For the unversed, the new income tax regime offers concessional tax rates in exchange for non-entitlement of most income tax deductions, such as section 80C, 80D and 80DD, among others.

The income tax return form, by default, applies to the new regime. It inquires from the taxpayers whether they wish to come out under Section 115 BAC. Selecting 'Yes' transfers them to the old tax ...

As the financial year 2025-26 begins, taxpayers must choose between the two income tax regimes when they file their income ...

It is essential to inform your employer of your preferred tax regime on time to ensure that less tax is deducted from your ...

Proposed New Tax Regime Calculations: Is your salary Rs 12,78,000? Will you be taxed on Rs 3,000, or Rs 12,78,000; check details As capital gains tax rates change, here's how much income tax you will ...

Post Office Savings Accounts (POSA) have emerged as a favourable option for individuals opting for the new tax regime, offering specific tax benefits not available with regular bank savings accounts.

I am a little confused about the calculations of income tax in view of the tax proposals under the new regime. I am also ... Brij Lal Dhiman Based on the details provided, the tax liability ...

If you also intend to file your tax return under the old regime, it is vital to make note of following points. “Taxpayers who want to opt for old tax regime in Financial Year 2024-25, 31st March ...

Importantly, this benefit is only available to those who have not shifted to the new ... avail of tax benefits under the old tax regime when filing your ITR, report the donation details in ...

Major portions of the U.S. tax code are scheduled to expire at the end of 2025, and as the U.S. tax landscape faces potential ...

There will be a standard deduction of Rs 75,000 for salaried persons, making salaries up to Rs 12.75 lakh tax-free in the new tax regime ... all nominee details will be re-verified.