You should opt for the old tax regime if you want to claim deductions and exemptions for house rent allowance.

Higher Income Brackets: For people with annual incomes above Rs 24 lakh, both regimes apply the same top tax rate of 30%. But ...

Pay Advance Tax, if Required – If the total tax liability exceeds Rs. 10,000 (after considering deductions and rebates), the ...

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FY26 has brought with it several tax changes – the biggest one of them being the huge sweetener in the new income tax regime. This, along with major capital gains tax changes announced in July 2024 ...

With the ITR filing season for FY 2024–25 officially underway, taxpayers are once again faced with the crucial decision of ...

The old tax regime offers more deductions and exemptions compared to the new tax regime, making it a preferred choice for individuals who can take advantage of these benefits. Additionally, the Budget ...

Notably, taxpayers can claim exemption for HRA along with the interest on home loan under the old tax regime in the same year. “If a salaried person is paying high rent, it is advisable to opt for the ...

The new tax regime also offers a higher standard deduction. Last year, it was raised from Rs 50,000 to Rs 75,000 for salaried ...

Old tax regime, however, still offers taxpayers a range of options to save taxes through various eligible deductions and ...

Under the new tax regime, individuals with annual income up to Rs 7 lakh can avail a rebate under Section 87A, meaning they ...