The new tax regime applies to all individuals, including men, women, senior citizens, and super senior citizens. It is the default tax regime, meaning taxpayers must specifically opt for the old ...

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For business and professional taxpayers, switching tax regimes is more restricted. Once they opt for the new tax regime, they ...

Section 24(b): Deductions for home loan interest up to Rs 2,00,000. Additional exemptions, such as benefits like HRA and LTA. How rules for selecting the tax regime vary based on the source of income: ...

these are the deductions allowed for taxpayers under the new tax regime: I. Deduction under section 80 CCD (2): The deduction is given for investment made on the employer’s contribution to the ...

Taxes are an essential part of a country’s economy, and every earning individual is required to pay them as per the Income Tax Act, 1961. The taxes that an individual or business has to pay are ...

No more running after proofs, no more figuring out which investment saves the most tax. Just take your total income, slap on the tax rate, and boom—you’re done. No last-minute scrambling, no endless ...

This income tax deduction is offered for the contributions made by the employer towards National Pension System (NPS).

Deductions under 80C, 80D, 80DD and 80G are not allowed in the new tax regime, taxpayers can still claim a few deductions which are listed below.

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 ...