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Source: Live Mint MUMBAI : Though the new tax regime offers a simpler framework by eliminating deductions and exemptions, some incomes are still eligible for tax benefits. One such income is the interest on post office savings accounts. Under the new regime, taxpayers can claim a tax exemption of up to ₹3,500 on a single…
Source: Live Mint While the new tax regime trims down the deductions and exemptions available to taxpayers, it still offers several strategic benefits that can lighten the load for individual taxpayers. Here’s a breakdown of what you can still claim under the revamped system. Deductions For salaried individuals who opt for the new tax regime,…
Source: Live Mint In FY 2023, the income tax regime became a default regime for all taxpayers. This means the taxpayers are meant to file their income tax return (ITR) as per the new regime unless they choose to opt out of it. And if you do not opt out of the new tax regime,…
Source: Live Mint 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. This means if you want to avail any of these exemptions, you must opt specifically for the…
Source: Live Mint A press release issued on 2 August 2024 showed that 72% of taxpayers who filed their returns by 31 July 2024 chose the new tax regime, up from 67 percent in FY23. While it’s heartening to see the majority of taxpayers moving to the new regime, there’s been a marginal increase of…
