From new disclosures related to deductions and the new tax regime to improved clarity in reporting income sources, these ...

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

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 ...

New Delhi, April 30 (IANS): The Central Board of Direct Taxes (CBDT) has notified the income tax return forms ITR-1 and ITR-4 ...

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

You can switch between the old and new tax regimes only if you file your ITR on or before the due date. If you miss the ...

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 ...

Although most common deductions are not permitted in the new tax regime, there are a few that ... to 14 per cent of the employee’s salary in 2024 from from 10 per cent earlier.

A number of changes pertaining to income tax slabs under the new tax regime go into effect on April 1, 2025 (FY26), as mentioned in Budget 2025. The maximum tax rate of 30% would be applied to income ...

The new tax regime is now the default option. If you wish to continue with the old tax regime, you must inform your employer.

However, there’s a crucial caveat. This flexibility to change regimes is only available if the ITR is filed on or before the ...

Corporate tax for most domestic companies remains at 22%. New manufacturing companies (registered after Oct 2019) can still enjoy a special 15% rate. GST return filing is stricter — make sure your ...