The new tax regime has become quite attractive for the middle-class taxpayers. In FY 2023-24, around 74 percent of taxpayers ...

In 2020, the Government of India introduced a new tax regime that offered concessional tax rates while scrapping most of the deductions and exemptions offered under the old tax regime. Most small ...

The Finance Ministry has clarified that this zero tax liability applies only to the new tax regime, which has been the ...

An employee may choose between old and new tax regimes ... and at the time of filing the income tax returns (ITR), they realize the old tax regime is more beneficial to them.

Default tax regime: The default tax regime is in effect. Individuals who wish to opt for the old regime must submit Form 10-IEA. > Basic exemption limit: The basic exemption limit is set at Rs.

The government introduced a new tax regime of lower tax rates in Budget 2020, which continues in FY 2025-26. In Budget 2025, the government pushed for the adoption of the new tax regime of lower tax ...

Finance Minister Nirmala Sitharaman has announced important changes for the salaried class in Budget 2025. Under the new tax ...

In her budget speech last Saturday, the FM said the “clear and direct” Income Tax ... as old provisions have been removed, making it less bulky. With regard to updated I-T returns (ITR-U ...

The government said that the new law will replace the 63-year-old Income Tax Act, 1961, and changes in it will be made based on the feedback of taxpayers. The new tax regime was announced in 2020 ...

Remember, the Government of India has made the new income tax regime a default regime for taxpayers, with the option to choose the old regime. The Income Tax Act of 1961 provides taxpayers various ...

If you need expert guidance in navigating these changes, IndiaFilings can provide personalized tax planning and hassle-free ITR filing ... under the old regime, compare that final taxable figure and ...