On 1st February 2025, during the Union Budget presentation, Finance Minister Nirmala Sitharaman announced an increase in the nil tax slab to Rs 12 lakh, providing substantial relief to middle-class ...

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 ...

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 ...