84 ViewsThere are many changes in the income tax rules effective from this financial year. Changes in income tax slabs to tax rebate limit raised, No LTCG tax benefit on some debt mutual funds are some of the major changes effective from 1 April 2023. 1) New income tax regime to be default regimeStarting, 1 […]
Income Tax Calculator – old regime vs new regime
83 ViewsIncome tax portal has published a income tax calculator to show tax saving in new regime. https://incometaxindia.gov.in/Pages/tools/115bac-tax-calculator-finance-bill-2023.aspx
Govt. considers Reducing Tax Rates to Make New Direct Tax Regime More Attractive: Sources
44 Views1. Finance Ministry considers reducing tax rates to make new direct tax regime more attractive. 2. Govt. likely to reduce 30% to 25% tax rate under the new regime 3. Fin Min in Discussion with PMO for a Final Nod for a change to new tax regime 4. Fin Min’s Admiin is to make […]
New Income Tax Regime: Centre may lower tax rates to make scheme attractive, says report
268 ViewsWith an aim to make it more attractive for individual income taxpayers, the Centre is working to improve the two-year-old exceptions free income tax regime by providing lower tax rates, after the new system failed to gain traction. Further, the finance ministry is likely to terminate the old personal income tax regime, which offers […]
Finance ministry will review tax regime free of exemptions
192 ViewsThe finance ministry is proposing to soon review the exemption-free new tax regime with a view to making it more attractive for individual income taxpayers, sources have said. Eventually, sources said, the government aims to establish a system where there are no exemptions and the complex old tax regime with exemptions and deductions is […]
Old income-tax regime with deductions must go: Revenue Secretary Tarun Bajaj
331 ViewsRevenue Secretary Tarun Bajaj on Saturday said that the old income tax regime must be disincentivised with a view to encourage more people to opt for the new income-tax regime. Bajaj mooted a shift towards a simplified taxation tax structure. The new tax regime, which comes with lower tax rates and fewer tax benefits, […]