Old Vs New Tax Regime: For individuals earning Rs 15 lakh annually, opting for the old tax regime can result in tax savings of up to Rs 48,100, provided they maximize deductions like HRA, 80C, 80D, and home loan benefits.

Among the most significant announcements was the introduction of a New Income Tax Bill, set to be tabled this week

The revised tax structure also introduces a 25% tax slab for incomes between Rs 20 lakh and Rs 24 lakh.

The new structure will significantly enhance the accessibility of the middle class by leaving them with more disposable income.

The standard deduction on salary streamlines tax filing for salaried individuals by reducing taxable income by a set amount, minimizing the overall tax burden.

New Tax Regime Slabs 2025 for Salaried Employees: As per the updated structure, individuals earning up to Rs 12 lakh per annum will not have to pay any income tax, offering a substantial benefit compared to previous years

Initially, the Central Board of Direct Taxes (CBDT) set the original deadline for filing of belated or revised tax returns as December 31, 2024. Later, it extended this deadline to provide additional time for taxpayers.

This article explores how inflation erodes the value of Rs 1 crore over time, calculating its worth in 20, 30, and 50 years based on a 6% inflation rate.

As Budget 2025-26 approaches, senior citizens await potential tax relief. A query was recently raised in the Lok Sabha if the government plans to offer a tax rebate on incomes up to Rs 7.5 lakh and a 5% tax on Rs 7.5-10 lakh.