Tax Laws Part 1 2025 Latest Tax Rules for Bankers
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for 2026 updates — Bank Promotions.
One-liners from this chapter
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What is the new tax rebate limit under Section 87A for individual taxpayers under the new tax regime for FY 2025-26?
Under the new tax regime, individuals with taxable income up to Rs. 12 lakh are entitled to a full tax rebate under Section 87A, effectively making their tax liability nil.
What is the basic exemption limit under the new tax regime for individuals for FY 2025-26?
Basic exemption limit is Rs. 3 lakh under new regime.
What are the revised income tax slab rates under the new tax regime effective from FY 2025-26?
The revised slabs are: Nil up to Rs. 4 lakh, 5% for Rs. 4-8 lakh, 10% for Rs. 8-12 lakh, 15% for Rs. 12-16 lakh, 20% for Rs. 16-20 lakh, 25% for Rs. 20-24 lakh, and 30% above Rs. 24 lakh.
What is the maximum marginal rate of income tax applicable under the new tax regime for FY 2025-26?
Maximum marginal rate is 30% on income above Rs. 15 lakh.
What is the standard deduction available to salaried employees and pensioners under the new tax regime for FY 2025-26?
The standard deduction under the new tax regime has been enhanced to Rs. 75,000 for salaried employees and pensioners, up from the earlier Rs. 50,000.
Which section of the Income Tax Act provides for deduction on account of depreciation for banking companies?
Section 32 provides depreciation deduction for banking companies.
What is the updated TDS threshold on interest income from banks for senior citizens under Section 194A for FY 2025-26?
The TDS threshold for senior citizens on bank interest income under Section 194A has been raised to Rs. 1 lakh per annum, compared to Rs. 50,000 earlier.
Under which section of the Income Tax Act is interest on housing loan deductible for self-occupied property?
Section 24(b) allows up to Rs. 2 lakh deduction.
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