Meanwhile, resident individuals are also entitled to a rebate of up to 100 per cent of income tax subject to a maximum limit depending on tax regimes as under: ₹ 12,500 for income up to ₹ 5 lakh under ...

Also, the return-filing process needs to be simplified for NRIs, who are facing several challenges as tax refunds are not ...

India's Budget 2025 may potentially abolish the old tax regime. The new tax regime, default since 2020-21, offers simplified, ...

Increasing standard deduction would offset the benefits of exemptions available in the old tax regime, and revising tax slabs ...

While the old regime allows for various exemptions and deductions, the new regime offers reduced tax rates with limitations ...

Submitting tax-saving proofs on time not only reduces TDS but also streamlines your tax compliance. While the new tax regime ...

The decision will depend on the specific deductions that each taxpayer can claim to ensure that their tax liability is lower under the old regime than the new one. One should note that there have ...

Section 80C is one of the most widely utilised provisions under the old tax regime, enabling individual taxpayers and Hindu ...

Individual tax-payers, especially senior citizens, are hoping for increased tax deductions under Sections 80TTA and 80TTB in ...

This has reignited the debate between the New Tax Regime and the Old Tax Regime, with individuals weighing the benefits of ...

People who earn above a specific amount must pay tax on their income and it is called income tax. The government sets the tax ...

Budget 2025 is scheduled to be presented on February 1, 2025. The Budget will announce proposals for the FY 2025-26.