Income Tax: The financial year 2024–25 has come to an end and the tax filing season has kicked off. As the last date to file Income Tax Returns (ITR) is July 31, taxpayers now have nearly three months to file their returns. Meanwhile, taxpayers are required to choose between the two available tax regimes. Some … Read more
Income Tax: Among several benefits, one of the main advantages of choosing the old tax regime is that it enables you to claim exemption for house rent allowance (HRA). Under the old tax regime, HRA is exempted under section 10(13A) of Income Tax Act for salaried individuals, states information on the Income Tax India website. … Read more
The new financial year FY26 has kicked off, and taxpayers are meant to file their income tax returns under one of the two regimes. Mint deconstructs the key points to be considered before choosing the new or old income tax regimes. For the unversed, the new income tax regime offers concessional tax rates in exchange … Read more
Old vs new tax regime: As the financial year has ended, taxpayers will now begin gathering their documents to file their income tax returns (ITR) before the deadline of July 31, 2025. Just like last year, one key question taxpayers must ask themselves is whether the new tax regime is the right choice for them. … Read more
As the new finance year (2025-26) has kicked off and majority of salaried individuals are likely to go with new tax regime. They tend to believe that they have a lower incentive of investing in tax-saving instruments such as Public Provident Fund (PPF). It is important to note that investment in PPF may not give … Read more
ITR filing 2025: Before filing your income tax return, it is vital to compare the tax computation under both the tax regimes i.e., old and new. And you can opt for the regime which gives lower tax outgo. Introduced in 2020, the new tax regime was made the default regime for taxpayers as per Finance … Read more