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Maximum 39% marginal rate of income tax applicable for these individuals in Tax Year 2026-2027Individuals and certain entities will face a maximum 39% income tax rate under the new tax regime for Tax Year 2026-2027. This Maximum Marg...- New income tax regime: Don’t miss out on these 3 key deductions that will reduce your taxable income & help save more taxMany taxpayers mistakenly believe the New Tax Regime offers no deductions. However, salaried employees and pensioners can claim a Rs 75,000...
- Meal card tax benefit: Do you get it under the new tax regime?New Income-Tax Rules have clarified meal voucher benefits. The tax-free limit for employer-provided meal vouchers has increased to Rs 200 p...
- Get up to Rs 1.05 lakh income tax exemption on meal cards: Draft tax rules 2026 boost salaried savingsSalaried employees stand to gain significantly from proposed tax rule changes. Under draft Income Tax Rules, 2026, the annual tax exemption...
- Section 87A tax rebate can be claimed for short term capital gains income under new tax regime, rules ITAT AhmedabadIn a significant win for taxpayers, the ITAT Ahmedabad has ruled that Section 87A tax rebate is applicable on short-term capital gains (STC...
- Four critical changes in Income Tax Act: Standard deduction, UPS, income tax search, and other changes to be applicable in FY 2025-26Finance Minister Nirmala Sitharaman announced four key amendments to the Income Tax Act, 1961, addressing tax exemptions for sovereign weal...
- Section 87A rebate rule correction: No income tax till income of Rs 12.75 lakh for salaried individuals except this incomeFor FY 2025-26 (AY 2024-25) Section 87A rebate allows an salaried individual to not pay any tax for income up to Rs 12.75 lakh but this reb...
- Why is the tax-free income Rs. 12.50 lakh and not Rs. 12.75 lakh under the new tax regime for salaried taxpayers?Standard deduction in the new tax regime: Due to an error in Budget 2025, a salaried employee may not be able to avail of the standard dedu...
- Section 87A tax rebate on STCG income allowed by CIT (Appeals); Know how this legal battle was wonSection 87A: Tax rebate under Section 87A was not given on special rate income like STCG since July 5, 2024. Many taxpayers who could claim...
- 87A rebate will fail to make your tax nil despite income below Rs 12 lakh in these cases, Budget 2025Budget 2025: No Section 87A tax rebate on special rate incomes like short term capital gains, long term capital gains, and others, said Bud...
- No tax for up to Rs 12.75 lakh income for salaried under new tax regime as Section 87A tax rebate hiked in Budget 2025Section 87A tax rebate: Tax Rebate under Section 87A is given to reduce your taxable income to nil. It is a better option to give tax relie...
- Claimed 87A tax rebate for STCG in your ITR? You may get tax demand noticeIncome tax rebate: Income tax rebate under section 87A is not available for Long Term Capital Gains (LTCG). "Earlier the Income Tax Utility...
- ITR filing FY 2023-24 FAQs: Name of taxpayer in ITR does not match with name in PAN database; here’s what you can doITR filing FY 2023-24: The Income Tax Department has recently published a set of commonly asked questions (FAQs) to assist taxpayers with t...
- Ministry of Finance debunks falsehoods: New tax regime clarified, no changes on horizonMinistry of Finance posted, "Ministry of Finance posted on X, "It has come to notice that misleading information related to new tax regime ...
- What is Section 115BAC of the Income-tax Act?Section 115BAC of the Income-tax Act deals with the new tax regime introduced in the Union Budget 2020. The income tax slabs in the new tax...
- Budget 2023 makes new tax regime default option but old tax regime to remain availablePeople, who fall in higher income tax brackets and are eligible for various exemptions and deductions under the old tax regime, typically p...
- New tax regime doesn't allow LTC cash voucher tax benefit: ExpertsAs per existing income tax law, an employee can claim tax-exempt payment of LTA/LTC (if provided by employer) equal to the fare of domestic...
- For TDS from salary, you will have to choose your tax regime now, says CBDT circularThis was clarified by the Central Board of Direct Taxes (CBDT) in a circular. The circular addressed the issue of tax deduction at source f...
- Government clarifies on TDS for employees under new tax regimeEmployers will be able to deduct taxes on salaries paid to employees from the beginning of a financial year, basis the individual’s choice ...
- Tax queries: Exemptions, deductions you will not get in new income tax regimeEvery week, an expert selected by ET answers queries from our readers on income tax and other levies.
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