1. Financial Year (FY) & Assessment Year (AY) 2. Types of Income Income is classified into five categories: Here’s a comparison of the Basic Exemption Limit (BEL) under the New Tax Regime and Old Tax Regime for Budgets 2024 and 2025: Old Tax Regime: New Tax Regime: 3. Income Tax Slabs & Regimes There are … Read more
For salaried individuals who are in the tax paying slab, Section 10 Of Income Tax Act is a relief provider. It defines different kinds of income not taxable in India to help bring down tax liability on such income sources. From house rent and medical allowances to education and travel perks, there are numerous opportunities … Read more
TDS (Tax Deducted at Source) deducted in March will typically be reflected in your PAN account (Form 26AS or AIS) after the deductor files the TDS return for the fourth quarter (January to March). Timeline for Reflection in PAN (Form 26AS/AIS) You can check your Form 26AS or AIS (Annual Information Statement) on the Income … Read more
introduction: The government introduced various incentives in the recent times to encourage the adoption of the new regime. These changes show that the government intends to have taxpayer’s transition to the new regime and eventually phase out the old one. Though the new regime is now the default tax regime, the old tax regime will … Read more
No Income Tax on Annual Income Up to ₹12.75 Lakh!The government has raised the Section 87A rebate limit from ₹7 lakh to ₹12 lakh, providing major tax relief to the middle class. Salaried individuals can also claim a ₹75,000 standard deduction, making incomes up to ₹12.75 lakh tax-free. The modified slab rates for new tax … Read more