[

income tax

]

Latest from income tax

Two-thirds taxpayers likely to shift to new regime in 2023-24 itself: CBDT chief

The income tax rebate limit available for salaried and individual taxpayers under the new income tax regime has been hiked to ₹7 lakh from the present ₹5 lakh.

Representative Image
Representative Image
Published on Feb 03, 2023 06:37 PM IST
ANI |

New tax regime better if deduction, exemption less than 3.75 lakh: Official

Old vs new income tax regime: Those who claim less than ₹3.75 lakh exemption will save money in the new tax regime, a ministry official explained.

There is no proposal to modify income tax returns forms, a finance ministry official said.(Representative Image)
There is no proposal to modify income tax returns forms, a finance ministry official said.(Representative Image)
Published on Feb 01, 2023 08:32 PM IST

Budget 2023: New tax regime to be default; who will benefit from it?

Presenting Budget 2023, Finance minister Sitharaman said that these changes are made to acknowledge the hard work of middle income group tax payers. Modifications in Income tax announced in the Modi government's budget are also seen as measures to promote new tax regime.

There is no proposal to modify income tax returns forms, a finance ministry official said.(Representative Image)
There is no proposal to modify income tax returns forms, a finance ministry official said.(Representative Image)
Published on Feb 01, 2023 05:17 PM IST
By | Edited by Chandrashekar Srinivasan

Budget 2023: How the new tax regime is different from the existing one

Budget 2023: Finance minister Nirmala Sitharaman announced that the taxpayers with income up to ₹7 lakh now do not need to pay any income tax under both the old and new tax regimes. Earlier, the previous income tax rebate limit was ₹5 lakh.

The finance minister also increased the tax exemption limit from <span class='webrupee'>₹</span>2.5 lakh to <span class='webrupee'>₹</span>3 lakh.(File photo)
The finance minister also increased the tax exemption limit from 2.5 lakh to 3 lakh.(File photo)
Updated on Feb 01, 2023 06:48 PM IST
By | Edited by Aryan Prakash

What Budget document tells us about new Income Tax slab

The new tax regime, introduced in budget 2020, is the now the default regime to pay tax. The old one, however, has not been discontinued, and citizens can continue to pay tax under either, based on their choice.

Changes have been made only to the new tax regime, while the old one has been left untouched (Representational Image)
Changes have been made only to the new tax regime, while the old one has been left untouched (Representational Image)
Updated on Feb 01, 2023 07:53 PM IST
By, New Delhi
Story Saved
×
Saved Articles
Following
My Reads
My Offers
Sign out
New Delhi 0C
Sunday, February 05, 2023
Start 15 Days Free Trial Subscribe Now
Register Free and get Exciting Deals