Jalandhar July 26 (Jaswinder Singh Azad)- The PG Department of Commerce and Management of PCM SD College for Women, Jalandhar organised a Discussion on Income Tax to commemorate ‘Income Tax Day for the students of B.Com (R) Semester I and B.Com (F.S.) Semester I.
The discussion was conducted on Indian Taxation System. They were told about the two types of taxes in India – Direct & Indirect. Indirect Tax includes GST, while Direct Taxes include INCOME TAX. The students discussed changes including- new income tax slabs for FY 2025-26 with income up to ₹4 lakh exempt from tax and 5% tax rate applicable up to ₹8 lakh. Also, various provisions were discussed, including a hike in the standard deduction to ₹75,000 and an increased rebate limit of ₹60,000 under Section 87A, making income up to ₹12 lakh effectively tax-free.
The students were given complete knowledge about the new income tax regime tax slabs and a comparison between the old tax regime and new tax regime, highlighting the benefits of reduced tax rates and increased deductions.
TDS threshold on senior citizen interest being doubled to ₹1 lakh
Additionally, the discussion covered other key points such as the tax slab limits for different income brackets, with 10% tax rate applicable from ₹8 lakh to ₹12 lakh, 15% from ₹12 lakh to ₹16 lakh, and so on. The students were also informed about the TDS threshold on senior citizen interest being doubled to ₹1 lakh and the TDS on rent being capped at ₹6 lakh annually. The discussion provided a comprehensive understanding of the Indian taxation system and its implications for taxpayers.
A total of 38 students attended the discussion. The speakers were Mrs. Kuljeet Kaur & Ms. Diksha Bakshi from the PG Department of Commerce & Management. The students actively participated in the discussion and were keen to know about income tax.
President Shri Naresh Budhia, Senior Vice President Shri Vinod Dada, other members of the managing committee and Principal Dr Pooja Prashar applauded the department for organising a knowledgeable session for students which proved to be fruitful as they were familiarised with various aspects of income tax and budget.