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Under the old tax regime, taxpayers can claim various deductions and exemptions, while the new tax regime does not offer much deductions.

If you had mistakenly filed ITR in the new tax regime in 2023 and were not able to avail tax exemption, etc., can you switch to the old tax regime this year. Or, the new tax regime will become your default tax setting. Know what rules say and what options ...

Filing your Income Tax Return (ITR) in 2025? If you're wondering whether you can shift between the new and old tax regimes, you're not alone. The ability to switch depends on your source of income ...

As the new assessment year 2025-26 gets underway, people across the country especially salaried taxpayers are preparing to file their Income Tax Returns (ITR) for the financial year 2024-25.

To calculate income tax as per the old income tax slab ... you will get a rebate of ₹12,500 under section 87A. For the new tax regime, deductions/exemptions such as HRA and LTA would be taxable ...

It retains the old tax regime alongside the new one, ensuring continuity. The new concept of "tax year" means income tax will be assessed based on economic activity and income earned during that ...

There are two types of income tax slabs - one under new tax regime and other under old tax regime. What is the difference between gross income and taxable income? Gross income includes all your ...

But for those with small deductions, such as a young executive with a salary of Rs 9 lakh without any investments, the new regime's tax (Rs 45,000) is less than the old regime's Rs 92,500. "

When deciding to buy or rent property, understanding tax implications is crucial. Here's how HRA exemptions and home loan deductions impact financial choices Should you rent or buy property?

When we think about availing tax benefits on a home loan, the first picture that strikes our mind is of the old tax regime ... Rs 22.5 lakh or Rs 30 lakh? Proposed New Tax Regime Calculations: Is your salary Rs 12,78,000? Will you be taxed on Rs 3,000 ...

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 beyond Rs 24 lakhs under the new tax regime with revised slabs that is proposed for FY 2025–2026 onward.

The new financial year FY26 has kicked off, and taxpayers are meant to file their income tax returns under one of the two regimes. Mint deconstructs the key points to be considered before choosing ...

the new income tax regime will transition into the default tax structure. Taxpayers who do not explicitly opt for the old tax regime will automatically fall under the purview of the new tax framework.

Review your family emergency fund and replenish it if needed. Revisit financial goals to see if there is any change in timeline or the corpus required. Kindly note the image has been posted only ...

The new tax regime (NTR) will now be considered as ... various investments and expenditure that are eligible for tax exemption under the old regime and then decide which regime is better for ...

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 2025 introduced changes in tax slab rates. The applicable tax slabs under the old regime are as follows:

If you're thinking of moving from the old to the new tax regime in India, and you’ve accumulated business losses in the past, it’s natural to wonder what becomes of them. The good news is that ...

Announced by Finance Minister Nirmala Sitharaman in the Union Budget 2025, new changes are designed to simplify the tax system and benefit salaried employees.

Salaried people who have failed to pay advance tax on extra income also have an opportunity to correct the default.

The old tax regime in India represents the conventional taxation system that offers taxpayers a range of deductions and exemptions to lower their taxable income. These benefits cover investments in tax-saving instruments such as the Public Provident Fund (PPF),

Whether to choose Old Tax Regime or New Tax Regime is purely a matter of choice and goal, which we covered earlier in our Moneywise column dated February 17. Coming up from April 1, 2025 ...

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 regime,

FY26 has brought with it several tax changes – the biggest one of them being the huge sweetener in the new income tax regime. This, along with major capital gains tax changes announced in July 2024 mean that you need to look at your financial planning with a new tax lens.

Under the new tax regime, the amount obtained from life insurance policies will be taxable if the yearly premium paid is more than Rs 5 lakh a year.