Taxpayers can choose between the old and new income tax regimes annually, provided they don't have business income. The new ...

according to a report published in The Times of India. Income tax calculator FY 2025-26 The new tax regime is better than the old tax regime for income up to Rs 12 lakh (Rs 12.75 lakh for salaried ...

However, if this individual were to opt for the revised new income tax regime, then the tax outgo would be zero - which means a tax benefit of Rs 49,400 for switching from the old to the revised ...

CBDT in its circular stated that the salaried employees are required to intimate their employers about the income tax regime they want to opt for. With the onset of new financial year on April 1 ...

Tax calculator 2025: The Income Tax Department has introduced a user-friendly tool for taxpayers to compare taxes under the New Tax Regime for the financial years 2024-25 and 2025-26 (post budget ...

The new tax regime was introduced in the Finance Act, 2020, with the intention to provide an option of a simplified tax structure and lower tax rates for those who forgo certain deductions and ...

This triggers an old debate between old tax regime and new tax regime. However, if you are also confused between which tax regime to opt for ... you need to visit income tax department's website ...

Select the "New Tax Regime" option if applicable. Complete the remaining sections of ITR and submit it. For individuals with business/professional income: Download and complete Form 10IE. Submit Form ...

New Income Tax Regime: Reimbursements Exempt From Tax According to the ET report, several allowances are available for taxpayers to restructure their salary and lower their taxable income: ...

Know the ITR deadline: As the last date to file the income tax return (ITR) looms closer and you have not yet filed the return, it is imperative to first decide the tax regime you plan to opt for.

The decision on whether you should opt for the new regime would ... your taxable income will be Rs 12 lakh. Now, according to the old tax regime slabs, you would pay a total income tax of Rs ...

Tax savings 2025-26: As the new financial year (FY 2025-26) approaches, taxpayers are faced with the decision of choosing between the Old and New Tax Regimes. The upcoming financial year starting ...