Articles for Old Tax Regime

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 …

Tax Income Tax Income Old Regime New Tax Regime Old Tax Regime
Budget 2024: Time to opt out of old tax regime? Explained
4 months, 4 weeks ago

Budget 2024: Time to opt out of old tax regime? Explained

Hindustan Times  

The message from Budget 2024 was loud and clear: say goodbye to the old income tax regime. Union finance minister Nirmala Sitharaman proposed three key changes in the new tax regime, while the old one was left untouched. If your deductions and exemptions exceed the break-even amount, go for the old tax regime, otherwise the new tax regime will be …

Income Lakh Regime Deduction Deductions Old Tax Regime Your Annual Income
Choosing old tax regime can help you claim HRA exemption from taxes; here's how
1 year, 7 months ago

Choosing old tax regime can help you claim HRA exemption from taxes; here's how

Firstpost  

Meant for the expenses regarding rented accommodation, House Rent Allowance is also subjected to an exemption in the Income Tax Act that helps to reduce taxes partially or sometimes wholly. Those who live in rented places can claim an HRA exemption from taxes by utilising Section 80 GG, however, only if they choose the old tax regime. Documents for claiming …

Tax House Claim Rent Deduction Exemption Hra
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 Old Regime Calculator Old Tax Regime Dedicated Tax
New Tax System Less Complicated…Every Indian Should Make A Choice: FM to News18
1 year, 10 months ago

New Tax System Less Complicated…Every Indian Should Make A Choice: FM to News18

News 18  

Terming the new tax system “better" and “least complicated", Union Finance Minister Nirmala Sitharaman, speaking exclusively to Rahul Joshi, Group Editor-in-Chief, Network18, two days after she presented Budget 2023-24 in Parliament on February 1, said the government has not set a timeframe for the new regime. I believe at least 50% people will shift": FM #NirmalaSitharaman on New Tax Regime …

Finance India Income Tax Lakh Regime Taxpayer Rs 5 Lakh
Rebate Rate Hike, Slab Changes Applicable Only In New Tax Regime: Know The Difference
1 year, 10 months ago

Rebate Rate Hike, Slab Changes Applicable Only In New Tax Regime: Know The Difference

Live Law  

In her Budget 2023-24 speech, Union Finance Minister Nirmala Sitharaman has announced that the increase in the income tax rebate limit from Rs. Slab Rates Under New Tax Regime The new tax rates are : 0-3L: nil 3-6L: 5% 6-9L: 10% 9-12L: 15% 12-15L: 20% above 15L: 30% Slab Rates Under Old Tax Regime Up to 2,50,000: Nil 2,50,001 – …

Tax Income Tax Income Old Rate Lakh Regime
Rebate Limit, New Income Slabs, Standard Deduction — Understanding What Taxpayers Have In Budget 2023
1 year, 10 months ago

Rebate Limit, New Income Slabs, Standard Deduction — Understanding What Taxpayers Have In Budget 2023

ABP News  

Finance Minister Nirmala Sitharaman presented Narendra Modi government’s last full Budget announcing a host of concessions for the middle class as expected. The six key announcements pertaining to personal income tax in the Budget are: Individuals earning up to Rs 7 lakh per annum will not have to pay any tax, under the new tax regime. Old tax regime still …

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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 …

Income Tax Cent Lakh Regime Deductions Rs 10 Lakh Hra