In the general budget to be presented on February 1, people will be waiting for the announcements related to income tax. If ...

The new tax regime (NTR) lets you compute your income tax at a lower rate slab, but it renders you ineligible to claim most ...

Between the old and new tax regimes, the old tax regime allows ... or profession can simply tick “opting out of new regime” in the ITR form without filing Form 10-IEA. Self-employed: Taxpayers ...

Finance Minister Sitharaman revamped the income tax slabs in Budget 2024, enabling savings of up to ₹17,500. The standard ...

Give details of exemptions which are not allowed in the new regime such as HRA under section 10 (13A); also provide if you have income other than salary. Give details of other deductions allowed ...

Finance Minister Nirmala Sitharaman, during the 2023-24 Budget, announced that the new tax regime had been made the default tax regime, with taxpayers having the option to opt for the old tax regime.

But for professionals, the option to switch regimes is available only once. New tax regime vs old tax regime - deductions and exemptions allowed under both the regimes You can claim deduction for ...

New tax regime vs old tax regime - deductions and exemptions allowed under both the regimes You can claim deduction for home loan interest, but only on a rented property, and not as much as under ...

The 2024 income tax reforms introduces revised tax slabs, higher deductions, and simplified TDS and capital gains rules, ...

The government’s new tax regime isn’t for everyone. If you earn less than ₹13 lakh per annum, it might make more sense for you to stick to the old tax slabs. However, if you earn more than ...