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Last Updated:January 30, 2026, 7:22 PM IST Tax reliefs are deducted from your total annual income, while a tax rebate is applied after the tax is calculated. As Budget 2026 nears, here’s how tax relief and Section 87A rebate work. (Representative Image) Finance Minister Nirmala Sitharaman is set to present her ninth consecutive Union Budget…
New Delhi: The Lok Sabha on Monday passed the Income Tax Bill, 2025, marking a significant step towards replacing India’s six-decade-old direct tax framework with the government seeking to balance investor confidence, taxpayer relief, and administrative efficiency with the new law. The legislation, once enacted, will formally replace the 63-year-old tax code with a modernised…
New Delhi: With the income tax return (ITR) filing date extended to September 15, taxpayers have more time to decide whether to choose the old or new tax regime. Salaried employees or pensioners without business income can change their tax regime at any time prior to filing their ITR every year by simply selecting the…
New Delhi: Good news for taxpayers! The ITR filing deadline has been extended to September 15, giving you more time to make smart tax decisions. One key choice is picking between the old and new tax regime. If you’re a salaried employee or a pensioner with no business income, you can easily switch between the…
Last Updated:August 02, 2025, 18:49 is Salaried individuals earning up to Rs 12 lakh may soon no longer need old-regime deductions, as the new tax system offers near-zero tax. This year could be your last chance to claim those benefits. (representative image) If you are a salaried employee earning up to Rs 12 lakh annually,…
New Delhi: In May, the Central Board of Direct Taxes (CBDT) had announced that the deadline for filing income tax returns (ITRs) for non-audit cases for AY 2025-26 has been extended from July 31, 2025, to September 15, 2025. Choosing the right tax regime is crucial from the perspective of tax planning for taxpayers who…
New Delhi: The Central Board of Direct Taxes (CBDT) recently notified the income tax return forms ITR-1 and ITR-4 for the financial year 2024-25 and the assessment year 2025-26. The returns for incomes earned during the financial year from April 1, 2024, to March 31, 2025, have to be filed using the new forms. CBDT…
In the budget of 2025, the announcement of zero tax on income up to 12 lakhs looted all the members. But this exemption is only for those who choose the new tax regime. Far from giving relief to the Old Tax Reseam, the Finance Minister did not even mention. . Will the old tax regime…
Last Updated:November 23, 2024, 5:53 PM IST For a Rs 10 lakh income, the new tax regime saves Rs 25,900 in taxes. However, the old regime benefits more if deductions are maximised Taxpayers should make the right choice based on their income, expenses and investment plans. (Representative/Shutterstock) In the budget for the financial year 2024-25,…
Today, 31st July is the last day to file Income Tax Return. Those who do not file ITR will have to pay a fine from 1st August. At the same time, there will be an opportunity for tax payers to change their tax regime till 12 noon today. If someone fails to do so today,…