In this article, we will dive deep into both tax regimes - Old Tax Regime and New Tax Regime. The write-up will explain ...

If you're planning to file your Income Tax Return (ITR) for the financial year 2024–25, it's crucial to understand the ...

D (health insurance), and home loan interest are just a few of the many exemptions and deductions that were available under ...

Difference between new and old tax regime on salary 1 crore Let us assume that if you are choosing the new tax slab, the in-hand salary on a salary of ₹1 crore will be around ₹70,74,220.

Switching between the old and new to the new tax regime can be done either on a ... The breakeven point is the amount at which there will be no difference in tax liability between the two tax ...

Amid the new ... new regime (other than those specified for e.g. 80JJAA, 80M, standard deduction). Both old and new tax regimes are available to taxpayers in 2024. The option to choose between ...

Income Tax Slabs 2024-25 Old Tax regime: For the financial year 2024-25, the income tax slabs and rates in the table apply to individuals, including residents below 60 years of age, non-residents ...

income tax in the new tax regime is 0 whereas in the old regime tax would be ₹1.8 lakh. The key difference between the old and new tax regime is that the old regime allows taxpayers to claim tax ...

In Union Budget 2023, the government introduced crucial changes to encourage taxpayers to adopt the new tax regime. These are: Budget 2024: Understanding the difference between old and new tax ...

Income tax laws provide a tax rebate to resident individuals in both tax regimes. This rebate, available under Section 87A, does away with the need to pay tax if the net taxable income stays below ...

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