Budget 2025 is around the corner, and taxpayers are eagerly waiting for potential income tax changes! Should you stick to the old tax regime with deductions or switch to the new simplified structure? We break down the latest slabs, tax rates, and savings for different income levels. Watch now to find out which regime is best for you!
There are many with income above basic exemption limit who do not file returns even though it is mandatory. However, stiff penalties proposed to levied in Budget 2017 for late filing would ensure that taxpayers file their returns in time.
Under the Income Tax Act a basic amount that is earned by the individual as taxable income is not subject to any tax.
If you are a non resident Indian and has a PAN, you can file your income tax returns and also enjoy benefit of the basic exemption limit.