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.
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Fri, Jul 19, 2024
Taxpayers in the old tax regime, get a standard deduction of Rs 50,000 under Section 16 of the Income Tax Act; deduction under Section 80C of the IT Act of up to Rs. 1,50,000 towards payments made to life insurance premium, provident fund, national savings certificates, housing loan principal, children's school fees, etc; and deduction under Section 80CCD (1B) of the IT Act of Rs 50,000 on contribution to National Pension Scheme (NPS) notified by the central government.
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.
Wed, Apr 12, 2023
ITR filing: Salaried employees can opt out of the New Tax Regime every year to enjoy the benefit of various deductions; however, they must make their choice now so that their employer does not charge additional withholding taxes from their monthly salary in the fiscal year 2023-24.
Fri, Mar 17, 2023
Income Tax: Union Finance Minister Nirmala Sitharman announced a new income tax regime which will become the default from April 1, 2023.
Tue, Feb 21, 2023
Today on Money Guru, understand which tax regime is better for salaried employees - New or Old Tax Regime?
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