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Many taxpayers assume that choosing the new tax regime means saying goodbye to deductions and exemptions altogether. But that is not entirely true. While the list is much shorter than under the old regime, it does not leave taxpayers entirely empty-handed. In fact, a handful of deductions and exemptions are still available and can help…
Last Updated:January 30, 2026, 7:22 PM IST Tax reliefs are deducted from your total annual income, while a tax rebate is applied after the tax is calculated. As Budget 2026 nears, here’s how tax relief and Section 87A rebate work. (Representative Image) Finance Minister Nirmala Sitharaman is set to present her ninth consecutive Union Budget…
Last Updated:January 21, 2026, 8:09 PM IST Budget 2026 may bring middle-class relief as experts urge adding home loan interest and Section 80D health insurance deductions to the new tax regime At present, most popular deductions are available only under the old tax regime. (AI-Generated Image) As the Centre prepares to present the Union Budget…
Last Updated:December 26, 2025, 2:34 PM IST From April 1, 2026, the Income Tax Act, 2025 will replace the old law, offering no tax up to Rs 12 lakh under the new regime, stable GST rates, and a focus on customs duty reforms No tax on income up to Rs 12 lakh: Public tax relief…
The Centre is preparing to introduce a new set of income-tax return (ITR) forms under the overhauled Income Tax Act, 2025. The Central Board of Direct Taxes aims to notify these forms by January 2026 so they can come into force from April 1. The shift marks a major break from the 1961 tax law…
New Delhi: The Lok Sabha on Monday passed the Income Tax Bill, 2025, marking a significant step towards replacing India’s six-decade-old direct tax framework with the government seeking to balance investor confidence, taxpayer relief, and administrative efficiency with the new law. The legislation, once enacted, will formally replace the 63-year-old tax code with a modernised…
New Delhi: With the income tax return (ITR) filing date extended to September 15, taxpayers have more time to decide whether to choose the old or new tax regime. 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…
New Delhi: Good news for taxpayers! The ITR filing deadline has been extended to September 15, giving you more time to make smart tax decisions. One key choice is picking between the old and new tax regime. If you’re a salaried employee or a pensioner with no business income, you can easily switch between the…
Last Updated:August 02, 2025, 18:49 is Salaried individuals earning up to Rs 12 lakh may soon no longer need old-regime deductions, as the new tax system offers near-zero tax. This year could be your last chance to claim those benefits. (representative image) If you are a salaried employee earning up to Rs 12 lakh annually,…
New Delhi: In May, the Central Board of Direct Taxes (CBDT) had announced that the deadline for filing income tax returns (ITRs) for non-audit cases for AY 2025-26 has been extended from July 31, 2025, to September 15, 2025. Choosing the right tax regime is crucial from the perspective of tax planning for taxpayers who…