Current Tax Structure and Latest Amendments
The income tax structure has been updated with enhanced benefits: For Individual Taxpayers: Income up to ₹4,00,000: Nil tax rate Zero tax liability for income up to ₹12,00,000 (considering rebate under Section 87A) Key Changes in Deductions: Standard deduction under salary head increased from ₹50,000 to ₹75,000 Family pension deduction limit raised from ₹15,000 to ₹25,000 Rebate under Section 87A enhanced to ₹60,000 from the previous ₹25,000 for the New Tax Regime Important Sections of the Income Tax Act, 1961 Chapter IV - Computation of Total Income Section 5: Scope of Total Income This section defines the scope of total income and establishes the charging provisions for different categories of taxpayers based on their residential status. Section 10: Incomes Not Included in Total Income Contains various exemptions including: Section 10(10AA): Special exemptions for certain income Section 10(38): Exemption for long-term capital gains on listed securities Section 11-13...