In a significant move to ease the tax burden and boost economic growth, Finance Minister Nirmala Sitharaman unveiled a revamped income tax structure in the Union Budget 2025-26. The revised tax slabs offer substantial relief, with income up to ₹4 lakh remaining tax-free, while slabs ranging from 5% to 30% apply progressively for higher incomes. Read More…
Tag: tax
Kerala High Court Upholds State’s Authority to Tax BH Series Non-Transport Vehicles
Kochi: The Kerala High Court has ruled that the state government has the authority to levy taxes on Bharat (BH) Series non-transport vehicles. The court emphasized that while the Central Government can establish guidelines through laws or subordinate legislation, the power to impose taxes on motor vehicles rests solely with individual states. The ruling came Read More…
Karnataka Surpasses Delhi as India’s Second-Largest Tax Revenue Contributor, Fueling Economic Growth
Karnataka has now overtaken Delhi to secure the position of India’s second-largest tax revenue contributor, trailing only Maharashtra. This impressive achievement reflects Karnataka’s dynamic economy, which is driven by key sectors such as IT, manufacturing, and services. The state reported a 10% increase in Goods and Services Tax (GST) revenue for the fiscal year 2023-24, Read More…