The Union Budget 2025, presented in the Parliament Session on February 1, 2025, introduced major reforms in exemptions and deductions under the new tax regime for the Financial Year (FY) 2025-26 and ...

One key update is the introduction of a “tax year,” which refers to the 12-month period starting from April 1, effectively ...

The new tax regime – the default – offers a basic exemption limit of Rs 3 lakh for all individuals, regardless of age. This ...

The new tax regime introduces revised tax slabs for individual taxpayers. While the exact slab rates are not detailed in this summary, the bill specifies that: The tax rates for individuals have ...

New Income Tax Bill retains provisions from 1961 Act, offers flexibility, transparency, and aims to simplify tax laws.

The new Income Tax Bill is more about consolidation of scattered tax provisions, simplification and elimination of redundant laws than about rate ir ...

The Income Tax Department has introduced an online calculator for taxpayers to compare their potential savings under the newly default New Tax Regime, effective April 2025. The initiative aims to ...

This tool allows individuals to compare their tax liability under both the old and new tax regimes by entering their income ...

The new Income Tax Bill, tabled today in the Lok Sabha, retains all the deductions and exemptions but under new section ...

The new Income Tax Bill (ITB), presented in Parliament, aims to replace the 65-year-old Income Tax Act of 1961 (ITA) and will ...

The Institute of Chartered Accountants of India (ICAI) has been tasked by the Finance Ministry to scrutinise the new Income ...

New Income Tax Bill 2025 Highlights: Union Finance Minister Nirmala Sitharaman presented the new Income-Tax Bill 2025 in Lok ...