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Old Vs New Tax Regime: Which Better For You? The Advantages Of The New Tax Regime | ET NowOn ET Now, experts compare the old and new tax regimes, highlighting the benefits of the new system. The new tax regime offers lower tax rates but eliminates most deductions and exemptions. While ...
The Union Budget 2025-26 has kept the tax slab rates unchanged for salaried individuals below 60 years old. The existing tax slab rates are as follows: nil for individuals earning up to INR 2.5 ...
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Old vs New Tax Regime: Salary above Rs 8 lakh and beyond? This regime will do wonders for youOld vs New Tax Regime: The old tax regime provides deductions under Sections 80C, 80D, 80TTA of the Income Tax Act, 1961, while there are no such deductions under the new tax regime.
Old versus revised new tax regime: Now let’s consider a salaried taxpayer with an income of Rs 65 lakh. We are assuming that the person avails Rs 2 lakh as housing loan/HRA benefit, Rs 50,000 as ...
If you are availing exemptions or deductions under the old tax regime, the new tax regime may lead to a higher tax outgo. Written by PF Desk March 2, 2025 17:15 IST ...
Shefali Mundra, tax expert, ClearTax, is of the view that the old regime may still suit those with substantial deductions. "The changes reduce the need for complex documentation and for investing ...
Old Vs New Tax Regime Slabs and Rates Comparison: With no income tax burden for income levels up to Rs 12.75 lakh, a large section of salaried taxpayers stands to benefit.
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 ...
In the new tax regime, most deductions cannot be claimed, barring the deductions given under sections 80CCD(2)/ 80CCH and 80JJAA as per the provision of Section 115BAC of the Income Tax (I-T) Act ...
CBDT extends ITR filing deadline to Sept 15, detailing penalty waivers under Section 234A and unchanged advance tax penalties ...
Although the new regime is intended to streamline the tax process, it isn't for everyone—particularly those who regularly avail deductions under different sections of the Income Tax Act. 1.
The new income tax regime will feature the revamped tax slabs from April 1, 2025 onwards, with individuals not requiring to pay any tax if their income does not exceed ₹ 12 lakh.. Many of those ...
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