Page 9 - Income Tax

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

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

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

Bombay HC to hear Volkswagen's plea against $1.4 bn tax notice on Feb 17

The Bombay High Court on Wednesday said it would hear on February 17 a plea filed by Skoda Auto Volkswagen India challenging the tax demand of USD 1.4 billion by Indian customs authorities. The Volkswagen group, currently led in the country by Skoda Auto Volkswagen India, has been accused of deliberately misleading customs authorities through its mode of import of parts as individual units rather than as a component of a 'completely knocked down' (CKD) unit, which attracts higher import duty. 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. On Wednesday, the company's counsels mentioned the plea before a division bench of Justices B P Colabawalla and Firdosh Pooniwalla, seeking urgent hearing. The high court agreed to hear the plea on February 17. The notice alleged that the company misclassified its imports of Audi, Skoda and Volkswagen cars as "individual parts" instea

Updated income-tax return: Ensure accuracy as revisions are not permitted

Only those with additional tax to pay can file an updated return

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 Global Ratings on Tuesday said the Budget for 2025-26 will boost India's growth over the next few years via domestic demand through income tax cuts and the country will achieve the targeted 4.4 per cent fiscal deficit despite hiking I-T rebate. 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-'. The deficit targets are also consistent with S&P's projections. "We believe India will hit its deficit targets despite revenue loss from lifting the threshold for minimum taxable income and slower economic growth. Support will stem from continued large dividends from the central bank and potential capital underspending," S&P said in a statement. The fiscal 2026 budget will boost growth over the next few years via domestic demand through tax cuts for households, it added. "We anticipate consumer spending and public investments will maintain real GDP growth ..

In the last 10 years, we have enhanced savings of the middle class: PM Modi

Replying to the Motion of Thanks on President's address in Lok Sabha, PM Modi said, "In the last 10 years, we have enhanced savings of the middle class by reducing Income Tax.

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 proposals to garner up to Rs 45,000 cr bank deposit: DFS Secy

Budget proposals for income tax cuts and other tax changes will help banks to mobilise Rs 40,000-45,000 crore additional deposits, Financial Services Secretary M Nagaraju on Monday said. The Union Budget 2025 has proposed an increase in the tax deduction at source (TDS) threshold on interest earned from fixed deposits for general (non-senior) citizens from the current Rs 40,000 to Rs 50,000 per financial year. The 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, he said. "We see over Rs 20,000 crore coming back into the banking system due to the hike in tax rebate limit, over Rs 15,000 crore from the hike in TDS threshold on interest earned from savings deposits by senior citizens," he said in a post-Budget media briefing. Besides these two, Rs 7,000 crore is seen coming from the non-senior individuals tax savings due to the income tax slab changes, he added. Asked about MTNL debt resolution and haircu

Old tax regime vs new tax regime: How to choose and switch

As the Finance Minister presented the Union Budget 2025, taxpayers are left pondering: Old Tax Regime or New Tax Regime? Which one should one opt for? With changes to income tax slabs for FY26.

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?

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

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

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

I-T relief fuels consumption Budget: FM focuses on agri, MSMEs, exports

FM Sitharaman targets FY26 fiscal deficit at 4.4% of GDP

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

Budget 2025 FAQs: Key tax, insurance and investment changes explained

Budget 2025 brings key tax, insurance, and investment changes. From ULIP taxation to NPS benefits and Kisan Credit Card updates, here's a breakdown of FAQs to help you understand the new provisions

'Bihar bias, ignored key sectors': P Chidambaram slams Union Budget 2025

Former Finance Minister P Chidambaram accused the government of favouring taxpayers and voters in Bihar in Union Budget 2025