Simply put, individuals must calculate the tax payable under both tax regimes and decide which regime to select. Also, the ability to switch between old and new tax regimes depends on the nature of the income. Salaried individuals and pensioners with no business income can switch between the tw...
1.5 lakhs per year in ELSS funds will not have tax benefits under the new tax regime. Taxpayers under the old tax regime can still claim deductions under Section 80C for their ELSS investments. How does this calculator work? FundsIndia ELSS calculator takes into account the amount you invested...
Standard deduction on salaryDepreciation u/s 32 of the Income-tax act except additional depreciation. Professional tax Interest on housing loan (Section 24)Any allowance for travelling for employment or on transfer Deduction under Chapter VI-A deduction (80C,80D, 80E and so on) (Except Section ...
Resident super senior citizen individuals are the ones above 80 years old However, under the new tax regime, the income tax slabs are common for all the above three categories of individuals. Moreover, the tax slabs are different for individuals, HUFs, companies, partnership firms, etc. ...