Nirmala Sitharaman stated that no decision has been made on scrapping the old regime, emphasising the government's intention to simplify the tax system. The revised New Tax Regime aims to provide annual tax savings for individual taxpayers, effective from April 1, 2024.
Union Finance Minister Nirmala Sitharaman, during a press conference on the Union Budget 2024, announced a simplified approach to taxation aimed at boosting investment, with the average taxation reduced to 12.5 per cent. She also emphasised the need to widen the tax net and highlighted the increase
Budget 2024: Finance Minister Nirmala Sitharaman said the government will launch three employment-linked schemes. These schemes will be based on enrolment in Employees' Provident Fund Organization (EPFO).
Budget 2023: In a big relief for the common man, the Modi government on Wednesday made five major announcements in the personal income tax space including increasing rebate up to Rs 7 lakh per annum.
Budget 2023: As of now, the maximum slab of income which is exempted from the purview of income tax is Rs 2.5 lakh.
Finance Minister Nirmala Sitharaman announced a new simplified tax regime for personal taxpayers. The rates under the new tax regime have the option for HUFs to pay their taxes as per the new rules with no exemptions and reduced tax rates. The new tax rates proposed by the ministry of finance are aimed at boosting the Indian economy.
Income tax slab revised Latest News: Ushering in a new income tax regime, Union Finance Minister Nirmala Sitharaman announced cuts on Saturday as she presented Union Budget 2020. But there's a catch. Under the new proposed regime, which is optional, you will not be able to avail any deductions or exemptions that earlier allowed you to lower the amount of your salary that was taxed.
The government has a Diwali gift for us all. A cut in personal income tax rate is what appears to be on the cards, according to a report. It is said that the government is considering rationalising personal income tax rates. This is being done to increase disposable incomes, especially among the middle class, and drive consumption, resulting in growth.
According to the report, the submission was made on August 19, 2019. The task force said income tax rates could be cut for individuals in order to boost consumption.
Sources close to developments have revealed that the task force has recommended five tax brackets of 5 per cent, 10 per cent, 20 per cent, 30 per cent and 35 per cent, against the prevailing structure of 5 per cent, 20 per cent and 30 per cent.
Despite the budget announcements, the individuals with annual income upto Rs 5 lakh will have to pay taxes as per old rates in the Financial Year 2019-20 as well, but they will be eligible for full refund.
To pay for seeming bout of generosity towards poor, albeit with vote-banks in mind, the finance minister has mopped up huge sums through three or four simple steps, mostly aimed at the middle class.
Presenting the Union Budget 2018-19, the finance minister however proposed a marginal releif to tax payers by introducing new standard deduction of Rs 40,000 cr for salaried taxpayers.
Amritsar: BJP leader Arun Jaitley today demanded a raise in the Income Tax ceiling from Rs two lakh to Rs five lakh, which he claimed will benefit thirty million people.Advocating low tax structure, the BJP
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