The Finance Ministry has issued a clarification amidst the dissemination of misleading information on social media platforms regarding the new tax regime. It emphasizes that there are no new changes taking effect from April 1, 2024. Taxpayers have the flexibility to choose between the old and new tax regimes based on their preferences and financial …
Effective income tax savings can be achieved by strategically utilising various avenues, provided they are planned meticulously. If you’re intending to make tax-saving investments, it’s crucial to initially determine the required investment amount. Consider avenues such as the Employees’ Provident Fund, life insurance premiums, tuition fees, home loan principal repayments, etc., as these qualify for …
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 …
New Tax Regime Vs Old Tax Regime For FY24: Around 5.5 crore taxpayers may have switched to the new tax regime in the current fiscal year, as the new income tax system has become more appealing for the financial year 2023–24 with a rebate on income up to ₹7 lakh, said Business Standard in its …
How should I decide which is a better tax regime for me—old or new tax regime? What deductions will I get in old regime and what will I stand to lose in the new tax regime? —Name withheld on request There are merits and demerits of both the old and new tax regime. From the …