If you're planning to file your Income Tax Return (ITR) for the financial year 2024–25, it's crucial to understand the ...

The decision between the old and new regime depends on available deductions and exemptions. If the assesse has deductions and ...

Switching between the old and new to the new tax regime can be done either on a ... The breakeven point is the amount at which there will be no difference in tax liability between the two tax ...

Difference between new and old tax regime on salary 1 crore Let us assume that if you are choosing the new tax slab, the in-hand salary on a salary of ₹1 crore will be around ₹70,74,220.

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.

According to Budget 2025, under the new tax system, you don’t have to pay tax on income up to ₹12.5 lakh. This is a big jump ...

Amid the new ... new regime (other than those specified for e.g. 80JJAA, 80M, standard deduction). Both old and new tax regimes are available to taxpayers in 2024. The option to choose between ...

However, choosing between the old regime and the new tax regime is dependent on the person and his/her financial profile. Notably, the The New Tax Regime is beneficial for people who likes ...

This can be done by eliminating the deductible allowances, such as House Rent Allowance (HRA), Leave Travel Allowance (LTA) ...

New vs Old Tax Regime: In a major relief for taxpayers ... The revised tax structure also introduces a 25% tax slab for incomes between Rs 20 lakh and Rs 24 lakh. Finance Minister Nirmala ...

The Centre has once again aimed to enhance the appeal of the New Tax Regime by introducing lower tax rates and reducing deductions. This restructuring aims to simplify taxation, while the Old ...

Indian taxpayers have the option to switch between the new and old income tax regimes annually, following the changes introduced from the financial year 2023-24. The new tax regime is now the ...