Revised Income Tax Slab Rates for FY 2025-26 In Budget 2025, Finance Minister Nirmala Sitharaman announced significant changes to the income tax structure. One of the most notable highlights was the increase in the tax exemption limit, which is expected to boost disposable income and simplify tax compliance for individuals. New tax slabs under new…
Updated on 01.02.2025 The taxpayers who opt for a New regime are still eligible to claim certain tax exemptions. Here are the details of incomes that are as well exempted from income tax in the event you opt for the new tax regime. Relief under Section 87A: For the Financial Year 2025-26 (AY 2026-27), an…
The concept of residential status is pivotal under Indian income tax laws, as it determines the scope of taxable income in India. Residential status for income tax purposes may vary from year to year and differs significantly from the definitions under other Indian laws such as the Citizenship Act, Foreign Exchange Management Act (FEMA), Aadhaar…
Updated on July 18, 2022 The tax slabs and tax rates for the financial year 2020-21, 2021-22, and 2022-2023 remain the same. The rules for the old tax regime and the new tax regime are also the same as in previous years. The amount of rebate u/s 87A has been kept unchanged under both the…
In accordance with Article 265 of the Constitution of India, “No tax shall be levied or collected except by the authority of law.” This provision establishes that taxation can only be imposed under duly enacted legislation by the appropriate legislative authority—be it the central or state governments, or local governing bodies such as municipal corporations.…
India’s taxation system operates within a three-tier federal structure comprising the Central Government, State Governments, and local municipal bodies. The framework is broadly classified into direct and indirect taxes, each governed by distinct authorities and applied in specific contexts. This article provides a comprehensive overview of the Indian tax structure, highlighting its classification, features, and…
The Union Budget 2023 has left individuals confused with the choice of the tax regime. Both old and new tax regimes require a proper assessment before choosing one. The calculation of tax payable by various income groups under the new tax regime and old tax regime is shown at the bottom of this post so…
Finance Minister Nirmala Sitharaman has not proposed any changes in the income tax slab rates in the interim Budget 2024. However, the notable modification in the income tax slabs includes a reduction of tax slabs from 6 to 5 alongside an increase in the basic exemption limit from Rs.2.5 lakh to Rs.3 lakh from April…
Portfolio Management Services (PMS) offer a structured and professional approach to managing investments, particularly for individuals seeking personalized strategies, expert guidance, and diversified asset allocation. While PMS provides numerous advantages, it is essential to consider potential drawbacks before opting for such services. Advantages of Portfolio Management Services 1. Expert Management of InvestmentsOne of the most…
The landscape of Portfolio Management Services (PMS) in India has witnessed significant transformation, driven by evolving investor expectations, regulatory advancements, and technological progress. From conventional investment vehicles to more dynamic and customized strategies, PMS offerings have broadened to serve a diverse clientele more effectively. Below are some of the latest developments shaping the PMS and…