No changes in new tax regime from April 1: Finance Ministry The option of opting out from the new tax regime is available till the filing of return for the assessment year 2024-25, the ministry ...

Budget 2025 Expectations: In Budget 2020, the Modi government announced the introduction of the New Tax Regime, offering taxpayers the option to benefit from lower tax rates under simplified tax ...

Following the Union Budget 2023, the New Tax Regime serves as the default option. Taxpayers must indicate their chosen tax regime while submitting their proofs and when filing their tax return.

The new tax regime, introduced under Section 115BAC of the Income Tax Act, 1961, was designed to make taxes simpler by offering lower tax rates.

The government’s move to propose a new income tax law has reignited discussions, especially since no relief was announced for taxpayers under the old regime, while the new regime saw significant ...

Vide Finance Act 2022, taxation of virtual digital assets (VDA) has been introduced in the Income-tax Act, 1961 (‘the Act’), under section 115BBH of the Act in which the transfer of VDA is to be taxed ...

The new tax regime (NTR) will now be considered as a default regime, but it may not necessarily be a better option for all the taxpayers, experts said. "The NTR shall now be considered as a ...

necessitating in-depth comparisons to determine the more advantageous option. The Old Tax Regime refers to the tax system in place before the introduction of the new regime. It included over 70 ...

For the initial few years there was not much uptake of the new income tax regime amongst the taxpayers. This resulted in another amendment of making the new income tax regime as the ‘default ...

If the employee does not do so, it will be assumed that the employee continues to be in the default tax regime and has not exercised the option to opt out of the new tax regime. Taxpayers who do ...

Late submissions will only be accepted under the new tax regime. It is essential to file returns by July 31 to retain the option of choosing the old tax regime. Additionally, maintaining ...