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

The new tax regime from FY 2025-26 offers zero tax on incomes up to Rs 12 lakh, making it an attractive option for many.

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 ...

under Section 192 based on the default regime — which is the new tax regime as per Section 115BAC of the Income Tax Act. Despite this, employees can still choose their final tax regime when filing ...

Individuals with Business or Professional Income: Taxpayers with income from business ... the tax software or utility will ask if you want to opt for the new tax regime under Section 115BAC. Choose ...

President Donald Trump said in an interview airing Tuesday with Fox News' Rachel Campos-Duffy that there was a "real chance" tariffs could replace income tax. "There's a real chance," Trump said.

The Union Budget 2025-26 raised the tax-free income limit to Rs 12 lakh for FY26 via rebate under Section 87A of the Income Tax Act, 1961. Currently, it is Rs 7 lakh for the ongoing FY 2024-25. So, ...

Section 115BAC (1A) has an overriding effect on the Income Tax Act, 1961 Section 115BAC (1A) states that notwithstanding ...

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 ...

In certain scenarios, the old tax regime may still offer a comparative advantage over the new regime. (Image: Financial Express) The proposals introduced by Finance Minister Nirmala Sitharaman in ...

The Income Tax Bill 2025 brings significant changes to the taxation framework to aim to simply the Income Tax Act 1961. The new bill moves the provisions of the new tax regime under Section 115BAC of ...

The newly introduced Income Tax Bill 2025 aims to simplify the existing provisions of the Income-Tax Act, of 1961. The provisions of the New Tax Regime outlined in Section 115BAC of the Income-Tax ...