Although most of the deductions are not allowed under the new tax regime, there are some allowances that are still exempt under the new tax regime. Allowances exempt under the new tax regime 1.

With Budget 2025 raising break-even limits, tax savings under the old regime seem tougher. But for salaried couples in ...

Introduced in 2020, the new tax regime became a default regime in 2023. To be able to file tax return under the old tax ...

Introduced in the Union Budget 2020, the new tax regime offers significant reductions in tax rates, but limits the ...

For individuals earning Rs 15 lakh annually, opting for the old tax regime can result in tax savings of up to Rs 48,100, ...

Standard Deduction: Salaried employees and ... respectively are not allowed. Latest tax slabs under New Tax Regime Under the new tax regime, a taxpayer earning Rs 12 lakh will receive a tax ...

In the Budget 2025, Finance Minister Nirmala Sitharaman increased the income tax rebate limit from Rs 7 lakh to Rs 12 lakh in the New Tax Regime. Effectively, individuals earning up to Rs 12 lakh will ...

What if someone earning above Rs 12.75 lakh annually chooses the old regime and claims the maximum deductions? Will it result in tax savings? This article explores the key deductions available under ...

The Indian government introduced a new tax regime in 2020, offering lower tax rates while removing several exemptions and deductions available under the old system. Initially optional, this regime ...

India’s tax system saw important updates, making the new tax regime the default for most taxpayers. While it offers lower tax rates, it removes many traditional exemptions.

To begin with, the FM is keen to sunset the Old Personal Tax Regime (OPTR) as all the tax benefits are now proposed under New Personal Tax ... maintaining tax deduction and exemption proofs.