the old income tax regime might remain unchanged. Currently, the new tax regime offers a basic exemption threshold of Rs 3 lakh. There are expectations that this threshold could be raised to Rs 5 ...

This regime's tax rates are lower than those of the old regime, but it phases out most of the exemptions and deductions. This means if you want to avail any of these exemptions, you must opt ...

A nonrefundable credit can reduce your tax liability to zero but not below that. Refundable credits can reduce your liability ...

Raising the income tax exemption limit to Rs 5.7 lakh, adjusted for inflation. Increasing fixed deductions and exemptions, such as: Raising the Rs 10,000 savings interest deduction to Rs 19,450 by ...