The new regime offers lower tax rates, but does not allow most tax deductions. On the other hand, the old regime permits ...

Check new tax calculator by CBDT as per Section 115BAC in Finance Bill 2023. Representational image Section 115BAC Income Tax Calculator as per Finance Bill 2023 by CBDT: The Income Tax Department ...

The new tax regime from FY 2025-26 offers zero tax on incomes up to Rs 12 lakh, making it an attractive option for many.

As the financial year 2025-26 begins, taxpayers must choose between the two income tax regimes when they file their income tax returns (ITR)—the deadline is July 31.

If you opt for the new tax regime as per Section 115BAC, you are supposed to forgo exemptions and deductions while computing total income. If you are availing of exemptions or deductions under the ...

The income tax return form will include a question: “Whether opting out of new tax regime of Section 115BAC?” Clicking “yes” indicates that you wish to file under the old tax regime.

Disallowed deductions' related business losses expire in the new tax regime, while ordinary business losses can continue to be carried forward under specified circumstances.