Income Tax – Latest Updates, Basics, Tax Slabs, Rules - Best Criminal Lawyer in Delhi

Income Tax – Latest Updates, Basics, Tax Slabs, Rules

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Income Tax – Latest Updates, Basics, Tax Slabs, Rules

 Introduction

 

Income Tax – Latest Updates, Basics, Tax Slabs, Rules is one of the most essential topics for every Indian citizen. Each year the government makes changes to income tax laws slabs and compliance rules. Whether you are a salaried employee business owner, or freelancer it is important to stay updated so you can plan your taxes effectively and avoid penalties.

 What Is Income Tax? (Basics)

To understand Income Tax – Basics, we first need to know that it is a direct tax imposed on the income of individuals and organizations. This tax is a major source of government revenue and is used for national development and welfare programs.

The Income Tax Act, 1961 governs the rules and collection of tax in India. Under this Act, income is classified under five main heads:

 

  1. Income from Salary

  2. Income from House Property

  3. Income from Business or Profession

  4. Capital Gains

  5. Income from Other Sources

Income Tax Slabs (FY 2025–26)

The Income Tax – Tax Slabs are revised each year in the Union Budget. Below are the latest income tax slabs for FY 2025–26 (New Regime):

Annual Income

Tax Rate

₹0

– ₹3,00,000

No Tax

₹3,00,001 – ₹6,00,000

5%

₹6,00,001 – ₹9,00,000

10%

₹9,00,001 – ₹12,00,000

15%

₹12,00,001 – ₹15,00,000

20%

Above ₹15,00,000

30%

Note: Under the Old Regime, deductions such as Section 80C, 80D, and HRA are still applicable, while the New Regime offers lower rates but fewer deductions.

 Income Tax – Latest Updates (Budget 2025 Highlights)

The 2025 Budget introduced several that impact millions of taxpayers:

  1. Rebate limit increased — No tax up to ₹7.5 lakh (New Regime).

  2. Standard Deduction raised to ₹75,000.

  3. Senior Citizens receive additional rebate benefits.

  4. TDS rates have been slightly adjusted.

  5. Faceless Assessment & e-Filing made easier and faster.

  • These

    Income Tax – Latest Updates aim to simplify compliance and promote digital transparency.

Under Income Tax – Rules, every individual or business entity must file a return according to their income bracket.

Here are some key rules:

  • ITR Filing Deadline: Generally 31 July every year.

  • Aadhaar–PAN linking is mandatory.

  • Advance Tax: Required if total tax liability exceeds ₹10,000 per year.

  • TDS Deduction: Employers deduct tax directly from salary.

  • Penalty: Late filing or incorrect information can lead to heavy fines.

     Tip: Self-employed individuals should pay quarterly advance tax to avoid interest charges under Sections 234B and 234C.

Let’s assume your annual income is ₹10 lakh under the New Regime:

  • ₹0 – ₹3 lakh – 0%
  • ₹3L – ₹6L – 5% = ₹15,000
  • ₹6L – ₹9L – 10% = ₹30,000
  • ₹9L – ₹10L – 15% on ₹1 L = ₹15,000
     Total Tax = ₹60,000 (excluding cess)

FAQs on Income Tax – Latest 

Yes, new updates are announced annually in the Union Budget.
Q2. What are the main tax deductions available?
 Under sections like 80C, 80D, HRA, and home-loan interest.
Q3. Can I file my ITR online for free?
 Yes, you can e-file at incometax.gov.in.
Q4. Which regime is better — New or Old?
 It depends on your income level, savings, and deductions.

 

Q5. What happens if I don’t file my return on time?
 A penalty up to ₹5,000 may be levied and refunds may get delayed.
Understanding  is crucial for every taxpayer.
Since the rules and slabs change yearly, staying informed helps you file returns correctly and manage finances smartly.
For specific advice on exemptions or sections, always consult a qualified tax consultant or legal advisor.
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