The highest tax rate of 30 percent kicks in when annual income is more than ₹15 lakh in the new tax regime. Additionally, tax ...

Higher Income Brackets: For people with annual incomes above Rs 24 lakh, both regimes apply the same top tax rate of 30%. But ...

It is essential to inform your employer of your preferred tax regime on time to ensure that less tax is deducted from your ...

You should opt for the old tax regime if you want to claim deductions and exemptions for house rent allowance.

Rent income is an assessable head of income under the head 'Income from House Property' of the Income Tax Act, 1961, and ...

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 ...

Our panel of experts answers questions related to any aspect of personal finance. If you have a query, mail it to us right ...

With the ITR filing season for FY 2024–25 officially underway, taxpayers are once again faced with the crucial decision of ...

Under the old tax regime, individuals and businesses could claim a variety of exemptions and deductions—such as house rent ...

This story answers if as a taxpayer, you will be able to switch to the old tax regime while filing income tax return (ITR) ...

Old tax regime, however, still offers taxpayers a range of options to save taxes through various eligible deductions and ...

Under the new tax regime, there is a small tax exemption of Rs 3,500 per financial year available on the interest earned from ...