In the Budget 2025, Finance Minister Nirmala Sitharaman increased the income tax rebate limit from Rs 7 lakh to Rs 12 lakh in the New Tax Regime. Effectively, individuals earning up to Rs 12 lakh will ...

Allowances exempt under the new tax regime 1 ... Exemption with respect to travel concession or assistance as covered in section 10(5) 2. House rent allowance: HRA exemption as covered in section ...

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

The new Income Tax Bill will replace the current Income Tax Act, once it becomes effective from April 1, 2026. However, many ...

Allowances exempted under both the regimes ... respect to travel concession or assistance as covered in section 10(5). 2. HRA exemption as covered in section 10(13A) 3. Any other allowance ...

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

By claiming two deductions, an individual with a gross salary of Rs 13,25,000 can bring their net taxable income down to Rs ...

India's Union Budget 2025-26 has introduced personal income tax changes under the new regime to spur middle-class spending & ...

the interest you pay can be claimed as an exemption under Section 80E. Similarly, medical insurance premiums or donations to charity can reduce your taxable income. HRA (House Rent Allowance): If ...

A comparison of the two regimes would clearly indicate that the intention of the Government is to streamline the process and ...