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The tax slabs for the new tax regime were revised. Income up to ₹12 lakh will be exempted from taxation. Owing to a revised standard deduction of ₹75,000, income up to ₹12,75,000 will be exempted from income tax. [12] This was the fourth revision of minimum taxable income under the premiership of Narendra Modi.
Indian Finance Minister Nirmala Sitharaman shows a red pouch containing budget documents, as she arrives to present the federal budget in the Parliament in New Delhi, India, Saturday, Feb. 1, 2025.
In a major relief to millions of taxpayers, the government has raised income tax exemption limits, making earnings of up to 1.2m rupees ($13,841; £11,165) - excluding special rate income like ...
The New Tax Regime is a scheme of Income tax in India first proposed in Union Budget 2020–21. [1] Subsequent Budget of FY2021-22 did not see any major announcements in this regime. [ 2 ] During the Budget 2022–23, reports emerged that New Tax Regime was getting poor response [ 3 ] and Government is considering to make it more attractive ...
Currently, Indian taxpayers can choose between the old tax regime and the new tax regime. [12] At the time of introduction, it had 7 different slabs. After three years from introduction, Indian Government reduced both the slab count & tax rates under New Tax Regime in Budget 2023, after reports of poor adoption to new tax regime by tax payers [13]
The Union Budget of India, also referred to as the Annual Financial Statement in Article 112 of the Constitution of India is the annual budget of the Republic of India set by Ministry of Finance for the following financial year, with the revenues to be gathered by Department of Revenue to identify planned government spending and expected government revenue and the expenditures gathered by ...
India's budget cut import tariff slabs, reducing average basic customs duties on scores of items such as raw materials for domestic industries like textiles and automobiles, Pandey added.
The Union Budget is the annual financial report of India; an estimate of income and expenditure of the government on a periodical basis. As per Article 112 of the Indian Constitution, it is a compulsory task of the government. [3] The first budget of India was presented on 18 February 1860 by Scotsman James Wilson. [4]