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The New Tax Regime is a scheme of Income tax in India first proposed in Union Budget 2020–21. It offers reduced tax rates but no deductions for most taxpayers, except for some exemptions. See the background, status and latest changes in FY23-24.
The Government of India allocated Rs. 2,23,846 crore in this financial year which is increase of 137% from the previous financial year, of which 35,000 crore rupees is allocated for Covid-vaccines, 64,180 crore rupees is allocated for PM Aatma Nirbhar Swasth Bharat Yojana and other announcements are -
Learn about the history, administration and current law of income tax in India, a key source of government funding. Find out how income tax evolved from ancient times to the present day, and how it is governed by the Income-tax Act, 1961 and other laws.
ITR stands for Income Tax Return, a form that assesses file information about income and tax to the Income Tax Department of India. Learn about the different types of ITR forms, the eligibility criteria, the due dates, and the penalties for late filing.
The Income Tax Department is a government agency in India that collects direct taxes under the Central Board of Direct Taxes (CBDT). It enforces various tax laws, such as the Income-tax Act, 1961, and deals with international taxation issues.
TDS stands for tax deduction at source, a withholding tax in India that applies to various types of income, dividends, or asset sales. Learn about the objectives, rates, provisions, and certificates of TDS under the Income Tax Act of 1961.
IRS (Income Tax) is the administrative revenue service of the Government of India, responsible for collecting and administering direct taxes. It is a Central Service under the Ministry of Finance and has two streams of recruitment: direct recruits and Group B officers.
Learn about the annual budget of the Republic of India set by Ministry of Finance for the following financial year. Find out the traditions, history, and details of the Union Budget, including the latest one presented in 2023.