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Key reforms and how they impact your finances
Total Receipts
Total Expenditure
Fiscal Deficit Target
| Income Range | Tax Rate | Who Benefits? |
|---|---|---|
| Up to ₹12L | 0% | Middle class families |
| ₹12L - ₹15L | 10% | Early professionals |
| ₹15L - ₹20L | 20% | Growing professionals |
| Above ₹20L | 30% | High earners |
Now file updated returns for up to 4 years (previously 2 years)
TDS threshold on interest income raised to ₹1L (from ₹50K)
3-minute read with key changes
No tax if you earn under ₹12 lakh/year
TDS limit doubled to ₹1 lakh on interest
50% subsidy on farm equipment
Yes if: You earn under ₹12L or don't have home loan/insurance
No if: You claim deductions above ₹2L/year
👉 Get free advice from RivaMSME Loans: ₹5L credit cards for small businesses
Farm Loans: Lower interest rates for Kisan Credit Cards
You can check it for free on official websites like CIBIL, Experian, or through your bank.
Yes, if your rented and owned house are in different cities or justified with valid reasons.
PPF, ELSS, NPS, life insurance, and tax-saving FDs under Section 80C.
Only if annual income exceeds ₹20L (₹10L for special category states) or working with international clients.
Office rent, internet, salaries, depreciation, travel, marketing, and professional fees.
Use 80C, 80D deductions, invest in NPS, claim HRA, and utilize capital gains exemptions.
👉 Tax-saving tips from RivaYes, if your income exceeds ₹2.5L, or you want refunds, loans, or visa approvals.
Penalty up to ₹5,000, interest on dues, and possible tax notice.
👉 File ITR with Riva now