It is important to note that your taxable income includes income from various sources, such as salary ... tax is payable in the old tax regime as compared to the new tax regime. Here is an example ...

While both the old ... tax regime when filing the personal tax return. For example, at the beginning of the year, an employee opts for the new tax regime and the employer deducts tax based on slab ...

The 5 per cent tax bracket is now Rs 4 lakh - Rs 8 lakh, up from Rs 3 lakh - Rs 7 lakh earlier. The Rs 7 lakh - Rs 10 lakh slab ... can claim under the old regime. For example, if your income ...

Tax calculator 2025: The Income Tax Department has introduced a user-friendly tool for taxpayers to compare taxes under the New Tax Regime for the financial years 2024-25 and 2025-26 (post budget ...

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 ...

Note:The slabs and rates of tax in the 'Proposed New Tax Regime Slab Rate' column apply ... To calculate income tax as per the old income tax slab, you need to follow a few steps.

Many of those who use the old regime may consider switching to the new one since the Union Budget 2025 has substantially brought down the slab rates ... the basic salary in the old tax regime ...

The Union Budget 2024 has brought notable changes in the slab rates for taxpayers opting for the new tax regime (NTR), while the old tax regime ... choice. For example, an income of Rs 7 lakh ...

The decision can have a significant impact on your take-home salary and ... The old tax regime features a basic exemption limit of Rs 2,50,000, with the highest tax slab at 30% for income above ...

As can be seen in the above example, HRA makes up the largest chunk of the total exemption. This means if the taxpayer pays low rent, even claiming HRA may not make the old tax regime favourable ...

Since the government brought the new tax regime ... salary components that are exempt under the old system, it’s worth doing the math before making the switch. The old regime still remains ...