Revised New Tax Regime from AY 2024-25 Overview of Old tax system vs new To choose old or new Tax System Some Important Points about Old and New Tax Slabs Pros of the old tax regime Cons of the old tax regime What are income tax slabs and rates proposed in the new tax structure? Wh...
(AY 2024-25), the rebate under Section 87A has been increased from Rs. 5 lakhs to Rs. 7 lakhs. Thus, individuals with a net taxable income of up to Rs. 7 lakh can avail tax rebate u/s 87A under the new tax regime. Those who choose to pay tax as per the old regime will be...
If the benefit-in-kind was received in the 2022 financial year, then the employer is exempted from withholding the income tax, and the employee is exempted as an income tax object. For the 2023 financial year (January – June), the employer is exempted from withholding the income tax. For...
Notably, popular tax-saving avenues such as Public Provident Fund (PPF), Unit Linked Insurance Plans (ULIPs), Equity Linked Savings Schemes (ELSS), and medical insurance premiums are not eligible for exemptions under the new regime. Additionally, allowances like House Rent Allowance (HRA) and L...
Opportunities for Income Investing in 2024 After a decade of extremely easy monetary policy, zero rates may feel like a baseline to some investors. However, it’s important to realize that 2022 marked the end of the “easy money” era and signaled a regime change in rates. The...
2024: A New Year; A New Reporting Regime As discussed in our February 4, 2022 client alert and our December 15, 2022 client alert, certain legal entities are now subject to new reporting requirements in the United States about their beneficial ownership pursuant to the requirements of the......
Most tax exemptions and deductions will be eliminated to streamline tax filing, allowing taxpayers to file returns easily without dealing with numerous exceptions and unique cases. However, the standard deduction for salaried employees in the new tax regime has been raised by 50% to Rs 75,000. ...
Since the inception of a new regime for filing taxes, there has been a discourse among taxpayers. The old tax regime provides opportunities to save taxes while, building a portfolio for fulfilling their financial goals. After the introduction of the new tax regime with less exemptions and deducti...
One has to inform the Income Tax Department of his choice of Old or New Tax Regime. Those with business Income have to fileForm 10-IE electronically and give an Acknowledgment number before filing Look and Feel of the New Income Tax Website ...
The Budget would change numerous aspects of the GILTI regime to eliminate perceived incentives to move US operations offshore and to comply with the global minimum tax rules under Pillar Two. These changes include: Taxing a US shareholder's entire net CFC tested income by eliminating the exemption...