Stay updated with breaking news from Standard Deduction. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
The government is moving India away from a saving economy -- the old Income Tax (IT) regime loaded with tax deduction investments -- to a spending economy by luring people to a new IT regime that is sans any tax savings investments, said ...
In her budget speech, Sitharaman promised a rise in the annual standard deduction from Rs. 50,000 to Rs. 52,000.
The government is not happy with the response received to the new tax regime applicable to individual tax payers. In order to ensure that more and more taxpayers are covered under new tax regime the government has proposed certain provisions in the budget presented on 1st February, 2023
FM Sitharaman said currently individuals with total income of up to Rs 5 lakh do not pay any tax due to rebate under both the old and new regimes. -- aaa