What's New CBDT Revises Deadline for Submitting Form 64A and Form 64E for Business and Securitisation Trusts to June 15. - Notification No. 17/2025 INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2024-25 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961. Extension of due date...
However, the new tax regime brings lower tax rates but eliminates many of the exemptions and deductions available under the old system. Instead, it offers a fixed standard deduction of Rs 50,000 for all taxpayers, along with an increased basic exemption limit of Rs 3 lakh and tax rebates fo...
Use ET Money's free online income tax calculator to compute your income taxes for FY 2024-25 and FY 2025-26 under both the new and old tax regimes.
Income Tax Deductions Section Wise Eligible Limit for Salaried Deduction under Section 80D for senior parents of senior citizen BANK VERIFICATION FAILED ON NEW INCOME TAX PORTAL WHAT IS THE NATURE OF INCOME ?? New Regime Section 115BAC where can one find out ...
However, if the taxable income exceeds Rs. 5 lakhs, the traditional method of tax computation will be used. Example of Tax Payable under New Tax Regime Here’s an example for your reference of payable tax under the New Tax Regime. Check out: ...
Sir i have deposited Rs 100000 In PPF account and paid LIC premium Rs 99400 Can i eligible to claim deduction under 80C for Rs 150000 - Accounts
Common Deductions Allowed Under New Tax Regime Investment in Notified Pension Scheme under section 80CCD(2) Conveyance allowance for expenditure incurred for travelling to work. Depreciation under section 32, except additional depreciation. Deduction for employment of new employees under section 80JJAA. ...
have a gross income that is less than the amount of the deduction, unless she or he is under nineteen years old or a full-time student; receive more than one-half of her or his support from the taxpayer; be a citizen or resident of the United States, Mexico, or Canada; and, if ma...
Li also called for a targeted plan on the six special deduction items, which should be adjusted as the national economy grows and people's living conditions improve. Under the new tax regime, Xiao will pay 5 percent less in income tax each month, saving him about 2,000 yuan per month. ...
Step #1:You must be familiar with the tax slabs and rates for the old or new regime. Example:Here, the tax slabs and rates are for individuals under the old regime. Up to 2.5 lacs:No tax 5 lacs to 5 lacs:5% tax 5 lacs to 10 lacs:20% tax ...