Income generated by assets (land, shares, mutual funds etc.) bought under your spouse or child’s name need to be declared by you as well
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Revised tax slabs in the new tax regime now benefit the middle class and pensioners, with a 5 per cent rate for incomes between Rs 3-7 lakh and 10 per cent for Rs 7-10 lakh, saving up to Rs 17,500 more
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Assocham recommends reducing bureaucratic hurdles along with strengthening of social safety net for vulnerable sections.
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According to media reports, the government is prioritising tax rate cuts for lower-income earners over implementing additional welfare spending or freebies, emphasising the importance of fiscal consolidation
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