Articles for Old Income

Income Tax Budget 2025: Will FM Sitharaman scrap old regime as new one gains popularity? Experts weigh in
5 hours, 19 minutes ago

Income Tax Budget 2025: Will FM Sitharaman scrap old regime as new one gains popularity? Experts weigh in

Live Mint  

Will the old tax regime be scrapped? The new tax regime was introduced in the 2020 Union Budget, offering lower tax rates but without the exemptions and deductions available under the old one. Many taxpayers still like the old tax system because of its deductions and exemptions, such as those under Sections 80C, 80D, and others, even though the new …

Tax Regime Deductions Old Regime Old Income
Budget 2024 | Old or new tax regime: Which will be more beneficial for you? Know here
5 months, 3 weeks ago

Budget 2024 | Old or new tax regime: Which will be more beneficial for you? Know here

India TV News  

Budget 2024: In the Budget, Finance Minister Nirmala Sitharaman did not make any changes in the old tax regime but increased the exemption limit in the new tax regime, making it more advantageous than before. Proposed tax structure under new tax system 0-3 lakh: Nil 3-7 lakh: 5% 7-10 lakh: 10% 1-12 lakh 15% 12-15 lakh 20% Above 15 lakh: …

Tax Budget Old Lakh Regime Your Income New Tax Regime
How new tax regime may impact ELSS fund investors?
1 year, 11 months ago

How new tax regime may impact ELSS fund investors?

Live Mint  

Union Finance Minister Nirmala Sitharaman has announced various reforms to the new tax regime in her address while introducing the Budget 2023-23. 750,000 and who opt for the new tax regime, may not be keen to make investment in ELSS funds,” Suresh Surana added. However, in Budget 2021, the new tax regime has done away with many of the exemptions …

Tax Investment Income Investors Fund Ntr Old
Taxation Relaxation Act Does Not Validate Reassessment Notices Issued Under Old Income Tax Act Regime : Delhi High Court Quashes 1.3K Notices
3 years, 1 month ago

Taxation Relaxation Act Does Not Validate Reassessment Notices Issued Under Old Income Tax Act Regime : Delhi High Court Quashes 1.3K Notices

Live Law  

The Delhi High Court on Wednesday held that sec. The petitioners-assessees also sought a declaration for declaring Explanations A/A to the Notification dated 31st March, 2021 and Notification dated 27th April, 2021 to the extent that they extend the applicability of the "provisions of Section 148, Section 149 and Section 151 of the Act, as the case may be, as …

Government Finance Relaxation Tax Court Reassessment Income Tax
Have freelance income? Know this before switching to new tax regime
3 years, 3 months ago

Have freelance income? Know this before switching to new tax regime

Live Mint  

The Union budget 2020 had introduced a new tax regime with lower tax rates but also fewer tax deductions available for a taxpayer to claim. The finance bill also allows taxpayers to switch between the old and new tax regimes in the subsequent assessment years, but the rules are not the same for everyone. The finance bill 2020 allows salaried …

Tax Income Regime Opt Switch New Tax Regime Freelance Income
EPF withdrawal: Transfer your old PF account to save income tax. Here’s how
4 years, 6 months ago

EPF withdrawal: Transfer your old PF account to save income tax. Here’s how

Live Mint  

To tide over the current economic crisis brought forth by the ongoing coronavirus pandemic, lakhs of salaried class employees have been withdrawing funds from their Employees’ Provident Fund accounts. However, in case the withdrawal happens before completion of five years of continuous service, the interest earned on the employer’s contribution and employee’s contribution is taxable as ‘income from other sources’. …

Tax Transfer Employee Withdrawal Employer 5 Years Uan