While pre-existing medical conditions may lead to premium loading or coverage restrictions, being transparent about one’s medical history is essential to avoid claim denials later.
Understanding the pros and cons of each option ensures you make a strategic decision that aligns with your financial future.
Starting January 2025, lenders must update credit records every 15 days instead of once a month. As a result, financial activities will appear on your credit report sooner.
If you are availing exemptions or deductions under the old tax regime, the new tax regime may lead to a higher tax outgo.
We take a look at some common insurance mistakes which you must avoid to ensure your insurance truly safeguards your financial well-being.
The CBDT circular has been issued on 20 February 2025, and it will be applicable to the tax returns of the financial year 2024-25 (i.e. assessment year 2025-26).
The concept of Previous Year and Assessment Year, thus, were creating confusion in the minds of taxpayers as they represented two different years.
The Income Tax Bill 2025 has several aspects to be considered by the Non-Resident Indians as Clauses replace Sections.
The essence of the Bill remains the same and the existing tax base, tax rates, computation mechanism etc. have been largely unchanged.
The new income tax law will replace the existing Income Tax Act of 1961. The tax Bill is being brought to make the tax process simple and clear.
Old Vs New Tax Regime: For individuals earning Rs 15 lakh annually, opting for the old tax regime can result in tax savings of up to Rs 48,100, provided they maximize deductions like HRA, 80C, 80D, and home loan benefits.
Among the most significant announcements was the introduction of a New Income Tax Bill, set to be tabled this week
The revised tax structure also introduces a 25% tax slab for incomes between Rs 20 lakh and Rs 24 lakh.
The new structure will significantly enhance the accessibility of the middle class by leaving them with more disposable income.
The standard deduction on salary streamlines tax filing for salaried individuals by reducing taxable income by a set amount, minimizing the overall tax burden.
New Tax Regime Slabs 2025 for Salaried Employees: As per the updated structure, individuals earning up to Rs 12 lakh per annum will not have to pay any income tax, offering a substantial benefit compared to previous years
Initially, the Central Board of Direct Taxes (CBDT) set the original deadline for filing of belated or revised tax returns as December 31, 2024. Later, it extended this deadline to provide additional time for taxpayers.
This article explores how inflation erodes the value of Rs 1 crore over time, calculating its worth in 20, 30, and 50 years based on a 6% inflation rate.