In the Union Budget 2025, Finance Minister Nirmala Sitharaman is expected to adjust the personal income tax rules under the ...

The new tax regime was first introduced in Union Budget 2020-21 by inserting a new section, 115BAC, in the Income Tax Act for individuals and Hindu Undivided Families (HUFs).

Budget 2024 ushered in sweeping changes in the new tax regime, rejigging income tax slabs and hiking the standard deduction ...

Most personal tax experts are of the view that the government will phase out the old income tax regime in the coming years.

Income Tax: Standard deduction of ₹75,000 from salary is given under the new tax regime In FY 2023, the income tax regime became a default regime for all taxpayers. This means the taxpayers are ...

Before proceeding further, let us first understand the tax exemptions which are allowed under the old regime but not in the new tax regime. Although there are a few exemptions that are given under ...

Under the old tax regime, government and private sector employees can claim deductions of up to 10% of their salary (basic ...

Tax deductions on investments will not be available if one opts for the new tax regime. Investments like ELSS, PPF, and tax-saving fixed deposits are likely to lose their sheen. The old tax regime ...

Under the new regime, this goes up to 14 percent ... “Employers allow you to give your tax declaration at the beginning of the financial year. But even if your employer does allow you ...