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

Standard Deduction: From AY 2020-21, a Rs 50,000 deduction is allowed ... exempt from advance tax if liability is below Rs 10,000. Tax Slabs (AY 2025-26): Old regime (60–80 yrs): Income up ...

Could this be you? Yesterday, we visited the Income Tax Department for Mr. Suresh’s demand issue. He filed his AY 2020–21 ITR on his own but missed claiming home loan interest. With Rs 1.5 ...

Old tax regime: From AY 2020-21, a retired employee above 60 years ... Old Tax Regime- Income tax rate slabs for senior citizens from 60 to 80 years of age: Up to Rs 3 lakh Nil Rs 3 lakh to ...

In respect of AY 2024-25 and AY 2025-26, you can opt for either old or new tax regime as under: Old Tax Regime- Income tax rate slabs for senior citizens from ... Answer: From AY 2020-21, the maximum ...

Standard Deduction: From AY 2020-21, a Rs 50,000 deduction is allowed under the old ... or Profession” are exempt from advance tax if liability is below Rs 10,000. Tax Slabs (AY 2025-26): Old regime ...

Formal notification will follow." Income Tax Department, Government of India posted on X. According to CBDT, the notified ITRS for AY 2025-26 have undergone structural and content revisions aimed ...

Also read: ITR filing for FY 2024-25 (AY 2025-26): Due dates, forms and what to do if you miss the deadline Now, let’s understand what the Income Tax Department says on all these tax benefits ...

The Income Tax department on Tuesday extended the due date for filing ITRs for Assessment Year (AY) 2025-26 to September 15 from July 31. The extension applies to individuals, HUFs and entities ...

The US Senate has passed a new bill that would offer a tax deduction on tips worth up to $25,000. This bill, if enacted into law, would also extend to business tax credits for payroll taxes on ...

The Senate unexpectedly passed the No Tax on Tips Act in a unanimous vote Tuesday, giving weight to the prospect of eliminating federal income tax on cash tips, which picked up political traction ...