Taxpayers eligible for a refund may now earn over 30% more interest on the refund amount.
These amendments, effective April 1, 2025, aim to reduce the tax burden and simplify compliance.
Gifts from close family members, including the spouse, parents, siblings, children, and in-laws, are tax-free.
The Union Budget 2024 proposed including a reference to the Black Money Act, 2015.
TDS (Tax Deducted at Source) aims to collect tax at the source of income.