A significant reason many people fail to maximise their tax benefits in India is due to a lack of awareness. One contributing factor could be that the ₹1.5 lakh deduction under Section 80C is prominently advertised and straightforward, causing many to assume it’s the sole option available. The complexity of tax laws often complicates the …
This implies that if you don’t expressly select either the old or new regimes, your taxes will be computed under the new regime by default. Nevertheless, you have the flexibility to revert to the old regime at any time before the due date for filing your return for the applicable assessment year. The frequency of …
The Indian government introduced the new tax regime in 2020, offering taxpayers a choice between the old and new tax structure. This move sparked a debate amongst taxpayers about which regime is more beneficial for them. With the new financial year 2023-24 around the corner, it is essential to understand the key differences between the …