STANDARD DEDUCTION 2023
Father dies after falling from overcrowded train, Railways denies compensation; wife and son file case in Supreme Court and wins Rs 8 lakh
A father tragically died after falling from an overcrowded train to Ujjain. The Railways initially denied compensation, citing a lack of ticket. However, the Supreme Court has now directed the Railways to pay Rs 8 lakh to the man's wife and son. This landmark ruling emphasizes that technicalities should not prevent legitimate claims under welfare legislation.
Govt accountant caught taking bribe by police, acquitted by sessions court due to 'benefit of doubt', loses job restoration case in Karnataka High Court
A Karnataka government accountant, caught accepting a bribe, was ordered compulsory retirement after a departmental inquiry. The Sessions Court acquitted him of criminal charges, and the KSAT overturned the retirement. However, the High Court reinstated the penalty, emphasizing the difference between criminal and departmental proof standards and noting the acquittal was not honorable.
Your nest egg at risk? IRS’ latest retirement shift under SECURE 2.0 Act explained
Retirement savings are facing a major shake-up under the SECURE 2.0 Act, and many Americans could see their nest eggs affected. Starting in 2026, new IRS rules will change how high earners make catch-up contributions, how older workers can save more, and how automatic enrollment impacts new employees. From mandatory Roth accounts to penalty-free emergency withdrawals, these shifts could significantly impact your retirement strategy and tax planning. Here’s what you need to know to protect your savings.
Social Security’s 2026 COLA could make history — here’s why it’s not enough
The 2026 Social Security COLA is historic in size but may not be sufficient for many Americans to keep up with the rising cost of living. Analysts estimate a 2.8% COLA for 2026, a significant increase from the 2.5% adjustment in 2025 and the 3.2% in 2024. For instance, the average monthly Social Security benefit is around $1,700, so a 2.8% increase would add approximately $48 to $50 per month.
Social Security 2026 COLA estimate revealed: Could retirees see the biggest benefits boost since 1985, and how much more money is coming?
Retirees are on track to receive one of the largest Social Security cost-of-living adjustments (COLA) in decades. According to new estimates, the 2026 COLA is expected to be around 2.7% to 2.8%, which would mark the strongest five-year average increase in benefits since 1985. On October 15, 2025, the Social Security Administration will announce the official COLA for 2026.
5 common mis-selling traps: How banks profit at your expense and how to fight back
Mis-selling of financial products in India is rampant, with customers often misled by agents and relationship managers pushing unsuitable products for commissions. Victims like Rajeev Agarwal and Gaurav Santoshwar highlight the importance of due diligence and understanding product details. Regulators need to enforce stricter penalties and transparency to protect investors from these deceptive practices.
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Ticket to the Arctic: Inside Russia's system of convict labour
Russia revives forced labour amid Ukraine war labour crisis. Convicts fill workforce gaps in harsh regions like Norilsk. Activist Yekaterina Fatyanova faces punishment in Norilsk for war censorship violation. The forced labour sentences increased fivefold between 2020 and 2023. Critics see echoes of Stalin's Gulag. Concerns rise over exploitation and human rights. Companies benefit from cheap labour.
Explained: What is Mutual Fund - Voluntary Retirement Account scheme by AMFI and how is it similar to US 401(k)
India is preparing for a significant increase in its elderly population. Association of Mutual Funds in India (AMFI) introduces Mutual Fund-Voluntary Retirement Account (MF-VRA). This scheme is inspired by the U.S. 401(k) plan. It offers voluntary participation and employer-sponsored options. Mutual funds will manage it with tax incentives and flexibility.
NYT Mini Crossword August 25: Clues and answers to solve the Monday puzzle with ease
From the viral success of Wordle to fan favorites like Connections and Strands, these games have become a global daily ritual. Among them, the NYT Mini Crossword has built a devoted following, delivering a fast yet challenging test of vocabulary and deduction.
Four critical changes in Income Tax Act: Standard deduction, UPS, income tax search, and other changes to be applicable in FY 2025-26
Finance Minister Nirmala Sitharaman announced four key amendments to the Income Tax Act, 1961, addressing tax exemptions for sovereign wealth funds, abatement of assessments in search cases, and clarity for the new Income Tax regime's standard deduction. The amendments also align the Unified Pension Scheme (UPS) with the National Pension System (NPS) for tax purposes, removing previous disparities.
Taxman eyes crypto code; China stalls India tech JVs
We’ve got fresh details on India’s crypto regulation push, plus a look at China’s tech deal delays. This and more in today's ETtech Top 5.
Section 87A rebate rule correction: No income tax till income of Rs 12.75 lakh for salaried individuals except this income
For FY 2025-26 (AY 2024-25) Section 87A rebate allows an salaried individual to not pay any tax for income up to Rs 12.75 lakh but this rebate is not allowed on short term capital gains income under new tax regime. However, a drafting error in standard deduction limited it to Rs 50,000 instead of Rs 75,000 as announced in Budget 2025. This drafting error is now fixed.
PAN-Aadhaar linking update: Relief from tax demand notice due to short TDS deduction for these taxpayers
The Income Tax Department is offering relief to taxpayers who received demand notices for short deduction or collection of TDS/TCS due to transactions with in-operative PAN holders. Taxpayers can avoid penalties if the PAN is linked with Aadhaar by a specified deadline. This also applies to property buyers who deducted TDS at a lower rate than required. Read below to know more.
Has Standard Deduction of Rs 75,000 from salary, pension income increased in Budget 2025?
There were rumours that the government might hike the amount of standard deduction available to give tax relief to the middle class. However, hopes of the middle class have been dashed.
Budget 2025: Why standard deduction becomes a topic of high interest before every budget
Budget: There is a reason why people demand standard deduction before every Budget. If you are a businessperson, you can bring down your taxable income by deducting all provable business-related expenses. Some people push the limits with these deductions, including expenses that may not directly relate to their business. Salaried people have fewer tax-free allowances compared to business owners.
Income Tax Bonanza in Budget 2024: Will FM Sitharaman make new tax regime attractive in Budget? Changes taxpayers want
Budget expectations 2024 of taxpayers: The Finance Minister, Nirmala Sitharaman, needs to make the new tax regime more attractive to taxpayers while ensuring that key benefits are retained. These benefits, such as the exemption for House Rent Allowance, deduction for housing loan interest, and provident fund contributions for salaried individuals, have been crucial for tax planning.ax planning.
Standard deduction: Confused about what it means? Here's help
To help salaried employees, the standard deduction allows for a flat deduction from salary income, compensating for some typical employment-related expenses. In India, the standard deduction was abolished in 2005 but was brought back in 2018.
Income tax relief: Budget 2024 may increase standard deduction under new income tax regime
Will Budget 2024 increase standard deduction: The Finance Minister in the 2023 Budget included a standard deduction of Rs 50,000 for salaried taxpayers and individuals getting pensions in the new tax regime. This standard deduction was made the automatic choice, unless taxpayers chose not to take it.
How to save income tax in new tax regime? Two deductions that salaried can claim
Deductions under new tax regime: If you are planning to opt for the new tax regime in current financial year, then there are two deductions that are allowed under the new tax regime. These deductions are available to salaried individuals. Read on to know more about these two deductions and how it can be claimed.
What are income tax rates and slabs under the new tax regime?
New tax slabs in new tax regime: If you are planning to opt for a new tax regime in the current financial year 2023-24, then here are the income tax rates and slabs for the same. It is important to note that income tax slabs and rates in new tax regime has been revised from April 1, 2023 for FY 2023-24.
Standard deduction limit increased? Here's what Budget 2024 says
Standard deduction limit in interim budget 2024: The standard deduction limit was last hiked in interim budget 2019. Since then maximum deduction amount has been kept unchanged. Last year, finance minister Nirmala Sitharaman brought the benefit of standard deduction under new tax regime. The benefit of standard deduction is available in both tax regimes from FY 2023-24.
TDS on salary: How to avoid higher income tax under new, old tax regime
With the start of the new year, employers send an email to their employees asking to submit the proofs for investment declaration made during the financial year. This is done to avoid higher tax deducted from salary income. Read on to know the proof you must submit to avoid higher taxes under new and old tax regimes.
Income Tax in Budget 2024: Will standard deduction limit be hiked from Rs 50,000 to help salaried taxpayers?
Standard deduction hike in Budget 2024: It has been almost 5 years since standard deduction was revised; the previous instance was in 2019. There are many compelling reasons to raise the limit of the standard deduction from Rs 50,000. Standard deduction, needs to be periodically adjusted to account for inflation, says Akhil Chandna, Partner, Grant Thornton Bharat. Though 2024 will see only an interim budget, middle-class taxpayers are eagerly hoping FM Nirmala Sitharaman will roll out some tax sops. Will the Budget 2024 raise standard deduction from Rs 50,000?
What is Section 115BAC of the Income-tax Act?
Section 115BAC of the Income-tax Act deals with the new tax regime introduced in the Union Budget 2020. The income tax slabs in the new tax regime has been proposed to be revised in Budget 2023. Here is all you need to know about the Section 115BAC of the Income-tax Act.
Old vs new tax regime: Who should opt for which income tax regime now?
Here is an analysis showing the maximum deductions a salaried individual needs to claim in the old tax regime so that the income tax payable remains the same under the revised new income tax slabs announced in Budget 2023.
Three deductions that can be claimed under new income tax regime 2023
To make the new income tax regime more attractive, the Budget 2023 has announced certain deductions that will be available from FY 2023-24. The deductions mentioned here include all the ones that are recently introduced as well as those that were previously available. Read on to know more about three deductions that one can claim under the new tax regime.
Standard deduction introduced in new tax regime for salaried, pensioners
Standard deduction 2023: Standard deduction was introduced in the Union Budget 2018. This deduction was announced in lieu of transport allowance and medical reimbursement. However this deduction was not available under new tax regime so far. Budget 2023 has extended this benefit under new tax regime also. When you combine the effect of standard deduction of changes in the tax slabs of the new tax regime it gives a good amount of tax savings to a salaried tax payers.
Which tax regime should senior citizens opt for post-budget 2023?
The revised new tax regime has introduced a standard deduction of Rs 50,000 for pensioners as well including family pensioners. Thus, a senior citizen pensioner may benefit under the revised new tax regime if they are unable to claim maximum deductions and exemptions for income tax outgo to remain the same in both tax regimes.
Salaried, pensioners to pay nil tax on income up to Rs 7.5 lakh in new tax regime
The deduction and rebate in the new tax regime besides the tweak in income tax slab for individual taxpayers like salaried, pensioner and family pensioners will now be enable them to pay zero tax if their annual income is Rs 7.5 lakh. The income level at which non salaried people will have to pay nil tax is Rs 7 lakh.
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