Here’s a step-by-step guide to help you understand and calculate your income tax under both the old and the new regime.

For “non-business cases," taxpayers can elect their preferred tax regime each year by selecting the option in their Income ...

Salaried employees opting for the old tax regime for FY 2024-25 must submit investment proofs to claim exemptions and ...

India's Budget 2025 may potentially abolish the old tax regime. The new tax regime, default since 2020-21, offers simplified, ...

Bombay High Court had given an interim relief by ordering the tax department to extend the revised and belated ITR filing ...

In the financial year 2023-24, the new tax regime became the default regime. This regime's tax rates are lower than those of the old regime, but it phases out most of the exemptions and deductions.

While the old regime allows for various exemptions and deductions, the new regime offers reduced tax rates with limitations ...

The government may raise the basic income tax exemption limit for senior citizens to Rs 5 lakh, potentially resulting in zero ...

Also, the return-filing process needs to be simplified for NRIs, who are facing several challenges as tax refunds are not ...

The ICAI, in its Pre-Budget Memorandum 2025, has recommended the inclusion of a provision allowing married couples to file ...