New Tax Regime and NPS: Registration of overall subscribers dropped in FY24, PFRDA data shows

New Tax Regime and NPS: Registration of overall subscribers dropped in FY24, PFRDA data shows

The National Pension System, under the Pension Fund Regulatory and Development Authority, saw less number of registrations in FY24 perhaps due to the New Tax Regime. The NPS has progressively advanced as a favoured mechanism for retirement planning across India, owing to its well-organised strategy towards guaranteeing financial stability upon retirement.  The pension scheme comprises … Read more

New Tax Regime: Confused about standard deduction and HRA exemption? Here’s the answer!

New Tax Regime: Confused about standard deduction and HRA exemption? Here’s the answer!

Dear Sir, I plan to shift to the new tax regime starting this financial year. I am a salaried person. Please let me know whether I will be entitled to a standard deduction. Also, what about the HRA exemption, as I pay a huge monthly rent? Shelly Reply by Rajiv Bajaj, Chairman & MD, BajajCapital … Read more

NPS taxation in FY25: How to claim tax deductions for National Pension System under old, new tax regimes

NPS taxation in FY25: How to claim tax deductions for National Pension System under old, new tax regimes

The new financial year will start tomorrow and the investors will get another chance to review their investments and opt a suitable tax regime. There are various investment tools that are accepted under both tax regimes. Under the Old Tax Regime, numerous tax deductions and exemptions are offered under different sections of the Income Tax … Read more

Opting for Old Tax Regime? Section 80C, other sections that can fetch you exemption

Opting for Old Tax Regime? Section 80C, other sections that can fetch you exemption

It is the start of the new financial year from April 1. Since last year, it is mandatory to choose the appropriate tax regime that suits a particular investor. Most taxpayers, especially those with high income or those having several tax-saving investments, prefer the Old Tax Regime.  Should you have chosen to adhere to the … Read more

Income Tax FY2025: Here’s how to make a switch between new and old tax regimes

Income Tax FY2025: Here’s how to make a switch between new and old tax regimes

Income Tax 2024-25: During the Union Budget proceedings for fiscal year 2023-24, Finance Minister Nirmala Sitharaman declared that the new tax structure will be established as the default regime. This updated approach to taxation was initially implemented in 2020. The present rules stipulate that should taxpayers neglect to declare their preference with their employer, deductions … Read more

NPS tax benefits: How you can claim tax deductions for NPS under old, new income tax regimes

NPS tax benefits: How you can claim tax deductions for NPS under old, new income tax regimes

Tax under New Tax Regime: The Centre in its last full Budget, presented on February 1, 2023, introduced a few crucial changes in the taxation system. The primary one was making the New Tax Regime the new default tax system for taxpayers in place of the Old Tax Regime. The Finance Ministry introduced additional tax … Read more

Old vs new tax regime: What investment proofs must taxpayers submit to their employer?

Old vs new tax regime: What investment proofs must taxpayers submit to their employer?

The income tax (I-T) department introduced a new tax regime in financial year 2020-21, giving taxpayers the choice between this and the old one. These two regimes differ in terms of taxation slabs, rates and allowances deduction, ultimately affecting the investment proof submission.  Every employer may have specific requirements for submitting investment proofs, so employees … Read more

Interim Budget 2024: Will FM Sitharaman extend NPS benefits to new tax regime? Here's what we know

Interim Budget 2024: Will FM Sitharaman extend NPS benefits to new tax regime? Here's what we know

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

Investment submission deadline: Here are the deductions which are allowed under New Tax Regime

Investment submission deadline: Here are the deductions which are allowed under New Tax Regime

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

Tax Calendar 2024: Crucial income tax-related target dates in January, February and March

Tax Calendar 2024: Crucial income tax-related target dates in January, February and March

Income Tax Calendar 2024: The new year has started and the Income Tax department has already shared the tax calendar for this year. It is crucial to note the income tax-related deadlines to avoid paying fines and penalties. Usually, the last date to file the Income Tax Return (ITR) for FY 2023-24 (AY 2024-25) without … Read more