What latest tax data says about income inequality
Both pre-pandemic slowdown and pandemic crisis disproportionately hurt lowest income group, while sparing others.
Both pre-pandemic slowdown and pandemic crisis disproportionately hurt lowest income group, while sparing others.
Finance minister has proposed major tax reforms in a push to the new tax regime. Here's how much you can save.
Rejigging of personal tax rates will lead to increased disposable income in the hands of consumers, which should increase the sales of two-wheelers and entry-level cars, says CRISIL.
When compared with the old tax regime, income tax rates under the new proposed tax regime are undoubtedly higher, says Aarti Raote of Deloitte India.
Finance Minister Nirmala Sitharaman on Wednesday proposed to increase the rebate limit to ₹7 lakh in the new tax regime.
FM proposes to increase personal I-T rebate limit to ₹7 lakh under new tax regime; to cut total slabs to 5 and increase exemption limit to ₹3 lakh
Finance Minister Nirmala Sitharaman announces that there will not be any new tax for income up to ₹3 lakh; reduces the number of I-T slabs to 5.
The gross tax collection stands at ₹13.63 lakh crore as of 17 December 2022 as against ₹10.83 lakh crore in the previous year.
The new concessional tax regime will become attractive for the tax payers if income up to ₹5 lakh annually is exempt from taxation, says EY India.
India has done a commendable job as compared to other member countries with the highest GDP growth and lowest inflation. However, fear of an impending recession is still lurking.