In 2020, the Government of India introduced a new tax regime that offered concessional tax rates while scrapping most of the deductions and exemptions offered under the old tax regime. Most small ...

Amendments include a new income-tax bill, revised income tax slabs, and increased rebate thresholds under the Concessional Tax Regime, benefiting middle-class taxpayers. One of the major ...

Although the new tax regime offers concessional tax rates, you stand to lose your entitlement to claim most deductions and exemptions. So, if you have invested large sums in investment instruments ...

Tax on subsequent amount of 4 lakh (from 4 lakh to 8 lakh) Rs 20,000 (being 5% of Rs 4 lakh) Tax on subsequent amount of 4 lakh (from 8 lakh to 12 lakh) Rs 40,000/- (being 10% of Rs 4 lakh) Tax on ...

This new tax regime, effective from FY 2020-21 (AY 2021-22), features concessional tax rates with limited deductions and exemptions. Amendments to Section 115BAC were made in Budget 2023 ...

Zooey Liao/CNET; Mykola Sosiukin/EyeEm via Getty It's tax season, and if you've received an unfamiliar income form this year, it might be a 1099 tax form. A 1099 form is used to document income ...

With the Union Budget providing clarity on taxation of Category I and II Alternative Investment Funds (AIFs), experts see more institutional capital coming into Indian equities, with Family Office ...

Budget 2025 unleashed by the Modi 3.0 government is an inclusive budget aiming to unlock India’s potential to help it march forward in its journey towards becoming “Viksit Bharat”.

37% of taxpayers qualify. Simple Form 1040 returns only (no schedules except for Earned Income Tax Credit, Child Tax Credit and Student Loan Interest). Who's this for? TurboTax guides you through ...

Clients are asked to bring their Social Security card, some form of photo identification and their tax forms from the previous year. Banking information is also helpful for those looking to ...