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Most of India’s employed individuals selected the traditional tax structure when filing their returns in the 2023-24 fiscal year, favouring long-term investments over the immediate cash benefits provided by the new system. According to a Policybazaar.com survey, 63% favoured the old tax regime, while 37% opted for the new one. Individual taxpayers can opt for […]
New Income Tax Regime, Income Tax Calculator: To help individuals calculate their taxes and choose a tax regime that they are comfortable with, the Income Tax department has made a “tax calculator” available. The new income tax structure was put out in the Budget 2023 by Nirmala Sitharaman, the finance minister. According to a tweet […]
Through the motive to make it effective for the one’s income assessees, the centre would work to rectify the 2-year former exceptions free income tax regime, furnishing fewer tax rates post to the failure of the new system to attain the benchmark. Finance Ministry, seems to remove the old personal income tax regime, that provides […]
Beneath the policy, those assessees who opted for the newer or another tax regime that is presented in budget 2020 AY 2021-22 the initial time on which they needed to furnish the returns. Towards the concern, the salaried assessee poses an option to switch between the 2 tax regimes during the ITR filing. The current […]
This is the time of year when employees of many firms start receiving requests to share details of their tax-saving investments with their employers. However, before that, you have to choose whether you want to opt for the new tax regime or the old tax regime. Budget 2020 has come up with a new tax […]
The Finance Act, 2000 has incorporated numerous amendments along with introductions. One such example is the introduction of the new tax regime. Though it seems chaotic, in essence, it is one of the revolutions in the area of tax. The Finance Minister has announced the new tax slab rates for the: Latest Update 23rd June […]
The Central Board of Direct Taxes (CBDT) released a notification recently and made some changes in Income Tax rules to provide some exemptions that can be availed by the employees. The new rules due the amendments permitted individuals to claim exemptions for allowance to manage the cost of travel, daily expenses on transfer, and tour […]
The Finance Minister has decided to reform tax rates as long as the new tax regime is considered. It is expected to be better than the existing tax system because of the standard deduction which was not given in the earlier tax regime. Despite the debate on whether the new tax regime is much better […]
The income tax department produced a “tax calculator” on Monday to assist taxpayers in determining whether the new income tax regime introduced in the Budget is best for them or if the previous one is preferable. The income tax department’s portal has a live version of the tax calculator. As per the tax department, “Tax […]
