Income Tax Bill LIVE Updates: New Bill to Simplify Taxes!

By:- B.T Team Image Credit:- Google

Individuals earning up to ₹12 lakh annually are now exempt from income tax, a significant increase from the previous ₹7 lakh threshold.

Standard Deduction Boost:

The standard deduction has been raised from ₹50,000 to ₹75,000, providing additional relief to salaried taxpayers.

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Flexible Tax Reliefs:

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Revised Tax Slabs:

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TDS and TCS Rationalization:

The limit for Tax Deducted at Source (TDS) on interest for senior citizens has been doubled from ₹50,000 to ₹1 lakh, and the annual limit for TDS on rent increased from ₹2.40 lakh to ₹6 lakh.

Tax Exemption on NSS Withdrawals:

Withdrawals made from the National Savings Scheme by individuals on or after August 29, 2024, are now exempt from tax.

Extended ITR Filing Deadline:

Encouragement for EV Adoption:

The government plans to provide clarity on perquisite valuation for Electric Vehicles (EVs), promoting their adoption among taxpayers.

Income Tax Bill LIVE Updates: New Bill to Simplify Taxes!

Individuals earning up to ₹12 lakh annually are now exempt from income tax, a significant increase from the previous ₹7 lakh threshold.

Zero Tax Up to ₹12 Lakh:

Standard Deduction Boost:

Flexible Tax Reliefs:

Revised Tax Slabs:

The highest tax rate of 30% now applies to incomes above ₹24 lakh, up from the previous ₹15 lakh threshold.

TDS and TCS Rationalization:

Tax Exemption on NSS Withdrawals:

Extended ITR Filing Deadline:

The deadline to file updated Income Tax Returns has been extended from two to four years, providing taxpayers with more flexibility.

Encouragement for EV Adoption:

Focus on Agricultural Self-Reliance:

A six-year mission has been launched with a special focus on pulses like Tur, Urad, and Masoor to promote self-reliance in agriculture.

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