Introduced in 2020, the new tax regime became a default regime in 2023. To be able to file tax return under the old tax ...

For individuals earning Rs 15 lakh annually, opting for the old tax regime can result in tax savings of up to Rs 48,100, ...

The concept of ‘tax year’ has been introduced replacing ‘previous year’ and ‘assessment year’ in the new Income Tax Bill ...

A deduction lowers taxable income before the tax payable is calculated. Rebates are applied after tax calculation ... Agnipath Scheme (Section 80CCH) Allowances Still Exempt under New Tax Regime ...

In the Finance Act, 2020 a new Section 115BAC was inserted as part of the Income Tax Act, 1961 (the Act) with a view to ...

Finance Minister Nirmala Sitharaman announced a major tax relief by raising the tax slab under the new tax regime for the ...

The objective of the new Bill is to streamline the Income Tax Act, making it more succinct, understandable, and user-friendly ...

What if someone earning above Rs 12.75 lakh annually chooses the old regime and claims the maximum deductions? Will it result in tax savings? This article explores the key deductions available under ...

The new Income Tax Bill 2025 consolidates salary provisions for clarity, incorporating previous deductions into the salary ...

The proposed bill does not change tax rates. Instead, it focuses on three key improvements: simplifying language for better ...

The old tax regime, which remains unchanged in the 2025 Budget, allows taxpayers to claim various exemptions such as House Rent Allowance (HRA), deductions under Section 80C (like for life insurance ...