New tax regime is attractive as marginal relief under which the final tax payable shall not exceed the amount by which total income exceeds Rs 12 lakh.

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Marginal relief is a beneficial provision which allows taxpayers with income above Rs 12 lakh to pay lower taxes than otherwise would have been. In the new regime, marginal relief is available to only ...

Zero tax: Last week, Finance Minister Nirmala Sitharaman unveiled much-anticipated revisions to the personal income tax structure with the aim of alleviating the tax burden on the middle class, a move ...

The Union Budget has clarified several aspects related to the rate of income tax through detailed FAQs issued by the government. The official document explains how income tax rates work under the new ...