The new regime has lower tax rates and fewer slabs; hence, it has limited the previously available exemptions and deductions, such as those under Section 80C in the old regime.

Income sources dealt with under Section 56 of the Income Tax Act include dividends, one-time payments, advance payments, severance packages, and revenue from renting machinery.

In 1985, the then PM Rajiv Gandhi had abolished the inheritance tax following public resentment. Currently, there is no inheritance tax, whether through a will or intestate succession.

Double taxation means tax levied on a person in more than one country for an income, item, or service purchased, so the taxation treaties help prevent double taxation.

Are you a senior citizen with an income below the taxable limit? Filing an income tax return (ITR) can offer several benefits; however, sometimes, not filing an ITR can cause trouble, too!