What does this mean for you? Ramalingam Kalirajan explains.
The new tax relief helps those earning Rs 12.75 lakh per year save Rs 83,200 annually. Let's see how investing this amount can grow your wealth.
Individuals earning up to Rs 12 lakh annually will not have to pay any income tax under the new tax regime as Finance Minister Nirmala Sitharaman on Saturday gave relief to middle class by raising exemption limit and rejigging slabs. For salaried employees, this nil tax limit will be Rs 12.75 lakh per annum, after taking into account a standard deduction of Rs 75,000.
Some individuals opt for the new regime without a comparative analysis of the tax liability under the two regimes.
The old tax regime remains unchanged. 'Taxpayers opting for it will continue to follow the existing slab rates and deductions.'
From FY20 to FY24, the revenue forgone due to tax incentives for individuals and Hindu undivided families stood at Rs 8.7 trillion, significantly higher than the Rs 4.53 trillion forgone for corporations.
Finance Minister Nirmala Sitharaman on Saturday unveiled 'transformative' tax reforms that ranged from a simpler income tax law to higher TCS threshold for remittances and income tax benefits for middle class.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Do you have financial planning or income tax queries? Ask rediffGURU Anil Rego.
rediffGURU T S Khurana answers readers' personal income tax queries.
"The new structure will substantially reduce taxes on the middle class and leave more money in their hands, boosting household consumption, savings and investment," Sitharaman said presenting what was dubbed as 'reformist' budget for the next fiscal in Lok Sabha.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
These are the highlights of the Union Budget 2025-26 presented by Finance Minister Nirmala Sitharaman in Parliament on Saturday.
ELSS investments require a long-term commitment of at least seven years.
Bharatiya Janata Party on Thursday issued a three-line whip to all of its Lok Sabha MPs asking them to be present in the House for the passing of the Union Budget 2025-26.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
The BJP coined a new word for AAP, 'Aapda (crisis)', which Modi repeated constantly during the election campaign to show how Delhi residents's lives had become miserable under AAP's 11-year rule.
'There's a misconception that all Rs 1 lakh crore will be spent immediately, leading to higher consumption of FMCG goods, travel, and vehicle purchases.' 'While some of this money will go toward consumption, not all of it will.' 'The impact depends on where people deploy their savings.'
10 largecaps stocks which stand to gain from the Budget.
Please send your queries to getahead@rediff.co.in with the subject line 'Cars' and experts from CarJasoos.com will answer your queries related to buying new or used cars.
Markets suffered after other Asian indices closed in the red, tracking record-breaking losses at the Wall Street overnight.
ITC was the top laggard in the Sensex pack, tanking 6.97 per cent, followed by L&T, HDFC, SBI, ONGC, ICICI Bank and IndusInd Bank.
The 50-share NSE Nifty too closed down 168.30 points, or 1.58 per cent, at 10,498.25 -- a level last seen on January 3 when it closed at 10,443.20.
By consolidating borrowings, the total EMI burden and interest cost can be reduced.
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