Under the old tax regime, taxpayers can claim various deductions and exemptions, while the new tax regime does not offer much deductions.

Both the old and new tax regimes have advantages and disadvantages, but the New Personal Tax Regime is the best option for taxpayers making up to Rs. 12 lakhs per year since it provides a full refund ...

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 ...

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.

FY26 has brought with it several tax changes – the biggest one of them being the huge sweetener in the new income tax regime. This, along with major capital gains tax changes announced in July 2024 ...

Old vs new tax regime: As the financial year has ended, taxpayers will now begin gathering their documents to file their income tax returns (ITR) before the deadline of July 31, 2025. Just like ...

Is there any difference in standard deduction under both the regimes? Yes, the standard deduction under the old tax regime is ₹50,000, whereas, in the new tax regime, it is ₹75,000.

Since the government brought the new tax regime into effect in 2020, taxpayers have a choice of opting between two systems: the old regime of deductions and exemptions, and the new regime with ...

Give details of exemptions which are not allowed in the new regime such as HRA under section 10 (13A); also provide if you have income other than salary. Give details of other deductions allowed ...

Check the table below for details. The main difference between the old and new tax regimes is that under the new tax regime, you cannot avail of deductions such as 80C, 80D, and 24B. While you can ...

Mumbai: With the start of the new financial year 2025-26, salaried individuals are once again facing the common dilemma — which tax regime to choose: old or new? Employers are asking for ...

But a back-of-the-envelope calculation shows that Rs 15 lakh income, coupled with Rs 3.75 lakh deduction, is a break-even point What's the difference between the old tax and new tax regime and ...