Budget 2025 is anticipated to provide tax relief for salaried individuals. Proposals include raising the tax-free income ...

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It is recommended to use the income tax calculator that computes the tax under both the regimes (old and new) before you can ...

Currently, India offers two income tax regimes: the new tax regime and the old tax regime, each with its distinct tax slabs. Let’s take a look at the current tax slabs for both regimes: Up to ₹5 lakh: ...

India's tax system provides flexibility to its taxpayers by offering two income tax regimes: the old regime and the new regime. Each regime comes with its own set of tax slabs, rules, and benefits, ...

Senior Citizen Tax ... Old Tax Regime ever since the New Tax Regime was announced in the Union Budget 2020-21. In the Budget 2023-24, the government, however, increased the basic income tax ...

That will remain the same for tax year 2025 (filing in 2026), but the IRS adjusts the income range for each bracket annually to account for inflation's impact on salaries. Depending on how much ...

In the financial year 2023-24, the new tax regime became the default regime. This regime's tax rates are lower than those of the old regime, but it phases out most of the exemptions and deductions.

Allowing medical insurance premium as a deduction from gross total income in the new tax regime would alleviate medical expense concerns and make the regime more attractive. Section 80EEB (Electric ...

The taxpayers would have an option of choosing between the old and the new tax regime on a year-on-year basis. However, it is pertinent to note that a person deriving income from business or ...

Old vs new income tax regime: As Budget 2025 approaches, whispers of scrapping the old income tax regime have grown louder. Has the old regime lost its charm with the government's push for the new tax ...