Diabytes
New tax regime News
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Salaried employees or pensioners without business income can change their tax regime at any time prior to filing their ITR every year by simply selecting the relevant option on the ITR-1 or ITR-2 form.
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Before choosing a regime, consider your income, pay structure, and tax-saving investments. Salaried individuals with minimal deductions may benefit from the new regime.
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If you have chosen old tax regime, you need to be mindful of the deadline and the fallout in the event of missing those.
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INCOME TAX FILING 2025: If you choose the new tax regime, you would not be able to claim the following 7 major deductions, check them out.
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Old Tax Regime Vs New Tax Regime: The new tax regime under Section 115BAC of the Income Tax Act offers lower tax rates in exchange for giving up most exemptions and deductions.
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CBDT has announced several changes in the ITR forms this including that in ITR-1 (SAHAJ) and ITR-4. Here are 6 Changes regarding ITR-1 (SAHAJ) that salaried individuals should know.
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Are you planning to shift from old to new tax regime during actual ITR filing this fiscal? keep the following things in mind.
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ITR Filing For FY 2024-25: The Income Tax Act allows individuals to switch between the old and new tax regimes while filing their ITR.
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ITR Forms 2025-26 For Senior Citizens: Adding further, many senior citizens mistakenly assume that filing returns isn't necessary if tax is already deducted at source (TDS) on their income. However, this is incorrect.
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You can switch between the old and new tax regimes every year if your income comes from salary, interest, or rent (non-business income).
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Here’s a table showing a comparison of old vs new regime with the income level and deductions. If you have deductions more than Rs 7,75,000, then you can file return under old regime, explains Cleartax.
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According to the report, the fiscal deficit as per cent of GDP may come at 4.5 per cent in FY26 (Rs 15.9 lakh crore) that looks like the new normal in a world of uncertainties, offering flexibility in tinkering the glide path a little to romp up inclusive growth.
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The deadline to file ITRs for AY 2024-25 was 31 July 2024.
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Here are 5 things to consider if you are stuck between the dilemma of chosing between new and old tax regime.
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The budget has also tweaked tax slabs and tax rates in favor of taxpayers and pensioners who opt for the new tax regime.
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After the revised tax structure under the New Tax Regime, the refund received has been decreased by Rs 5,000 due to latest proposed tax slabs. Continue reading to find out how the change in tax slab has affected your rebate.
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Budget 2024: There has been no revision in the tax rate in the old tax regime, section 80C benefits have remained at the same level for the last 10 years and people know that the new tax regime is like an eyewash.
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Income tax slab for AY 2024-25 for salaried person : As per FM's announcement, following will be the new tax slab in the New Tax Regime
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ITR Filing 2024: Missing the deadline has more than just a 'penalty' consequence, it might actually shift your tax-regime preferances. Check details.
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