The Income Tax Department’s latest updates to ITR-1 and ITR-4 for Assessment Year 2025–26 have sent a clear message—claiming ...

Check new tax calculator by CBDT as per Section 115BAC in Finance Bill 2023. Representational image Section 115BAC Income Tax Calculator as per Finance Bill 2023 by CBDT: The Income Tax Department ...

The new regime offers lower tax rates, but does not allow most tax deductions. On the other hand, the old regime permits popular tax deductions and exemptions ...

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.

The income tax return form will include a question: “Whether opting out of new tax regime of Section 115BAC?” Clicking “yes” indicates that you wish to file under the old tax regime.

If you opt for the new tax regime as per Section 115BAC, you are supposed to forgo exemptions and deductions while computing total income. If you are availing of exemptions or deductions under the ...