Tax Exemptions Archives - GroYourWealth.com

Post Office Savings Accounts: These accounts can be beneficial if one opts for New Tax Regime; check details

29 March 2025 by Admin

Post Office Savings Accounts (POSA) have emerged as a favourable option for individuals opting for the new tax regime, offering specific tax benefits not available with regular bank savings accounts. While savings accounts generally lack substantial tax advantages, POSAs provide exemptions that make them attractive to savers. The post office offers superior interest rates compared … Read more

What is your Form 16? Check how it can simplify Income Tax return filing in AY 2025-26

12 March 2025 by Admin

From April 1, 2025, the new income tax return filing season will start for AY2025 -26. For salaried taxpayers, their employer will provide a Form 16 containing all income tax details for the fiscal year 2024-25 (or assessment year 2025-26). Form 16 is a crucial document for salaried employees in India, particularly as the income … Read more

Section 115BAC on New Tax Regime is Section 202 under Income Tax Bill 2025; check details

18 February 2025 by Admin

The newly introduced Income Tax Bill 2025 aims to simplify the existing provisions of the Income-Tax Act, of 1961. The provisions of the New Tax Regime outlined in Section 115BAC of the Income-Tax Act, 1961 will be moved to Section 202 in the new Income-Tax Bill 2025, effective from April 1, 2026. The bill includes … Read more

Income Tax Bill 2025: Taxation of cryptocurrencies, winnings of online games to be cleared

12 February 2025 by Admin

The Centre is all set to introduce the new Income Tax Bill 2025 to replace the existing Income Tax Act of 1961. This significant tax reform is aimed at streamlining the complex tax filing process, albeit with stricter regulations, particularly concerning crypto assets and digital transactions. One of the key amendments in the bill is … Read more

CBDT tax calculator: If your annual salary is Rs 15 lakh, which tax regime should you opt for – new tax or old tax?

8 February 2025 by Admin

Tax calculator 2025: The Income Tax Department has introduced a user-friendly tool for taxpayers to compare taxes under the New Tax Regime for the financial years 2024-25 and 2025-26 (post budget proposal). This tool allows individuals to determine which tax regime is more advantageous based on their income and deductions. Access the official Income Tax … Read more

Tax calculations: Taxable income vs gross income vs net income – know how to calculate your actual tax outgo

7 February 2025 by Admin

Tax calculation: In Budget 2025, the Finance Minister announced that no income tax is payable up to an annual income of Rs 12 lakh, providing a tax rebate for individuals earning up to this amount. The tax slabs for different income brackets have been updated, with those earning between Rs 4-7 lakh now required to pay … Read more

Budget 2025: Tax deductions, exemptions under New Tax Regime and Old Tax Regime for FY2025-26

3 February 2025 by Admin

Tax calculations: The Centre has once again aimed to enhance the appeal of the New Tax Regime by introducing lower tax rates and reducing deductions. This restructuring aims to simplify taxation, while the Old Regime continues to provide tax benefits through various exemptions and deductions. The proposed income tax slabs in the Union Budget 2025 … Read more

Union Budget 2025: New vs Old Tax regime — how tax savings will differ with new tax brackets

1 February 2025 by Admin

Union Budget 2025: In the Union Budget 2025, Finance Minister Nirmala Sitharaman revealed an increase in the basic tax exemption limit in the new tax regime. The limit has been raised from Rs 3 lakh to Rs 4 lakh, providing a significant benefit to a large portion of salaried taxpayers. With no income tax burden … Read more

How to switch to the Old Tax Regime if your company opted for the New Tax Regime; check details

28 January 2025 by Admin

Old Tax Regime vs New Ta Regime: Taxpayers often find themselves in a quandary when it comes to selecting the most suitable income tax regime. The Income Tax Department allows individuals to choose their preferred income tax regime for a particular financial year, with the frequency of switches permitted based on one’s profession or specific criteria … Read more

Budget 2025: ‘Please remember we want more cash in hand’, Mohandas Pai calls for tax relief for middle class

14 January 2025 by Admin

Budget expectations: With the Union Budget 2025 less than three weeks away, TV Mohandas Pai, Chairman of Aarin Capital and former CFO of Infosys, said that the government should think about offering income tax relief to the middle class and simplify the existing taxation system. In an interview with CNBC-TV18, Pai said the government should think … Read more