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From a slew of deductions in the old regime to some surprising ones in the new regime, here is a look at your options for income tax savings

Many taxpayers find that the old tax regime is more flexible, particularly regarding deductions and exemptions.

The government brought in the new tax regime to make things simpler for taxpayers. It gives you more tax slabs with lower rates, which means you may end up paying less tax.

April is the month when your employer asks you to choose between the old and new tax regime for TDS on salary for FY 2025-26. Read on to know the calculations for deciding the best tax regime to reduce TDS on salary for the new financial year.

At the time of filing income tax return, taxpayers are supposed to be aware of different provisons which apply to the new tax regime

In case you are opting for the old tax regime, under Section 80C you can claim up to Rs 1.5 lakh of deductions every year. This section covers several popular options, like Public Provident Fund (PPF),

The new tax regime is now the default option. If you wish to continue with the old tax regime, you must inform your employer. Evaluate your investments and deductions before deciding.

Many individuals are confused about whether income tax rules allow a taxpayer to choose any tax regime during the income tax return filing. This is because last year, government presented the budget in July 2024 (after the General elections) but many communicated the desired tax regime in April for TDS on salary.

Home buying is encouraged by the Indian government with tax relief under certain provisions of the Income Tax Act, 1961, namely Section 80C and Section 24(b).

Rent income is an assessable head of income under the head 'Income from House Property' of the Income Tax Act, 1961, and landlords are required to report rent income from any rented property.

CBDT has announced several changes in the ITR forms this including that in ITR-1 (SAHAJ) and ITR-4. Here are 6 Changes regarding ITR-1 (SAHAJ) that salaried individuals should know.

Old tax regime, however, still offers taxpayers a range of options to save taxes through various eligible deductions and exemptions post 2025 Union Budget. On the other hand, the new tax regime has a fewer deductions available for taxpayers compared to the old regime.

Under the new tax regime, there is a small tax exemption of Rs 3,500 per financial year available on the interest earned from a post office savings account. This exemption falls under Section 10(15)(i) of the Income-tax Act.

Senior citizens can avoid TDS deductions on fixed deposit interest over Rs 1 lakh by filing Form 15H, which ensures no tax deduction if income is up to Rs 12 lakh under the new tax regime.

However, there’s a crucial caveat. This flexibility to change regimes is only available if the ITR is filed on or before the due date. If a taxpayer files a belated return—after the deadline—the ITR will be filed only under the new tax regime. The income tax portal will not allow a switch to the old regime in such cases.

This story answers if as a taxpayer, you will be able to switch to the old tax regime while filing income tax return (ITR) and how switching to the old regime will help you save money (via deductions)

Salaried and self-employed individuals can use HRA exemption under Section 10 (13A) and Section 80GG, respectively. HRA helps you save significant amount of tax if you are living in metro cities.

A breakdown of deductions, exemptions, savings under the old and new systems will help you manage your finances

A taxpayer can switch to the old income tax regime while filing the Income Tax Return (ITR), subject to certain conditions and procedural requirements laid down under the Income Tax Act, 1961.