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The income tax slabs under the new tax system have changed as a result of Budget 2023. Under the new tax system, the government increased the basic income exemption ceiling from Rs 2.5 lakh to Rs 3 lakh. In addition, the government raised the threshold for rebate eligibility under the new tax system from Rs …
The taxes you pay could be adjusted in the near future, as Finance Minister Nirmala Sitharaman announced significant changes during her budget speech, aimed at supporting the hard-working middle-class taxpayers. These changes are referred to as new income tax slabs, which have been designated as the default tax regime by the government. However, the previous …
In layman terms, tax refund is the disparity between the taxes paid and taxes owed to you. A tax refund is furnished to the taxpayer when the tax liability is less than the taxes paid. As per the Income Tax and other Direct Tax laws, a refund occurs when taxes paid are higher than your …