Articles for Regime Deductions

New tax regime: Deductions and exemptions explained
1 month, 3 weeks ago

New tax regime: Deductions and exemptions explained

Live Mint  

While the new tax regime trims down the deductions and exemptions available to taxpayers, it still offers several strategic benefits that can lighten the load for individual taxpayers. Deductions For salaried individuals who opt for the new tax regime, there’s a standard deduction of ₹75,000. View Full Image Other exemptions: While the new tax regime doesn’t offer house rent allowance …

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Income tax slabs revised: Should you switch to new tax regime?
1 month, 3 weeks ago

Income tax slabs revised: Should you switch to new tax regime?

Live Mint  

The government’s latest tax overhaul of income tax slabs in Budget 2025 is aimed at introducing a more streamlined tax system, providing relief to the harried middle-class salaried taxpayer. While the new tax regime offers lower tax rates, it removes many popular deductions, forcing taxpayers to weigh the trade-off between reduced complexity and potential savings. Old vs. New Regime Breakdown …

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Budget 2025: Reimagining The New Income Tax Regime
2 months ago

Budget 2025: Reimagining The New Income Tax Regime

ABP News  

Every year, Indians await the budget anticipating the changes it will bring to their life. The widely adopted new tax structure announced in 2021 does a good job of simplifying the tax structure, however, more can and needs to be done to encourage financial discipline and equity across income groups. Raise Threshold For The 30% Income Tax Slab The current …

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How to maximise your income tax savings? Key deductions under the old tax regime explained
2 months, 1 week ago

How to maximise your income tax savings? Key deductions under the old tax regime explained

Live Mint  

If you’ve opted for the old income tax regime and are looking to make tax-saving investments, it’s essential first to determine the required investment amount. According to Personal Finance experts, taxpayers must consider options like the Employees' Provident Fund, life insurance premiums, tuition fees, home loan principal repayments, etc., which qualify for deductions of up to ₹1.5 lakh under Section …

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Tax regime shift: Is filing ITR under old regime still valid after default new regime?
4 months, 1 week 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 …

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New Tax regime rules to come into effect from today: Check deductions, rebates, changes in tax slab
11 months, 3 weeks ago

New Tax regime rules to come into effect from today: Check deductions, rebates, changes in tax slab

India TV News  

As the new financial year begins on April 1, there will be changes to India's income tax regulations. The Centre will implement the New Tax Regime as the default setting, which implies that unless individuals manually choose to abide by the old tax structure, taxes will be automatically assessed and applied according to this new system. The tax slabs will …

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Income tax new regime: These are the deductions you can still claim
1 year, 11 months ago

Income tax new regime: These are the deductions you can still claim

Live Mint  

Many taxpayers are confused about whether to file taxes under the new tax regime or continue with the old tax regime. As opposed to the old tax regime where one could one claim deductions under various sections pursuant to long-term savings, investments in Public Provident Fund, health insurance premiums, house rent allowance received or the principal repayment on home loans …

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Budget 2020: Personal Income Tax Rates Slashed
5 years, 1 month ago

Budget 2020: Personal Income Tax Rates Slashed

Live Law  

Finance Minister Nirmala Sitharaman has slashed the personal income tax rates but provided to forgo exemptions, as she announced the Union Budget for the Financial Year 2020-2021 today, in the Lok Sabha. It is noteworthy however that the new tax regime is optional for the taxpayers and an individual who is currently availing more deductions & exemption under the IT …

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