new tax regime

New Delhi: Consultants, professionals and individuals with income from businesses will now be able to opt for the old tax regime in the current financial year, according to a notification issued by the Central Board of Direct Taxes.The new…

ITR Filing: Know Key Differences In Old And New Income Tax RegimesIncome Tax Return: Before filing your return, understand the shortcomings and benefits of each tax regime and then choose your regime and file.Union Finance Minister in the…

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…

Last Updated: April 13, 2023, 08:38 ISTIncome Tax Benefits For Salaried Employees Filing ITR: There are certain deductions that any salaried employee can avail of while filing their income tax returns. There are certain deductions like…

Representational image only. With the beginning of the financial year 2023-24, it is important for employees to choose between the old- or new tax regime by this month itself, according to Abhishek Murali, former president, All India Tax…

Last Updated: April 12, 2023, 08:13 ISTCheck Income Tax Rules That Have ChangedIf an employee fails to choose between the new and old tax regime, the employer will take the new income tax regime as default? Know moreThe Central Board of…

The Income Tax Department on Wednesday said employers will have to seek details from employees about their preference for tax regime in the current fiscal and deduct TDS accordingly. Individual taxpayers have the option to select…

The new tax regime is the default system to calculate income tax from April 1, 2023. The exemption limit has been raised from Rs 2.5 lakh to Rs 3 lakh under the new regime.The Union Budget 2023-24 brought significant changes to the personal…

Pension received from private companies must be included in the ITR under income from salary. Pension received from the state or central government is fully taxable under “salary” in income tax returns.Income Tax Return: If you have retired…

Under the new tax regime, taxpayers can avail lower tax rates if they are willing to forego exemptions It is important to note that if a taxpayer chooses the new tax regime, they will not be able to claim deductions such as Section 80C,…