Update: New tax regime slab rates for Financial Year 2025-26 (AY 2026-27)Here are the key changes proposed in budget 2025 for an individual.Income SlabsTax RatesUp to Rs 4 lakh0%Rs 4-8 lakh5%Rs 8-12 lakh10%Rs 12-16 lakh15%Rs 16-20 lakh20%Rs 20-24 lakh25%Above Rs 24 lakh30%No income tax payable on income up to Rs 12 lakh due to tax rebate. No income tax payable for Rs … [Read more...] about Key changes to new income tax regime FY 2025-26 (AY 2026-27)
Income Tax
Income tax deduction for Agnipath Scheme- Section 80CCH
In Budget 2023, our honorable finance minister Nirmala Sitharaman announced the addition of section 80CCH to the Income Tax Act, 1961. The main objective is to provide tax deduction to Agnipath scheme. Before getting into the provisions of tax deduction as specified under section 80CCH, let us understand what agnipath scheme is.Our Indian Government launched Agnipath scheme … [Read more...] about Income tax deduction for Agnipath Scheme- Section 80CCH
How financial transactions are tracked by the income tax department
High value financial transactions beyond a specified limit are monitored by the government of India through its various agencies. Income tax department matches the specified high value financial transactions with the data provided by the taxpayer in their income tax return.Therefore, you must include all high value financial transactions to your income tax return while … [Read more...] about How financial transactions are tracked by the income tax department
Penalty for delay in filing income tax audit report under section 44AB
Deadline for filing an income tax audit report for the financial year 2022-23 under section 44AB of the Income tax act, 1961, with the Government of India was 30th September 2023. This deadline has not been extended by the income tax department.For the financial year 2023-24, the deadline for filing income tax audit reports under section 44AB will be 30th September … [Read more...] about Penalty for delay in filing income tax audit report under section 44AB
Tax deduction for interest on loan taken for purchase of electric vehicle (EV)-Section 80EEB
Section 80EEB has been inserted by the Government with effect from the financial year 2019-20 (assessment year 2020-21). As per section 80EEB of the Income tax act, 1961, an individual can claim tax deduction for interest if a loan has been taken for the purpose of an electric vehicle (EV). Section 80EEB tax deduction for interest on loan taken for purchase of electric … [Read more...] about Tax deduction for interest on loan taken for purchase of electric vehicle (EV)-Section 80EEB