Budget 2024 has proposed changes in the income tax slabs under the new tax regime. The changes have been made at the lower level of the income tax slabs, and this will largely benefit the lower ...

Salary income: The standard deduction of INR 75,000 will continue for new regime taxpayers, compared to INR 50,000 under the old tax regime. The new tax regime provides a total rebate of INR ...

The government introduced a new tax regime, known as Section 115BAC, as an alternative to the old tax regime. This new regime was optional and started from April 1, 2020, for individuals and Hindu ...

Old Tax Regime: Deduction for home loan interest, principal payment allowed New Tax Regime: No deduction allowed Old Tax Regime: HRA exemption is allowed for salaried taxpayers. New Tax Regime ...

It is pertinent to note that though salaried individuals can switch between the old and new tax regime on a year-on-year basis, such salaried employees are required to provide intimation regarding ...

The new tax regime offers a higher rebate compared to the old one. Under the new regime, individuals can get a rebate of up to Rs 25,000, making incomes up to Rs 7 lakh tax-free. In contrast ...

At present, there are two tax regimes: Old Tax Regime and New Tax Regime. The Old Tax Regime is the age-old tax structure that has been in place for decades. Taxpayers can claim various deductions ...

ITR filing: Old tax regime or new tax regime, here is what you need to know about the Income tax slab for FY 2024-25 before picking one. The income tax return filing time is here, and although it ...

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 ...

the new regime would be beneficial. If the claim for deductions/exemptions increases to Rs 3.80 lakh or more, then the old regime is beneficial. These comparative charts and examples suggest that, as ...

All those with non-business income can chose to alternate between the old tax regime and new tax regime once a year The current income tax rules does provide the freedom for taxpayers to choose ...