DEDUCTIONS IN OLD TAX REGIME
ITR filing FY23-24: Want to reduce tax outgo? Know which deductions you can claim in old and new tax regime Income tax return: While filing ITR you can claim certain tax deductions to reduce your total income tax outgo and increase the tax refund amount. According to CA Shreya Jaisal, "You can still claim additional deductions in your ITR even if they are...
04 Jul, 2024, 04.05 PM ISTCan you carry forward losses while filing ITR under the new tax regime? Read the fine print Carry forward and set off of losses in new tax regime: The income tax laws under the old tax regime allow carrying forward and set off of losses from capital assets. However, the question arises if the same benefit is available for all capital asset...
04 Jul, 2024, 10.13 AM ISTBudget 2024 should hike basic income tax exemption limit to Rs 5 lakh in both old and new tax regimes: Deloitte Finance Minister Nirmala Sitharaman is likely to present Union Budget 2024 this month. Salaried taxpayers are eagerly waiting for some much-needed tax benefits from the upcoming Budget. According to Deloitte, salaried people want Finance Minister to...
03 Jul, 2024, 01.15 PM IST- ADVERTISEMENT
Budget 2024 Section 80D Exemption: Why govt should increase Section 80D tax exemption limit for health insurance under old tax regime Budget 2024 Section 80D Exemption: Taxpayers who have opted for the old tax regime are hoping for an increase in the limit under section 80D in the upcoming July 2024 budget, considering the significant rise in healthcare costs.
28 Jun, 2024, 03.43 PM ISTSection 80C deduction in Budget 2024: Will the government increase Section 80C limit under the old income tax regime in Budget? Section 80C deduction in Budget 2024: The 80C limit has not increased in line with many people's income and costs. Because of this gap, many taxpayers use the entire 80C limit. This is why many want this limit to be increased.
28 Jun, 2024, 01.15 PM ISTIncome tax relief: Budget 2024 may increase standard deduction under new income tax regime Will Budget 2024 increase standard deduction: The Finance Minister in the 2023 Budget included a standard deduction of Rs 50,000 for salaried taxpayers and individuals getting pensions in the new tax regime. This standard deduction was made the auto...
28 Jun, 2024, 01.14 PM ISTNew tax regime to old tax regime: How to choose old income tax regime when filing ITR for FY2023-24 New tax regime to old tax regime: Starting from April 1, 2023, if a taxpayer has not opted for the old tax system, their employer will deduct tax from their salary according to the new tax system. This change is because the new tax system will be th...
28 Jun, 2024, 11.18 AM ISTBudget should double standard deduction, raise basic exemption to Rs 3.5 lakh under new tax regime: EY EY recommends significant tax reforms in the upcoming Budget, urging the government to double the standard deduction under the new concessional tax regime to Rs 1 lakh or increase the basic exemption limit to Rs 3.5 lakh. Key suggestions include mai...
26 Jun, 2024, 04.18 PM ISTLast date for filing income tax return (ITR) for FY 2023-24 (AY 2024-25) Due date of income tax return filing: Under the income tax laws, different taxpayers have different due date for filing ITR. It is important to file the tax return on or before the deadline to avoid certain penal consequences. This includes payment ...
12 Jun, 2024, 12.31 PM ISTITR filing: Compare your tax outgo in old and new tax regime before finalising one for FY24 Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments. TaxSpanner estimates that Vivek Jaiswal can have a surplus of almost Rs.60,000 if his salary is rejigged to include tax-free p...
10 Jun, 2024, 06.30 AM ISTMoonlighting and ITR filing: Why moonlighters should file income tax return, form to use, other details Moonlighting, driven by side hustles and remote work opportunities post Covid-19, requires moonlighters to carefully choose the right ITR form, consider the presumptive tax regime, and submit Form 10-IEA online for tax benefits under the old regime.
07 Jun, 2024, 10.40 AM ISTIncome tax slab rates for FY 2024-25 (AY 2025-26) Current Income tax slabs: Here are the income tax slabs for current financial year 2024-25 (assessment year 2025-26). An individual has to choose between new and old tax regime to calculate their income tax liability, subject to certain conditions. ...
05 Jun, 2024, 12.40 PM ISTWill you save more tax by opting for the old income tax regime? Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.
20 May, 2024, 06.30 AM ISTNew vs old tax regime - which is beneficial for you? Amount of deductions you can claim decides New vs old tax regime: Many taxpayers find it difficult to ascertain which tax regime makes them pay lower tax in a financial year. The simple answer to that is the amount of deductions claimed by you in the old tax regime. However, the amount of de...
19 Apr, 2024, 11.16 AM ISTOld or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning Salary TDS, income tax regime: For the financial year 2024-25, two budgets are presented due to Lok Sabha elections 2024 happening in the months of April to June 2024. Post the election results are announced and government is formed, full budget wil...
12 Apr, 2024, 02.05 PM ISTDoes the new income tax regime suit you? Find out who should move from the old tax regime to the new one With the start of the new financial year, companies are reaching out to their employees to select the tax regime for 2024-25. This is an important decision because you can do it only once in a financial year. Once you make a choice, your income will...
08 Apr, 2024, 01.07 PM ISTWhat are the new things you ought to know about new tax regime? Anil Rego answers Anil Rego explains the implications of choosing between old and new tax regimes, emphasizing the importance of deductions like home loan interest. Opting in is necessary for the old regime, which offers specific benefits for tax planning. Rego says:...
02 Apr, 2024, 09.51 AM IST8 reasons why old tax regime is still attractive for many taxpayers in this income tax bracket Though under the new tax regime you may end up paying no tax on income up to Rs 7.5 lakh and and pay tax at a lower rate when your income goes higher, but old tax regime offers higher tax saving opportunities with various deductions and exemptions. ...
28 Mar, 2024, 03.02 PM ISTHow NPS investment of Rs 50,000 can help you save more income tax NPS deduction of Rs 50000: Under the old tax regime, an individual can claim additional deduction of Rs 50,000 for NPS investment made. This deduction is available over and above Rs 1.5 lakh available under Section 80C of the Income Tax Act. With fu...
12 Mar, 2024, 10.24 AM IST11 ways of tax savings for salaried individuals for FY 2023-24 11 tax deductions for salaried individuals: If you want to save tax for FY 2023-24 then there is still time. Given below is a list of 11 tax deductions which you can claim upon fulfilling certain investment or other criterias. These tax deductions c...
06 Feb, 2024, 09.05 PM IST