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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…
Income tax calculations, ITR filing for FY2526: In the new tax regime, tax slabs have been significantly revised. These slabs will be applicable for the income earned in the financial year 2025-26. The slabs that came into effect on April 1, 2025, replaced the slabs that will be applicable for FY 2024-25. With the revised…
New Delhi: The Central Board of Direct Taxes (CBDT) recently notified the income tax return forms ITR-1 and ITR-4 for the financial year 2024-25 and the assessment year 2025-26. The returns for incomes earned during the financial year from April 1, 2024, to March 31, 2025, have to be filed using the new forms. CBDT…
Last Updated:January 13, 2025, 07:01 IST Income Tax Slabs Old vs New Regime: The old tax regime allows taxpayers to claim various tax deductions and exemptions New Tax Regime vs Old Tax Regime Calculator: The choice between the two tax regimes depends on individual circumstances Old Tax Regime vs New Tax Regime: The Finance Act…
Last Updated:November 23, 2024, 5:53 PM IST For a Rs 10 lakh income, the new tax regime saves Rs 25,900 in taxes. However, the old regime benefits more if deductions are maximised Taxpayers should make the right choice based on their income, expenses and investment plans. (Representative/Shutterstock) In the budget for the financial year 2024-25,…
New Delhi: The total number of ITRs for AY 2024-25 filed till 31st July, 2024 is more than 7.28 crore, which is 7.5% more than the total ITRs for AY 2023-24 (6.77 crore) filed till 31st July, 2023, said a Ministry of Finance release. The Income Tax Department has meanwhile urged taxpayers, who missed filing…
Today, 31st July is the last day to file Income Tax Return. Those who do not file ITR will have to pay a fine from 1st August. At the same time, there will be an opportunity for tax payers to change their tax regime till 12 noon today. If someone fails to do so today,…
New Delhi: Finance Minister Nirmala Sitharaman, presenting the Budget 2024 in Parliament made two significant announcements for the employed people to make for those opting for the New Tax Regime. First, the standard deduction for salaried employees is proposed to be increased from Rs 50,000 to Rs 75,000. Similarly, deduction on family pension for pensioners…
New Delhi: Finance Minister Nirmala Sitharaman presented the first budget of Modi 3.0 and middle-class taxpayers were expecting some tax cuts. Their expectations were genuine because the government got bumper non-tax revenue in the form of dividends from RBI and GST collections are also rising. The central government is no longer under any obligation to…