Diabytes
Old tax regime News
)
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.
)
Before choosing a regime, consider your income, pay structure, and tax-saving investments. Salaried individuals with minimal deductions may benefit from the new regime.
)
If you have chosen old tax regime, you need to be mindful of the deadline and the fallout in the event of missing those.
)
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.
)
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.
)
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.
)
Are you planning to shift from old to new tax regime during actual ITR filing this fiscal? keep the following things in mind.
)
You can switch between the old and new tax regimes every year if your income comes from salary, interest, or rent (non-business income).
)
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.
)
Here are 5 things to consider if you are stuck between the dilemma of chosing between new and old tax regime.
)
ITR Filing 2024: Missing the deadline has more than just a 'penalty' consequence, it might actually shift your tax-regime preferances. Check details.
)
April 1, 2024, marks the beginning of a new financial year.
Income of Rs 15 lakh and above will be taxed at 30 percent.
From April 1, 2024there will be a default adoption of the new tax regime.
)
Despite fewer deductions, certain allowances and exemptions remain available under the new tax regime. These are mentioned below.
)
The tax system cannot be altered during the fiscal year after it has been finalised.
)
From April 1, the new tax rule will be applicable from today. Along with this, many new rules related to Income Tax (Income Tax Rule Changes) will also be implemented.
Loading...
 "Will Hindus get justice in Bengal's Murshidabad?")
 "DNA: Uproar over freebies in Delhi!")
 "DNA: AIMIM plans to field 2020 Delhi riots accused Shahrukh Pathan")
 "DNA: A report showing the reality of Bangladesh")
 "DNA: Power Theft Allegations Against SP MP Ziaur Rahman Barq")
 "DNA: Hot Tea Linked to Cancer Risk!")
 "DNA: Why Jordan Fears After Syria’s Coup?")
 "DNA: NSA Ajit Doval’s China Visit - Inside Story")
 "DNA: Gandhi Family Ruined My Career, says Mani Shankar Aiyar")
 "DNA: Ground Report- Tight Security Arrangements for Mahakumbh")
