Income Tax: Income Tax updates, Income Tax Guide, Tax Slabs for 2020-21 | The Economic Times (original) (raw)

Can you stop filing ITR if your income is below Rs 12 lakh?

14 Feb 2025, 03:26 PM IST

The Budget 2025 has raised the threshold of rebate available under Section 87A from Rs 25,000 to Rs 60,000. The basic income exemption limit was also increased to Rs 4,00,000. However, those with annual income less than Rs 4 lakh and those earning between Rs 4 lakh and Rs 12 lakh are required to file their ITRs, lest they might come under the ambit of tax. Read on to know more about such conditions.

New Income Tax Bill PDF: Top 5 highlights of newly-introduced Income Tax Bill 2025 in Lok Sabha

13 Feb 2025, 05:24 PM IST

Income Tax Bill 2025 PDF document: The new bill will replace the current Income Tax Act, 1961, and will become effective from April 1, 2026, i.e., from FY 2026-27. Read our story to know the major highlights of this bill and access the PDF of the Income Tax Bill, 2025.

Income Tax Dept releases FAQs on new Income Tax Bill, 2025: Check details

13 Feb 2025, 03:30 PM IST

Income Tax Bill 2025: There has been a significant reduction in the text of new Income Tax Bill 2025, in comparison to the existing Income Tax Act, 1961. During the course of numerous amendments to the Income tax Act, 1961, several policy decisions were incorporated as separate provisions. Read below to know more about the Income Tax Bill 2025.

How new Income Tax Bill 2025 rewrites a new era of taxation from April 1, 2026

13 Feb 2025, 02:09 PM IST

New Income Tax Bill: Different indirect taxes were subsumed in the Goods and Services Tax, which took effect on July 1, 2017. The new Income Tax Bill aims to do the same with the current Income Tax Act. The new tax bill attempts to streamline and consolidate the current income tax laws.

New Income Tax Bill 2025 vs current Income Tax Act 1961: What is really new?

13 Feb 2025, 03:01 PM

New Income Tax Bill vs current Income Tax Act: The new Income Tax Bill will replace the Income Tax Act. However, not many people are able to underst

Have income tax slabs for FY 2025-26 in new, old tax regime changed in new Income Tax Bill?

13 Feb 2025, 12:43 PM IST

New income tax bill: The new Income Tax Bill will replace the current Income Tax Act, once it becomes effective from April 1, 2026. However, many taxpayers are worried that the new tax bill has made any changes in the income tax slabs under old and new tax regimes. Read on to know about it.

New Income Tax Bill 2025 introduced by FM Nirmala Sitharaman in Parliament today: Check details

13 Feb 2025, 06:00 AM IST

New Income Tax Bill in Parliament today: Finance Minister Nirmala Sitharaman has introduced the new income tax in Parliament today. The new Income Tax Bill will replace the Income Tax Act of 1961. The new tax bill is being brought to simplify the tax laws and remove obsolete and redundant laws.

Has STCG, LTCG taxation changed in new Income Tax Bill, 2025? Know the latest capital gains tax

12 Feb 2025, 05:28 PM IST

Capital gains taxation in new income tax bill: The new Income Tax bill will replace the existing Income Tax Act, 1961. The new bill is being brought to consolidate and amend the existing law. Does the new Income Tax Bill has made any changes in the capital gains tax regime?

10 takeaways in new Income Tax Bill for taxpayers: Tax year, TDS compliance, number of sections and more

12 Feb 2025, 02:40 PM IST

New Income Tax Act: The Income Tax Act 2025 will replace the current Income Tax Act 1961. As the current income tax laws will change, many taxpayers are worried about how the new income tax bill can impact them. Here are 10 things from the new income tax bill that will impact taxpayers.

When is new Income Tax Bill likely to come into effect?

12 Feb 2025, 01:23 PM

Income Tax Act, 2025: Once the new income tax bill is passed by Parliament, many taxpayers and common citizens will wonder when it will come into ef

New income tax bill to introduce ‘Tax Year’: No more confusion of FY, AY as new bill is likely to remove assessment year, previous year

12 Feb 2025, 12:33 PM IST

Tax year in new Income Tax Bill: The new Income Tax Bill is likely to simplify the language of direct tax laws for the common man. According to sources, the government may introduce the concept of a tax year to avoid confusion. Read on to know what a tax year is and how it can simplify the tax laws for the common man.

Will deadline for income tax filing change in the new Income Tax Bill?

12 Feb 2025, 11:38 AM IST

ITR filing in new Income Tax Bill: Many taxpayers want the permanent extension of ITR filing deadlines to get more time to meet the compliance laws. The question arises: Will the new Income Tax Bill 2025 change the deadlines for filing ITR and provide relief to taxpayers? Read on to know what sources say.

Will new income tax bill increase tax burden? What taxpayers can expect from it?

11 Feb 2025, 05:54 PM IST

New income tax bill 2025: Many taxpayers are awaiting the draft of the new income tax bill 2025. The government has said the new income tax bill is being brought to simplify the changes and reduce the litigation. However, should the taxpayers be worried about changes in the income tax slabs and tax rates?

Won case against income tax department but still waiting for benefit? No more delay after an update in ITR portal

11 Feb 2025, 04:05 PM IST

Order giving effect: Now a online process has to be used for submitting order giving effect requests. Earlier even if a taxpayer won a case against the Income Tax Department, they had to personally meet the tax assessing officer. Now no more physical meets, only online process for order giving effect (OGE).

What is new Income Tax Bill announced by Finance Minister Nirmala Sitharaman and why it will replace the Income Tax Act

10 Feb 2025, 01:24 PM

New Income Tax Bill: The new Income Tax Bill received clearance from Union Cabinet last week. Soon, the FM will likely table the same in the Parliam

Is GST payable on gift card, voucher purchase? Govt clarifies

10 Feb 2025, 12:22 PM IST

In the electronic commerce space, vouchers have become a widely used tool to enhance customer engagement, drive sales, and optimize loyalty programs. However, the taxability of vouchers under the Goods and Services Tax (GST) regime has been a contentious issue, leading to confusion among stakeholders.

These Sec 80C options can be good investments even without tax breaks in new tax regime

10 Feb 2025, 06:30 AM IST

Though these deductions find no place in the new tax regime, here’s why some investments still deserve a place in your portfolio.

Will taxpayers save less after moving to new tax regime?

10 Feb 2025, 06:30 AM IST

The beauty of tax-linked savings lies in their dual benefit structure. The immediate gratification of tax savings serves as the initial hook, but the real transformation occurs during the mandatory lock-in period. During these years, young investors experience the power of compounding, learn to weather market volatility and, most importantly, develop a psychological comfort with long-term investing.

New tax regime vs old tax regime post Budget 2025: These income earners may still benefit from old tax regime

10 Feb 2025, 06:30 AM IST

The proposed changes could substantially increase the disposable income available to both middle-class and high-income earners. The benefit will be more pronounced at the bottom of the income pyramid. With no tax liability up to Rs.12 lakh, households will have more room to manage expenses, such as education, healthcare, and home loan EMIs. Find out how much you stand to save.

These 8 salary perks can save income tax up to Rs 1.35 lakh in old tax regime after Budget 2025

10 Feb 2025, 06:30 AM

Tax laws offer plenty of room to reduce the liability of the individual through careful structuring of salary, says Sudhir Kaushik.

Ulip tax, updated ITR, NPS Vatsalya and other Budget 2025 personal finance changes that can impact you

10 Feb 2025, 06:30 AM IST

Budget 2025 has brought about changes to Ulips, tax on NPS Vatsalaya and for filing of updated income tax returns. Read our story to know how these changes will affect taxpayers.

TDS, TCS limits hiked in Budget 2025: Seniors, landlords, foreign travellers, students to benefit

10 Feb 2025, 06:30 AM IST

While senior citizens, landlords and those providing professional/technical services are the biggest beneficiaries of the TDS limit hike, the rise in TCS threshold will help foreign travellers and investors, as well as parents sending children abroad for higher education, as they will get more money in their hands, or not wait an entire year to get a tax refund.

Big income tax relief for these property owners in Budget 2025

10 Feb 2025, 06:30 AM IST

Now, you can claim nil annual value for two self-occupied properties, saving money and cutting compliance hassles.

How to reduce TDS using Form 12BAA?

10 Feb 2025, 06:30 AM IST

Salaried taxpayers often face higher tax deductions at source (TDS) on their salaries despite having paid TDS or tax collected at source (TCS) on other sources of income or expenses.

Ahmedabad-based finance professional can save Rs 1.58 lakh tax by moving to new tax regime

10 Feb 2025, 06:30 AM

Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.

12 lakh ITR filers for FY2023-24 have not got tax refund despite income tax dept releasing it: Check how to fix issue

7 Feb 2025, 07:33 PM IST

ITR filing: No tax refunds was paid to 12 lakh Income Tax Return (ITR) filers for AY 2024-25 despite 3.94 crore verified ITRs claiming tax refunds. Minister Pankaj Chaudhary said that the main reasons for pendency of tax refunds in these 12 lakh ITRs is because reply is awaited from taxpayers in respect of notices issued for defective ITRs and others. Read below to know how to fix defective ITRs.

New income tax bill: What it could mean for taxpayers and how it can impact them

7 Feb 2025, 04:22 PM IST

New income tax bill, 2025: FM Nirmala Sitharaman, while presenting the Union Budget 2025 on February 1, announced that she will table the new income tax bill in Parliament next week. Many taxpayers and common citizens anticipate the new income tax bill to know how it could impact them.

Waiver of late fee for filing pending GSTR-9C by March 31, 2025: CBIC clarifies who is eligible and how to calculate

7 Feb 2025, 10:00 AM IST

Goods and Services Tax (GST): GSTR-9C which is to be filed along with GSTR-9. While the deadline to file GSTR-9C is December 31 of the respective financial year. However,if you had missed filing GSTR-9C for FY 2017-18, FY 2018-19, FY 2019-20, FY 2020-21, FY 2021-22 or FY 2022-23 then you will get total waiver of late fee, provided you file the GSTR-9C by on or before March 31, 2025.

Three things middle-class did not get, despite taxpayer-friendly Budget 2025

6 Feb 2025, 03:24 PM IST

Middle class in Budget 2025: The Finance Bill presented by the FM on February 1, 2025, had a bonanza for middle-class taxpayers. However, despite the tax relief of not paying tax on incomes up to Rs 12 lakh, Budget 2025 disappointed middle-class taxpayers with no changes in these three areas.

Frequent regulatory changes, full automation under GST making compliance difficult and expansive for taxpayers

6 Feb 2025, 12:26 PM

GST changes in Budget 2025: The Central Board of Indirect Taxes and Customs (CBIC) has introduced key mechanisms to automate compliance under the GS

March 31, 2025, is deadline to claim pending TDS credit for these past years: Ask bank, deductor to revise TDS return

5 Feb 2025, 06:19 PM IST

TDS credit: March 31, 2025 is the deadline to file a revised TDS return for FY 2007-08 to 2018-19. What this means is if you have any pending TDS credit which was previously not claimed in ITR due to wrong TDS return filed by banks, etc then you need to tell the bank, etc to revise their TDS return. When the bank revised the TDS return, you will get the TDS credit.

Unlimited tax exemption on ULIP returns for non residents if it is bought from this GIFT city insurance intermediary office: Budget 2025

5 Feb 2025, 10:42 AM IST

No tax on ULIPs: If ULIPs and other policies are purchased from GIFT city International Financial Services Centre (IFSC) registered insurance intermediary office then then it is fully exempted from income tax provided the premium paid is not more than 10% of the actual sum assured. Indian residents however, do not get this benefit for purchasing ULIPs.

Will you pay Rs 61,500 as income tax on Rs 12.10 lakh income? Know how marginal relief comes into play

4 Feb 2025, 04:33 PM IST

Marginal tax relief for Rs 12 lakh: Individuals having taxable income of Rs 12 lakh will not required to pay any tax from FY 2025-26. However, there can be taxpayers whose taxable income exceeds Rs 12 lakh, even after claiming all the eligible deductions. Will they have to pay higher tax?

Who should switch to new tax regime and who should stay with the old? Here's the maths after Budget 2025

4 Feb 2025, 10:51 AM IST

Save more tax in old tax regime by claiming up to Rs 8.5 lakh tax deductions for a salary income up to Rs 25 lakh. Moreover, for salary income of Rs 15 lakh you need to claim at least Rs 5,93,750 as tax deductions so as to achieve equalisation level of tax with new tax regime. If you claim more deductions beyond this equalisation point you will save more tax in old tax regime than new.

5 Budget 2025 proposals that save tax and eases compliance burden

3 Feb 2025, 03:20 PM

Income tax compliance for taxpayers: Budget 2025 has hiked the income tax basic exemption limit, introduced new income tax slabs under the new tax r

Zero tax on Rs 13.7 lakh salary? NPS & deductions can make it happen

3 Feb 2025, 08:08 AM IST

Salaried individuals can achieve zero tax on annual income up to ₹13.7 lakh through standard deductions and investments in NPS. Contributions to NPS provide significant tax savings, but uptake is low due to lock-in restrictions. Despite limited liquidity and mandatory annuitization at retirement, NPS offers long-term benefits and low fund management charges.

Crypto assets to face more scrutiny: Transaction detail of to be reported to government by banks, others reporting entities, Budget 2025

2 Feb 2025, 03:58 PM IST

Budget 2025: Crypto transactions are now to be reported to the Income Tax Department through an method to be notified later. The G20 Leader’s New Delhi Declaration called for the swift implementation of the CARF. To enable this an amendment is being brought for the prescribed Reporting Entities to furnish information of crypto-asset.

Investors, foreign travellers to get more cash in hand as Budget 2025 hikes TDS, TCS limits

2 Feb 2025, 02:53 PM IST

Budget 2025 has proposed higher thresholds for tax deducted at source (TDS) and tax collected at source (TCS). The new thresholds will aid small taxpayers and gig workers. As per the proposal, the TDS limit on dividend income rises from Rs 5,000 to Rs 10,000, and for gig workers, from Rs 30,000 to Rs 50,000.

Crypto income: Budget 2025 tightens crypto transaction monitoring, other tax norms

2 Feb 2025, 01:36 PM IST

Crypto announcements in Budget 2025: The Budget 2025 has proposed to tighten certain rules for crypto trading. As per the amendments made, income from VDAs will be part of the undisclosed income under the Search and Seizure. Further, the government has inserted new section under the Income Tax Act for mandatory reporting requirements.

Income tax on crypto currency: How did budget 2025 impact the taxation on virtual digital assets?

2 Feb 2025, 02:39 PM

Budget 2025: Income tax on cryptocurrency transaction. After Budget 2025 there is no change in taxation of cryptocurrencies as they continue to be t

Non tax-exempt Ulip redemption gains to be taxed as capital gains: Budget 2025

2 Feb 2025, 02:34 PM IST

The budget has now clarified that Ulips with annual premiums over ₹2.5 lakh will be taxable as capital assets and the redemption proceeds will be treated as capital gains and taxed under Section 112A.

Budget 2025 provides relief to taxpayers in filing updated returns but with a penalty of up to 70%

2 Feb 2025, 12:40 PM IST

The deadline for filing updated tax returns has been extended from two to four years. This allows taxpayers more time to correct discrepancies in their income tax returns. However, delayed filings incur steep additional taxes of up to 70%. The updated returns cannot be used to claim missed tax benefits or adjust losses.

Salary expected to rise to Rs 14 lakh after appraisal this year? You won't be able to save much on tax

2 Feb 2025, 01:26 PM IST

The budget announcement stating that an annual income up to Rs 12 lakh will be tax-free, with additional benefits for salaried employees, has been well received. However, higher raises may push individuals into increased tax brackets. The finance minister also announced an increase in the tax rebate under Section 87A to Rs 60,000, effective in the new tax regime.

New income tax slabs, rates in new tax regime for FY2025-26: How much tax is saved at different income levels

2 Feb 2025, 10:59 AM IST

25% slab introduced for high earners and tax relief up to 30.8% for middle-income group. Read this table to see how much tax you can save at different income levels ranging from Rs 9 lakh to Rs 2.4 crore.

Capital gain taxation: Latest income tax rate and holding period for various assets for LTCG and STCG post Budget 2025

2 Feb 2025, 01:06 PM

LTCG and STCG: Budget 2025 has made no change to the tax rate or holding period for long term capital gains (LTCG) and short term capital gains (STC

Huge tax relief in new tax regime but will this lead people to save less?

2 Feb 2025, 12:08 PM IST

The lock-in periods of tax-saving instruments have forced a patient approach to investing. Tax relief will put more money in people’s pockets, but shifting away from tax-linked savings could affect long-term financial habits.

Budget 2025 does not give Section 87A tax rebate benefit on capital gains, lotteries income

2 Feb 2025, 11:43 AM IST

Budget 2025 has clarified that the Rs 60,000 tax rebate will no longer apply to income from capital gains or other sources taxed at special rates. Effective April 1, taxpayers under the new regime can claim a maximum rebate of Rs 60,000 for income up to Rs 12 lakh.

New vs old tax regime: Which income tax regime to choose, what should save your money? Read this to clear all your income tax confusions

2 Feb 2025, 11:22 AM IST

New vs old tax regime: If you are still confused about which tax regime to choose after Budget 2025 proposals, here is how to choose between the old, new and proposal newer income tax slabs.

Homeowners get income tax relief on second house in Budget 2025

2 Feb 2025, 11:16 AM

Taxpayers will be able to claim nil valuation for two self-occupied properties instead of one. The reform will promote ownership for vacation homes

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Income Tax all about it:

Income tax is a tax levied directly by the central government on the incomes earned by the individuals and other non-individual entities such as Hindu Undivided Family (HUF), partnership firm and so on during a financial year. These various sources of income include salary, pension, capital gains, sale of financial investments, interest income, other incomes and so on.

Unlike the Goods and Services Tax (GST) Council where the Union Finance Minister and State Finance Ministers decide the rates, the income tax rates are announced by the Finance Minister during the year’s Union Budget.

The rate at which your total income earned during the year will be taxed depends on the slab in which your income falls. Over and above the income tax, a cess and surcharge is levied. The cess is payable by all taxpayers. For those earning more than Rs 50 lakh a year, a surcharge is levied between 10 percent and 37 percent.

The total income earned by a taxpayer during a financial year has to be reported to the government in the assessment year by filing income tax return (ITR filing).

Financial year is the year in which income is earned by a taxpayer; a financial year is between April 1 and March 31. Assessment year is the year immediately following the financial year for which the return is to be filed.

Income earned from various sources such as salary, pension, interest from fixed deposits (FDs), savings account, capital gains from sale of house, equity mutual funds, debt mutual funds and so on have to be reported in ITR.

Income Tax: Income Tax updates, Income Tax Guide, Tax Slabs for 2020-21 | The Economic Times (original) (raw)

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