Joe Rosensteel Insurance Mn

NPS Vatsalya tax benefits: FM proposes to cover NPS Vatsalya under 80CCD(1B) tax break NPS Vatsalya is a pension scheme for minor children aimed at developing early saving habits for retirement. The proposal is pending parliamentary approval

Income tax rules for search cases to apply to crypto income for up to 6 previous assessment years from February 1, 2025 This assessment after an income tax search procedure can go back up to six assessment years

Has Standard Deduction of Rs 75,000 from salary, pension income increased in Budget 2025? However, hopes of the middle class have been dashed

Has Section 80C deduction limit hiked? Check how much tax you can save after Union Budget 2025 Deduction under Section 80C of the Income Tax Act is available under the old tax regime only. For the upcoming fiscal year 2025-26, an eligible taxpayer will be able to claim the same maximum deduction of Rs.1.5 lakh under Section 80C

No income tax for up to Rs 12 lakh income under the new tax regime as Section 87A tax rebate hiked in Budget 2025 It is a better option to give tax relief through the tax rebate than changing the tax slabs. This is because to get this tax rebate under section 87A you need to file Income Tax Return (ITR)

Income tax basic exemption limit hiked by Rs 1 lakh in new tax regime in Budget 2025: Check new tax exemption limit A hike in the income tax basic exemption limit means all taxpayers will pay lower taxes

New income tax slabs in Budget 2025: 30% tax now starts at Rs 24 lakh, 25% tax rate introduced for incomes between Rs 20-Rs 24 lakh The highest tax rate of 30% is applicable from net taxable income above Rs 15 lakh. However, the new tax regime offers limited deductions to the taxpayer. Given below are the income tax slabs proposed for the upcoming financial year 2025-26 and the current financial year 2024-25

TDS limit for interest income of senior citizens doubled from Rs 50,000 in Budget 2025 The limit for TDS for senior citizens is being doubled from Rs 50,000 to Rs 1 lakh. TDS on rent is being increased to 6 lakh rupees

TCS remittance limited hiked from Rs 7 lakh: Check the new limit announced in Budget 2025 The TCS is applicable to the outward foreign remittance made by students for education purposes, travel purposes, or investment in foreign countries. The new limit will help to avoid taxes and face a liquidity crunch