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old tax regime

Income Tax Calculations: What will be your income tax on incomes of Rs 7 lakh, Rs 14 lakh, Rs 21 lakh, and Rs 28 lakh in old and new tax regime

Income Tax Calculations: What will be your income tax on incomes...

Thu, Mar 06, 2025

Income Tax Calculations: The financial year 2024-25 is about to close. Taxpayers can file their income tax return as per the existing new tax regime and the old tax regime. They will have the option of filing ITR in the proposed new regime. But how much tax they need to pay in the existing new, proposed new, and old tax regimes if their annual salary is Rs 7 lakh, Rs 14 lakh, Rs 21 lakh, Rs 28 lakh, and Rs 35 lakh.

Proposed New Income Tax Calculations: Is your salary Rs 12,78,500/year? Will you be taxed on Rs 3,500 or the entire amount?

Proposed New Income Tax Calculations: Is your salary Rs 12,78,500...

Wed, Mar 05, 2025

Revised New Income Tax Calculations: Yearly income up to Rs 12,75,000 will be tax-free for salaried-class individuals in the proposed new tax regime. But what if your salary increases by a small margin? Will you be taxed on the incremental income or your entire salary? If you get Rs 12,78,500 yearly income, will you be taxed on Rs 3,500 or Rs 12,78,500? See calculations to know!

Income Tax Calculations: What will be your tax liability if your salary is Rs 8.25 lakh, Rs 14.50 lakh, Rs 20.75 lakh, or Rs 26.10 lakh? See calculations

Income Tax Calculations: What will be your tax liability if your...

Wed, Feb 26, 2025

Income Tax Calculations: Taxpayers will file their Income Tax Returns (ITR) as per the existing new tax regime and the old tax regime for the financial year 2024-25. For the next financial year, they may file it under the proposed new tax regime, which was announced in Budget 2025. But what will be your income tax in different tax regimes if your annual income is Rs 8.25 lakh, Rs 14.50 lakh, Rs 20.75 lakh, or Rs 26.10 lakh?

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Income Tax Calculations: Is your annual salary Rs 6.75 lakh, Rs 9.25 lakh, Rs 14.50 lakh, or Rs 18.50 lakh? Know how much tax you will pay in old and new tax regimes

Income Tax Calculations: Is your annual salary Rs 6.75 lakh, Rs 9...

Fri, Feb 21, 2025

Income Tax Calculations: With the proposed new tax regime available from April 1, 2025, taxpayers will be able to file their income tax return (ITR) as per the revised rate. The proposed new regime gives tax relaxation to non-salaried class individuals with up to Rs 12 lakh income and salaried-class individuals with up to Rs 12.75 lakh income. But what will be the tax liabilities for salaried-class taxpayers with incomes of Rs 6.75 lakh, Rs 9.25 lakh, Rs 14.50 lakh, and Rs 18.50 lakh? Read to know-

HRA Tax Savings: Is your basic salary Rs 35,000, Rs 50,000, or Rs 70,000? How much house rent allowance will be tax-free?

HRA Tax Savings: Is your basic salary Rs 35,000, Rs 50,000, or Rs...

Tue, Feb 18, 2025

HRA Tax Calculations: HRA income is fully taxable as per your salary slabs, but if you stay in a rented accommodation, you can claim fully or partially HRA under Section 10(13A) of the Income Tax Act, 1961. If someone is a non-salaried individual, they can't claim HRA, but they can avail tax deductions towards the rented accommodation under Section 80GG.

Income Tax Calculations: How much tax will you pay on annual incomes of Rs 5.6 lakh, Rs 9.25 lakh, Rs 13.75 lakh, and Rs 19 lakh in old and new tax regimes?

Income Tax Calculations: How much tax will you pay on annual inco...

Mon, Feb 17, 2025

Old Tax Regime vs New Tax Regime: For the Financial Year 24-25, taxpayers have the option to file their Income Tax Return (ITR) under the old tax regime and the new tax regime. Know how much income tax you need to pay in different salary slabs.

New Income Tax Bill: 10 new regime deductions and revised slabs you didn't know

New Income Tax Bill: 10 new regime deductions and revised slabs y...

Wed, Feb 12, 2025

Proposed New Tax Regime Slabs: Under the proposed new tax regime slabs, an annual income up to Rs 12 lakh for a non-salaried individual and an annual income up to Rs 12.75 lakh for a salaried individual are tax-free. Revised tax slabs will be applicable from April 1, 2025, once the New Finance Bill becomes an Act.

Proposed New Tax Regime: Is your salary Rs 13 lakh, Rs 15 lakh or Rs 17 lakh? Know how much tax you can save in different tax slabs

Proposed New Tax Regime: Is your salary Rs 13 lakh, Rs 15 lakh or...

Wed, Feb 12, 2025

There are a few changes proposed in tax slabs under new tax regime. This was announced in 2025 budget speech by Finance Minister Nirmala Sitharaman. Those earning up to Rs 12 lakh are exempt from paying any tax under the new system due to the increased tax rebate under Section 87A.

Revised New Tax Slabs: How much tax one needs to pay on salaries of Rs 13.75 lakh, Rs 16.50 lakh, Rs 19.25 lakh and Rs 26.75 lakh; see calculations

Revised New Tax Slabs: How much tax one needs to pay on salaries...

Fri, Feb 07, 2025

Revised New Tax Slabs: In Budget 2025, tax slabs for the new tax regime have been revised for the next financial year (FY2526). An annual income up to Rs 12 lakh for non-salaried individuals and up to Rs 12.75 lakh for salaried class individuals is tax-free. But what if your salary is Rs 13.75 lakh, Rs 16.50 lakh, Rs 19.25 lakh, Rs 22 lakh, or Rs 26.75 lakh, how much tax do you need to pay?

Old vs New Tax Regime Tax Slabs: Do you earn Rs 5 lakh, Rs 12 lakh, Rs 16 lakh, or Rs 25 lakh? See expert calculations to know tax you will save in proposed new tax regime

Old vs New Tax Regime Tax Slabs: Do you earn Rs 5 lakh, Rs 12 lak...

Sat, Feb 01, 2025

New Tax Slabs in Budget 2025: In her Budget 2025 speech, Finance Minister Nirmala Sitharaman announced a full tax relaxation for new regime taxpayers for income up to Rs 12 lakh. She revised the new regime tax slabs, and taxpayers in the old tax regime are left with paying higher taxes in most cases. But as a taxpayer, do you know in which regime you will pay the least tax? Read this detailed expert report to know that.

Freedom to change new and old tax regime every year!

Freedom to change new and old tax regime every year!

Thu, Jan 30, 2025

Finance Minister, please change this, business class should have the facility to change the tax regime, the freedom to change new and old tax regime every year.

Nirmala Sitharaman advises I-T Department to avoid 'unnecessary harassment' of individual as well as corporate taxpayers

Nirmala Sitharaman advises I-T Department to avoid 'unnecess...

Wed, Aug 21, 2024

The finance minister advised that the I-T Department needs to simplify the language as due to it, clarifications have to be given to taxpayers time and again.

ITR Filing Last Date: 5 consequences you may face for missing income tax return filing deadline

ITR Filing Last Date: 5 consequences you may face for missing inc...

Wed, Jul 31, 2024

Income Tax Filing Deadline: The last date to file income tax return (ITR deadline) is today (July 31, 2024) and just a few hours are left in it. If taxpayers miss it, not only the Income Tax Department (I-T Department) will impose a penalty on them, but they will have to file a belated ITR for the financial year 2023-24.

ITR filing last date: Thinking of choosing old tax regime for FY23-24? Do this or you won't be able to select this regime after deadline

ITR filing last date: Thinking of choosing old tax regime for FY2...

Wed, Jul 31, 2024

ITR Filing last date: Apart from paying the penalty, a taxpayer will not be able to choose the old tax regime after crossing the last date i.e. July 31, 2024. According to the income tax department, you won't be able to file your ITR under the old tax regime from August 1, and you may have to face financial loss as there are various exemptions under this regime.

ITR filing season: How much fine you will have to pay if fails to file ITR by 31 July; know here

ITR filing season: How much fine you will have to pay if fails to...

Mon, Jul 15, 2024

ITR filing season: The Income Tax Department's helpdesk is working 24x7 to assist the taxpayers. This helps in providing services ranging from filing of ITR to tax payment. The help desk provides assistance through calls, live chat, Webex sessions, and social media.

Know Your Income Tax Regime: 8 tax deductions that you get under new tax regime

Know Your Income Tax Regime: 8 tax deductions that you get under...

Thu, Jul 11, 2024

The old tax regime provides tax benefits of Rs 1.50 lakh under Section 80C of the Income Tax Act, 1961. It also provides tax benefits on HRA, health policies, and NPS Tier-I account deposits. The new tax regime, on the other hand, also provides tax benefits such as standard deduction, conveyance allowance, and transport allowance.

Income Tax Season: How you can save tax while filing ITR under new tax regime

Income Tax Season: How you can save tax while filing ITR under ne...

Tue, Jul 09, 2024

ITR filing: The new tax regime was introduced in Budget 2020 as a means to simplify tax calculations and offer concessional tax rates. So, unless you do not categorically opt for the old tax regime, the new tax regime is assumed as default, and hence, your income tax liability is calculated according to it.

ITR filing: Should income tax return of a deceased person be filed or not? Know requirements and other details

ITR filing: Should income tax return of a deceased person be file...

Sun, Jun 16, 2024

Legal heirs of a deceased person are also required to repay any tax liabilities. They may be subject to interest or penalties if they fail to pay the taxes owing or fail to file the income tax return (ITR) on behalf of the deceased. It means that ITR is also required to file of a deceased person.

Link your PAN with Aadhaar to avoid higher TDS deductions, check last date issued by I-T

Link your PAN with Aadhaar to avoid higher TDS deductions, check...

Tue, May 28, 2024

According to income tax laws, if a Permanent Account Number (PAN) is not linked to a biometric Aadhaar, TDS must be deducted at double the appropriate rate.

TDS on salary: Do not pay higher taxes! Choose between new and old tax regimes wisely

TDS on salary: Do not pay higher taxes! Choose between new and ol...

Wed, Apr 17, 2024

Income tax: As per CA Ruchika Bhagat, MD, Neeraj Bhagat & Co., choosing the right tax regime from the old tax regime and the new tax regime can help taxpayers save more tax.

Finance ministry quashes social media rumours there will be changes in new tax regime in Financial Year 24-25

Finance ministry quashes social media rumours there will be chang...

Mon, Apr 01, 2024

The finance ministry said on Monday that there is no new in the new tax regime from 01.04.2024. "The new tax regime under section 115BAC(1A) was introduced in the Finance Act 2023, as compared to the existing old regime (without exemptions)," the ministry said in a tweet on X.

Tax Saving Tips: 7 ways you can save your money under new tax regime

Tax Saving Tips: 7 ways you can save your money under new tax reg...

Thu, Mar 28, 2024

Tax Saving Tips: There are two tax regimes under which to file your income tax return since the new tax regime was launched in the 2020 budget. When it was launched, you could choose between the old and new tax regimes, but after Budget 2023, the new tax regime has become a default option. This means, as a new taxpayer, your income tax will be filed under the new tax regime automatically.

Budget 2024: No change in taxation proposed — Check Old Tax Regime and New Tax Regime Income Tax Slabs

Budget 2024: No change in taxation proposed — Check Old Tax Regim...

Thu, Feb 01, 2024

Budget 2024: As expected, in the run up to the General Elections, Union Finance Minister Nirmala Sitharaman neither tweaked nor put any additional tax burden on citizens, in the in

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