No tax on income up to Rs 12 lakh, but it's a rebate, not an exemption
"By virtue of the rebate only taxpayers with incomes up to Rs 12 lakh under the new regime would not have to pay any tax ...
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Budget 2025 And Income Tax: 10 Best Tax-Saving Investment Options For Women
Section 80C of the Income Tax Act provides tax benefit for equity-linked savings schemes. As the returns under the investment ...
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Income Tax Act | Offence Committee Before Show-Cause Notice Compoundable As Covered By 'First Offence' In Compounding Guidelines : Supreme Court
The Supreme Court on January 7 set aside the Gujarat High Court's judgment dated March 21, 2017, through which the rejection to the compounding application of the Appellant for the assessment ...
Big gain for NRIs: Finance Bill 2025 widens IFSC tax exemptions to include FPIs, boosting foreign investments
The Income-tax Act's section 10(4E) previously limited exemptions on income from derivative transactions to non-residents ...
A Guide to Tax Benefits on Term Insurance
If your annual taxable income is ₹10 lakh and you claim the full ₹1.5 lakh deduction, your taxable income reduces to ₹8.5 ...
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What Is the Tax Cuts and Jobs Act (TCJA)?
The Tax Cuts and Jobs Act ... 10% standard rate of return is below 13.125%, the law taxes these excess returns at 21%, after a 50% deduction and a deduction worth 37.5% of FDII. This excess ...
Budget 2025: Relief for taxpayers to simplified TDS, 10 major Income Tax announcements by FM Nirmala Sitharaman
In Budget 2025, tax relief measures include raising the income tax rebate limit to ₹12 lakh and doubling senior citizens’ tax ...