Tax planning is challenging, especially when required to deal with new and old regimes, income tax slabs, deductions and exemptions. Understanding these is crucial to saving income, minimising tax ...

Deductions previously allowed under section 10 of the Income Tax Act, 1961, such as gratuity, leave encashment, commutation of pension, compensation for VRS and retrenchment compensation ...

Earlier, Sections 10 and 80C to 80U of the Income Tax Act of 1961 allowed deductions ... people with regards to the new tax bill under the section ‘new’. New Income Tax Bill LIVE: The new ...

The earlier allowed deductions under section 10 of the Income Tax Act,1961, like gratuity, leave encashment, commutation of pension, compensation on VRS and retrenchment compensation, are now part ...

The provisions of the New Tax Regime outlined in Section 115BAC of the Income-Tax Act, 1961 will be moved to Section 202 in ...

Under the Income-Tax Act 1961, senior citizens are entitled to a deduction of up to Rs 50,000 for interest income from bank and post office deposits under section ... over Rs 10 lakh, and foreign ...

In the Union Budget 2024, the Finance Minister of India had called for a comprehensive review of the Income Tax Act ... such as section 10A, section 10B, section 10BA and section 10C provided ...

The new bill aims to simplify tax provisions with clearer language, reducing its length and eliminating redundant sections ...

Union Finance Minister Nirmala Sitharaman tabled the Income Tax Bill, 2025. The bill seeks to replace the Income Tax Act of 1961 and simplify ... meet again on March 10, marking the conclusion ...

For tax year 2024 (filing in 2025), there are seven brackets: 10 ... Act of 2017 (TCJA), the brackets for tax year 2025 will remain the same as they were in 2024. However, the IRS increased the ...

The Narendra Modi government introduced the new income ... by deleting Section 13(8)(b) of IGST Act 2017, on place of supply for intermediaries,” says Vivek Jalan - Partner Tax Connect Advisory ...

Perquisites and Profits in Lieu of Salary are important components of taxable income under the Income Tax Act of 1961. These ...