How to switch to old tax regime from new tax regime for filing income tax
4 months, 3 weeks ago

How to switch to old tax regime from new tax regime for filing income tax

Hindustan Times  

The current income tax rules does provide the freedom for taxpayers to choose between the new tax regime and the old tax regime based on whichever may be more advantageous to them. Is it possible to switch to the old tax regime after choosing the new tax regime? Is the old tax regime or the new tax regime better? The old tax regime provided various deductions and exemptions such as house rent allowance, and Leave Travel Allowance LTA, which can be advantageous for people who can claim deductions under these.

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History of this topic

Tax regime shift: Is filing ITR under old regime still valid after default new regime?
1 month ago

Tax regime shift: Is filing ITR under old regime still valid after default new regime?

Live Mint  

I’m working with the Indian Army. Until last year, we received Form 16 under the old tax regime, which included all allowances such as house rent allowance, travel, uniform, etc. However, from AY 2024-25, we are receiving Form 16 under the default new tax regime, which does not mention non-taxable allowances. I have filed my ITR under the old tax …

Which income tax regime should salaried employees choose? Details here
1 year, 8 months ago

Which income tax regime should salaried employees choose? Details here

Hindustan Times  

With the onset of new financial year on April 1, several new income tax laws like the new tax regime being set as the default one to the increase in the tax rebate limits, came into effect. Under the new tax regime, an individual with an annual income of up to ₹ 7 lakh would not be required to pay …

Confused about old and new income tax regime? Here's a dedicated calculator
1 year, 10 months ago

Confused about old and new income tax regime? Here's a dedicated calculator

Hindustan Times  

The Income tax department released a 'tax calculator' in order to help an assessee decide if the new income tax regime announced in the Budget 2023 is good or if the old one is better. Income Tax Dedicated Calculator: The tax calculator is live on the income tax department's portal. A dedicated tax calculator to check Old Tax Regime vis-à-vis …

Income Tax Slab AY 22-23: Old or New, Which Tax Regime Should you Choose for ITR FY22?
2 years, 5 months ago

Income Tax Slab AY 22-23: Old or New, Which Tax Regime Should you Choose for ITR FY22?

News 18  

Individuals who do not need to audit their income accounts, must file income tax return or ITR for the assessment year 2022-23 by July 31, 2022. At present, there are two income tax regimes available for taxpayers — old income tax regime, new or concessional income tax regime. Income tax slabs under old income tax regime vs new income tax …

Filing income tax return? Key points to know before submitting ITRs
2 years, 5 months ago

Filing income tax return? Key points to know before submitting ITRs

Hindustan Times  

The deadline to submit income tax returns for financial year 2021-22 and assessment year 2022-23 is July 31. Income Tax department While the Income Tax Department provides pre-filled forms to help salaried individuals file their returns without any hassle, taxpayers, too, should keep all the required documents handy, and cross-check each field in the pre-filled forms. The new optional tax …

Union Budget 2022-23: Taxpayers may get incentives for moving to new income tax regime
2 years, 11 months ago

Union Budget 2022-23: Taxpayers may get incentives for moving to new income tax regime

India Today  

Taxpayers may be offered some incentives for switching to the optional income tax regime in the upcoming Union Budget 2022-23. Union Budget 2022-23: Some existing tax exemptions may be phased out A similar alternate income tax structure was announced by Finance Minister Nirmala Sitharaman on February 1, 2020 for individual taxpayers. Tax rates came down under the new income tax …

Old income tax regime vs New: Which one you should opt for?
3 years, 7 months ago

Old income tax regime vs New: Which one you should opt for?

Live Mint  

The ITR filing season has set in. This is the first year to choose, between the old tax regime with deductions and exemption and new tax regime without deductions and exemption but with lower slab rates, while filing your ITR. If you wish to opt for the new tax regime you have to forgo various tax deductions and exemptions otherwise …

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