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Source: Live Mint In FY 2023-24, the new tax regime became a default regime. This shift has led many taxpayers to wonder whether traditional tax-saving investments such as PPF (Public Provident Fund), NSC (National Savings Certificate), post office saving scheme and NPS (National Pension System) are still relevant for the purpose of investment. The tax-saving…
Source: Live Mint Will the old tax regime be scrapped? No official announcements indicate that the government will abolish the old tax regime. However, discussions about its future have been ongoing. The new tax regime was introduced in the 2020 Union Budget, offering lower tax rates but without the exemptions and deductions available under 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…
Source: Live Mint Income tax slab: In Budget 2024, Finance Minister Sitharaman introduced key changes to the income tax slabs under the new tax regime to make them more attractive for taxpayers. Along with adjustments in the tax slabs, the standard deduction limit was increased. Modifications were also made to the family pension and the…
Source: Live Mint If you have made investments in some tax-saving instruments but realise that you won’t be able to claim the exemptions against them since you missed intimating your employer about opting for the old tax regime during the year, there is a way out. It is vital to note that you can still…
Source: Live Mint The calendar year 2025 has begun and the financial year 2025 is set to end in three months. However, taxpayers can still invest in a slew of tax-saving schemes that enable them to claim tax exemptions for fiscal 2024-25. So, it is vital to note that the investment must be made in…
Source: Live Mint What would you say about an investment instrument that used to give 12 per cent interest a year and now offers only 7.1 per cent? Well, it doesn’t remain as a sought-after investment instrument as it did earlier. This is exactly what happened with public provident fund, or PPF as it is…
Source: Live Mint Every year, India’s salaried class eagerly awaits relief in income tax. This year, the middle class is also penning all their hopes for FM Nirmala Sitharaman, when she presents Budget 2025 on February 1. According to a Reuters report, the government is actively considering tax relief for the middle class, particularly earning…
Source: Live Mint With the new tax regime (NTR) becoming the default regime lately, several taxpayers are anxious about having lost the eligibility to claim deduction. What, however, is not known to many people is that some deductions and exemptions are still allowed in the new tax regime. Although the typical deductions for investment in…
Source: Live Mint Taxpayers are required to pay their income tax as per the New Tax Regime (NTR) from FY 2023-24 onwards after it became the default regime. This means that if you don’t opt for a specific tax regime, your income tax will be computed on the new tax regime. Notably, the new tax…
