget 2025 tax sops does old tax regime still make sense?")
Save Rs 80,000 to Rs 1.4 lakh under new income tax slabs from April 2025
The Budget proposes revised slabs and rates, which Sitharaman said would reduce the tax burden on the middle class, allowing for greater disposable income
 "Save Rs 80,000 to Rs 1.4 lakh under new income tax slabs from April 2025")
Budget 2025 reinforces India's strong macro positioning in a fragile world
Budget 2025 Highlights: The Budget is likely to be positive for sectors like FMCG, Auto, consumer durables, EVs, Battery, Travel and Retail
 "Budget 2025 reinforces India's strong macro positioning in a fragile world")
There is no plan to phase out old tax regime: CBDT Chairman Ravi Agrawal
Agrawal discussed a range of topics, including framing of tax proposals, and why he feels most taxpayers would opt for the new tax regime
 "There is no plan to phase out old tax regime: CBDT Chairman Ravi Agrawal")
I-T relief fuels consumption Budget: FM focuses on agri, MSMEs, exports
FM Sitharaman targets FY26 fiscal deficit at 4.4% of GDP
 "I-T relief fuels consumption Budget: FM focuses on agri, MSMEs, exports")
Union Budget 2025: 9 out of 10 taxpayers will now pay zero income tax
In her post Budget press conference, Nirmala Sitharaman said that an additional one crore taxpayers will pay no tax post her announcement. Here's how
