Page 27 - Income Tax

New tax regime to benefit middle class; leave more money in their hands: FM

Finance Minister Nirmala Sitharaman on Saturday said the new tax regime will benefit the middle class as it will leave more money in their hands. Talking to reporters after the customary post-Budget address to the central board of RBI, she said it is not necessary to induce individuals to invest through government schemes but give him an opportunity to make a personal decision regarding investments. Under the revamped concessional tax regime, which will be effective from the next fiscal, no tax would be levied on income up to Rs 3 lakh. Income between Rs 3-6 lakh would be taxed at 5 per cent; Rs 6-9 lakh at 10 per cent, Rs 9-12 lakh at 15 per cent, Rs 12-15 lakh at 20 per cent and income of Rs 15 lakh and above will be taxed at 30 per cent. However, no tax would be levied on annual income of up to Rs 7 lakh. Answering a question on the Adani Group crisis, the minister said, "Indian regulators are very, very experienced and they are experts in their domain. The regulators are seize

Customs duty cut, I-T slab rejig to boost consumer durable stocks: Analysts

With revised customs duty across consumer electronics' manufacturers, analysts believe this measure would reduce costs for manufacturing mobile phones, TV panels, and kitchen chimneys

New tax regime to leave higher disposable income with people: Sitharaman

The Union Budget 2023-24, astutely balances the requirement for India's development imperatives within the limit of fiscal prudence, Finance Minister Nirmala Sitharaman tells Lok Sabha

New and old: How two tax regimes work for home loan interest benefit

You can benefit under the new tax regime but there are a few caveats

From savings to spending: What new IT rules tell us about govt's intentions

The new IT regime will be the default one but those tax payers wanting to continue with the old one can still do so

Trustees will be liable in case of non-payment of exit tax: CBDT chief

CBDT chief says there's no reason to provide differential treatment for filing I-T returns

Govt expects 'fabulous' response to revamped I-T regime: CBDT chief

The benefit of the revamped I-T regime will percolate down to every section of the taxpayer and the government expects a 'fabulous' response to it, a top Income Tax official said on Friday. The 2023-24 Budget has proposed changes to the new optional tax regime which provides that no tax would be levied on annual income of up to Rs 7 lakh. It also allowed taxpayers to claim standard deduction of Rs 50,000 -- a move seen as a push for the salaried class to switch to the new tax regime where no exemptions on investments are provided. "The benefit percolates down to every section of taxpayer.... Considering that standard deduction will be available to salaried taxpayers in the new regime, effectively a salaried employee with an income of Rs 7.50 lakh would not be required to pay any tax," Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta said. In addition to extending the standard deduction, the Budget has also raised the exemption limit and tweaked the tax rates to make the ne

Budget 2023: New tax regime (II) can help you save more in taxes

But high-income individuals who avail of a variety of deductions will still prefer the old regime

Capex push, tax rationalisation: Brokerages give a thumbs-up to Budget 2023

Our equity strategists view the budget as positive for infrastructure and capex-sensitive sectors, says Goldman Sachs

Budget 2023: Gaming industry welcomes TDS change, awaits clarity on GST

Budget 2023: The Centre has also made a distinction between 'games of skill' and 'games of chance' in the Finance Bill, signalling that both might get a separate tax structure in future

Old income tax regime vs new income tax regime: Which one is better?

New income tax regime: The taxpayers can avail of several deductions under the old income tax regime using section 80C etc. But under the new tax regime, no such deductions are allowed

Rebates to slabs: Budget's key changes in Income Tax regime explained

This move indicates that the old regime will slowly be wound up

Tax sops, Capex push, Adani rout: Why Sensex swayed 2,000pts on Budget day?

Budget 2023: Analysts said the Budget push in the capital expenditure (capex) outlays across sectors and the income tax relief have been the top boosters to support the domestic economy

Push for new income-tax regime: Pain points & what's on offer in Budget

India's taxation rates had been higher than others like the US or Brazil, though lower than other peers

From capex outlay to tax slab rejig, seven big wins from the Budget

The government's focus on ease of doing business and the expanded corpus for the credit guarantee scheme will mean MSMEs have a lot to gain from this Budget

Want to make exemption-free tax regime attractive for people: FM Sitharaman

Sitharaman said large macroeconomic considerations had been kept in mind, and fiscal consolidation had not been ignored

A change of heart on taxes and tariffs

There is much to commend in the Budget, especially the substantial increase in capital expenditure

'Reward the rich' politics

With a 10% tax cut for the super-rich, has the Modi government lost it? If this is what we believe, we are still caught in oldthink in our political economy

Budget 2023-24: Relief to middle class set to spur private consumption

The government plans to collect just over Rs 9 trillion via personal income tax in FY24

Up but not out of the woods: Pain points & what's on offer in Budget

There was a 7 per cent year-on-year decline in the January numbers reported by the country's largest manufacturer Tata Motors