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

then the old regime is beneficial. These comparative charts and examples suggest that, as a thumb rule, a tax payer having a salary of Rs 15 lakhs or above and eligible to claim deductions/exemptions ...

General perception is that if you have investments and deductions and are in a salary bracket of over Rs 7 lakh, the old tax regime is a better choice than the new tax ... the Rs 15 lakh income ...

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

15 lakhs, which can reduce their tax burden.Income tax rates applicable for individuals aged between 60 and 80 years who are senior citizens. To calculate income tax as per the old income tax slab ...

While both the old and new ... tax rate for specific tax slabs, the old tax regime has enough room for claiming deductions under Chapter VI-A against various allowances forming part of salary ...

This means people earning Rs 7 lakh would be taxed at 5% instead of 10% earlier; and those earning Rs 10 lakh would be taxed at 10% instead of 15% ... in the new tax regime than in the old tax ...

"The previous tax regime, known as the old regime, was in place before the new ... 15 lakh in 2024-25, would have paid Rs 1,30,000 as tax. From April 1, 2025, he will pay Rs 97,600. For Rs 20 lakh ...

With no income tax ... Rs 24 lakhs. This means significant savings for middle-class earners. For example, those earning Rs 15 lakh, are set to 25% more under New Tax Regime over the Old Tax ...

The new tax regime now offers a full tax rebate on income up to ₹7 lakhs ... salary, home office setup, internet, books, and periodicals. These reimbursements are tax-free under both the old ...

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 ... in higher salary brackets who ...

Do you have income tax-related ... Rs 4 lakh (new regime) and Rs 2.5 lakh (old regime) limit from next financial year onwards? For FY 2024-25, her total income is Rs 4,25,000 (Rs 2 lakhs + Rs ...