Budget 2025 has made the New Tax regime more attractive, but we know that the new tax regime comes with certain restrictions. You do not get tax deduction for investments under Section 80C, specific expenses (health insurance under Section 80D, house rent/HRA) and loan repayments (home loan and education loan). Hence, as a taxpayer, you… Continue Reading
If you file returns under the new tax regime, if your annual income is up to Rs 12 lacs, then you do not have to pay any taxes. That is a major concession. Now, assuming you are retired, and your only source of income is house rent, you can earn a fair amount of rental… Continue Reading
The Finance Minister has offered huge relief to taxpayers in the Union Budget 2025. This is something many middle-class taxpayers had been craving for. Let’s check out the major highlights of Union Budget 2025, including the relief to middle class income taxpayers. Pay No Taxes for Income up to Rs 12 Lacs Yes, you heard… Continue Reading
The Finance Minister presented an action-packed budget today with a number of changes on the personal taxation and capital gains front. Here are the important changes. #1 Increase in Capital Gains Tax (Negative) Long term capital gains (LTCG) tax on sale of stocks/equity funds has been increased from 10% to 12.5%. The exempt LTCG limit… Continue Reading
This may sound strange, but this may indeed be true for many taxpayers. Why? Because the Union Budget 2023 has incentivized the New Tax regime in a big way by reducing the tax rates in the various income slabs. And the New Tax regime does NOT give you any tax benefits for tax-saving investments. No… Continue Reading
The Budget 2023 made multiple announcements that had a direct impact on the middle-class taxpayers. While the most prominent was about the fresh incentives for the New Tax regime, there were quite a few other small yet important takeaways from the budget. One such takeaway was in the form of clarification about disallowing double deduction… Continue Reading