Brazil's finance minister said on Friday that the challenge of an upcoming income tax reform will not be exempting workers ...
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A deduction cuts the income you're taxed on, which can mean a lower bill. A credit cuts your tax bill directly.
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Summary: Income Tax Bill 2025 was introduced in Parliament on February 13, 2025, as announced by Finance Minister Smt.
During her speech, the Finance Minister announced that individuals earning up to Rs 12 lakh will be exempt from paying taxes.
However, ITAT Mumbai overturned this decision, noting that the appellant had already declared the amount as business income and provided relevant documentation, including PAN and bank details of Mr.