Income Tax returns: With the two tax regimes — New Tax Regime and Old Tax Regime — in play, the taxpayers now have the power to choose the suitable tax regime every year to control the tax outgo. Union Finance Minister Nirmala Sitharaman, in an effort to enhance the attractiveness of the New Tax Regime … Read more
Income Tax: Salaried employees can benefit from many financial benefits offered to them in the form of allowances to reduce their tax burden. Allowances are offered on a monthly basis and must be claimed when filing an income tax return (ITR). The Centre offers many such allowances, which are part of the salary structure. These … Read more
National Pension System 2024: The Centre may extend the benefits of the National Pension System (NPS) to the new tax regime, a report said on Wednesday. It is to be noted that the New Tax Regime doesn’t have most tax exemptions valid under the Old Tax Regime. CNBC Awaaz reported that the government may make … Read more
In India, taxpayers have the flexibility to choose between two tax regimes based on what suits them best. The old regime provides for exemptions and deductions under sections like 80C, 80D, HRA (House Rent Allowance), LTA (Leave Travel Allowance), etc, helping individuals reduce their taxable income. However, this regime entails higher slab rates. In contrast, … Read more
New Tax Regime: The Centre introduced the New Tax Regime under Section 115BAC as a new optional alternative to the Old Tax Regime from April 1, 2020 (FY 2020-21) for individuals and the Hindu undivided family (HUF). But after three years, Union Finance Minister Nirmala Sitharaman during the Union Budget 2023 announced that the New … Read more
NEW DELHI: Private sector employees who opt to spend their leave travel allowance on the purchase of consumer goods, along the lines of the latest scheme unveiled for central government employees, will be eligible for tax exemption.“Tax benefit would be available… Mechanism is being examined and a clarification would be issued shortly,” a government official … Read more