# tax regime
11 posts in `tax regime` tag
Tax Authorities 55 Million chose new Income Tax Regime
A senior government official noted that a considerable number of these taxpayers earn up to Rs. 7 lakhs. In the 2023-24 Budget, the government implemented substantial adjustments to the new tax structure to enhance its appeal.
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By Krishna
Switching Tax Regimes in Belated Income Tax Returns: Is it Possible
Filing income tax returns after the last date has gone is called as belated return. In simple terms, when you file your ITR after the original deadline, it is considered a "belated" tax return. The last date to file your income tax returns was 31st July 2023 for FY 202-23.
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By Krishna
Changing Between New Tax Regime to Old Tax Regime While Filing Your Tax Returns: Explained
As per the CBDT and tax experts, this process is significant because the Finance Act of 2023 has established the new tax regime as the default option. Nonetheless, individuals can switch between the old and new tax regimes each year.
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By Krishna
FM Nirmala Sitharaman's Major Announcement: New Tax Regime Exempts Individuals Earning Up to [Specific Amount] Per Year from Income Tax
In a tweet, the Finance Minister stated that "Under the new tax regime, individuals with an annual income up to Rs 7 lakh are exempt from paying income tax. Additionally, with the inclusion of marginal relief provisions, this threshold effectively increases to Rs 7.27 lakh.
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By Krishna
Introducing Form 10-IEA: CBDT's Latest Addition for Business Owners and Professionals Choosing the Old Tax Regime
As per the CBDT release, individuals with business or professional income who wish to opt out of the new tax regime must submit Form 10-IEA before the due date mentioned in Section 139(1) of the Income-tax Act, 1961, for filing their income tax return for the respective assessment year.
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By Krishna
New Tax Regime reduce 30 percent tax bracket
As the deadline for filing your income tax return (ITR) draws near, it's critical to remember that, if you pick the new tax system, people with incomes between Rs. 10 lakh and Rs. 15 lakh are exempt from paying taxes at the maximum rate of 30%.
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By Krishna
Which Is Better OLD Or NEW Tax Regime For Salaried Employees
The new financial has begun on 1st April 2023 and many taxpayers are still wondering about the merits and demerits of both tax regimes. The new and old tax regimes have pros and cons for the taxpayers, so it becomes quite perplexing to choose the most suitable tax regime.
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By Krishna
TDS deduction on interest income and how to prevent it
To Avoid Tax Deducted at Source (TDS) on incomes like rent and interest, taxpayers can submit form 15G or 15H to the relevant individual or organization, including banks, post offices, and corporate bond issuers. Form 15G is for individuals below 60, whereas 15H is for senior citizens.
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By Krishna
New Tax Regime & Old Tax Regime: Which Regime Is Better
The new and old tax regimes have its merits & demerits for the taxpayers, so it becomes quite perplexing to choose the most suitable tax regime.
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By Krishna
Benefit in Old And New Tax Regime Rates For F.Y. 2023-2024 AY 2024-2025
Under the new tax system, the standard deduction benefit is now available to salaried individuals and retirees (including family pensioners).
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By Krishna
Comparison Of Old And New Tax Regime Rates For AY 2021-22
New Income Tax Slab Rates introduced in the Budget 2020 for AY 2021-22 onwards is kept optional for the taxpayers, where, they are open to choose the tax slabs of old regime (FY 2019-20).
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By Krishna