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Source: Live Mint The argument is that their flexi-pay benefits and work-related allowances such as leave travel allowance (LTA), car leases, fuel reimbursements, phone bills, meal cards, and gadget allowances all add up to a substantial deductible chunk. However, experts said it’s not worth the hassle. “The benefit of reduced tax slab rates in the…
Source: Live Mint With the new tax regime becoming increasingly prevalent and more common, taxpayers stand to lose their eligibility to claim most of the exemption and deductions offered under various provisions such as sections 80C, 80D, 80DD and 80G under the old tax regime. Nearly 73 percent of taxpayers have already opted for the new…
Source: Live Mint However, the relaxations have reduced the tax advantages of equity investments for small and medium investors, especially those with annual incomes of up to ₹24 lakh. Historically, investors often chose equity investments like arbitrage funds and hybrid funds like balanced advantage funds for their preferential tax treatment compared to regular income. The…
Source: Live Mint In 2020, the Government of India introduced a new tax regime that offered concessional tax rates while scrapping most of the deductions and exemptions offered under the old tax regime. Most small taxpayers were – until then – accustomed to claiming exemptions and deductions against the investments they made during the financial…
Source: Live Mint Budget 2025 introduced a number of changes including the new tax slab rates under the new tax regime wherein taxpayers are not supposed to pay any income tax up to ₹12 lakh a year. This has undoubtedly made the new tax regime quite tempting for the middle-class taxpayers. In FY 2023-24, around 74 percent…
Source: Live Mint Thanks to Budget 2025, new tax regime has become even more lucrative now. With no income tax for those who earn up to ₹12 lakh a year, taxpayers have one more reason to abandon choose new regime over old tax regime. This means more and more taxpayers will now choose the new…
Source: Live Mint Budget 2025: Union Finance Minister Nirmala Sitharaman announced the revision of tax slabs for taxpayers under the new tax regime. This has, undoubtedly, made the new tax regime even more attractive for the taxpayers. Does this mean that today’s Budget rang a death knell for the old tax regime? Let us understand…
Source: Live Mint With just three days to go for the Budget 2025, there are concerns over whether Finance Minister Nirmala Sitharaman will abandon the previous income tax system as the Union Budget 2025 deadline draws near. Many experts speculate that it may soon be eliminated with an increasing number of taxpayers opting for the…
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 Income tax calculator: The new tax regime became a default tax regime in FY 2023, which means taxpayers are meant to pay income tax based on the new regime unless they opt out of it. They would do so only if they were told that the old tax regime would lead to…
