The newly introduced Income Tax Bill 2025 aims to simplify the existing provisions of the Income-Tax Act, of 1961. The provisions of the New Tax Regime outlined in Section 115BAC of the Income-Tax Act ...

Section 115BAC: The newly-inserted Section 115BAC of the Income-tax Act, 1961 provides that a person, being an individual or from an undivided family having income other than income from business or ...

The new tax regime under Section 115BAC of the Income Tax Act offers lower tax rates in exchange for giving up most ...

As Form 16 begins landing in the inboxes of salaried employees, many taxpayers are starting the process of preparing their income tax returns (ITRs) for the financial year 2024-25. As Form 16 begins ...

The new tax regime offers more liberal tax slabs and attractive rates of tax than the old regime but sans some of the legacy deductions — namely, interest on self-occupied house property, Section 80C ...

For the current financial year 2025-26, the widely quoted figure for tax-free income under the new tax regime is Rs. 12.75 lakh - a number cited in government press releases, Parliamentary discussions ...

You must be aware that the New Tax Regime (NTR) became the default option for taxpayers with effect from April 1, 2023. This means the income tax (I-T) will be computed as per the tax slab and ...

The Finance Act 2020 introduced Section 115BAC in the Income-tax Act, 1961 (“the Act”) with effect from Financial Year 2020-21 (relevant to Assessment Year 2021-22) wherein an option has been granted ...

Due to the unavailability of some basic tax deductions and exemptions, taxpayers do not go with the simple regime if they are entitled to claim certain deductions. The Union Budget for 2023 is coming, ...