#New Tax Regime

[targetstudy]

Budget 2024 Highlights, New Tax Regime Slabs, Income Tax & More

This is the Interim budget 2024 which is presented by Finance Minister Nirmala Sitharaman. Nirmala Sitharaman presented her 7th budget in parliament.

In the budget 2024, which came just after the election results, the government has also paid the price for the ‘support’ of the allies. Special packages were given to the Bihar government and the Andhra Pradesh government.

At the same time, new employment opportunities have been opened to address the discontent among the youth who expressed their dissatisfaction in the Lok Sabha elections.

However, by increasing the capital gains tax on stock market investors, the burden on the middle class, already suffering from inflation, has been increased further.

In the new tax system, a slight relief has been provided by increasing the standard deduction from ₹50,000 to ₹75,000. Additionally, changes have been made to the income tax slab.

READ MORE: Budget 2024 Highlights, New Tax Regime Slabs, Income Tax & More

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Income Tax Budget 2024: New Tax Slabs to Standard Deduction - Changes Under New Regime You Need to Know

Income Tax Budget 2024 On July 23, Finance Minister Nirmala Sitharaman unveiled the Budget 2024. The FM  blazoned a borderline income  duty cut for the middle class. She increased the standard deduction( a fixed deduction from a hand's total  payment before calculating the applicable income  duty rate) by 50 to ₹ 75,000 and acclimated  duty crossbeams for taxpayers under the new income  duty  governance. Speaking on the budget, Prime Minister Narendra Modi stated that it" will act as a catalyst in making India the third- largest frugality in the world( from fifth largest  moment) and will lay a solid foundation for a developed India. 

The income tax slabs differ between the previous and current tax regimes. Furthermore, the slab rates under the previous tax regime were divided into three groups.

Indian residents under 60 years and non-residents aged 60 to 80 years:

 Resident Senior Citizens

More than 80 years: Resident super seniors

Income Tax  Budget 2024: Tax Slabs Under the New Regime

The Budget 2024 altered the tax slabs in the New Regime, giving taxpayers an additional opportunity to save Rs 17,500 in taxes. Furthermore, the standard deduction has been enhanced to Rs. 75,000 under this regime, while the family pension deduction has been adjusted to Rs. 25,000 from Rs. 15,000. This is applicable for the fiscal year 2024-25. The following is a comparison of the tax slabs after and before the budget

New income tax vs. old income tax slabs: On July 23, Finance Minister Nirmala Sitharaman presented the Narendra Modi 3.0 government's first budget. FM increased the standard deduction by 50% to ₹75,000 and adjusted tax slabs under the new income tax regime to benefit salaried individuals. The new tax slabs under the new income tax regime will be implemented from April 1, 2024 (Assessment Year 2025-26).

Income Tax Budget: Key income tax changes

 Significant income Duty  adaptations   The standard deduction for salaried  workers increased from ₹ 50,000 to ₹ 75,000.  Pensioners can now abate ₹ 25,000/- from their family pension, over from ₹ 15,000.   The 5% duty rate arbor increased from ₹ 5 lakh to ₹ 7 lakh.  NPS- The benefit for social security of paid persons can accrue as a deduction of expenditure by employers towards NPS( the new pension system is intended to be enhanced from 10 to 14 percent of the hand's  payment).

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How to File ITR1 with 2 Form16|Income & Tax Computation New Tax Regime| ...

[financialinsights-in]

Confused about Indian tax regimes? This guide breaks down the differences and helps you choose the best plan to save more on your taxes. Unravel the secrets of Indian tax regimes and discover the optimal strategy to maximize your tax savings. Learn how to choose between the old and new regimes for a lighter tax burden.

[speednews88]

Stay updated on India's new tax regime for FY2024-25 with Finance Ministry's latest information. Learn all you need to know about the changes and implications.

[babatax]

New Income Tax Form 10IEA to Fill for Opting Old Tax Regime

New Income Tax Form 10-IEA: CBDT issued Notification No. 43/2023-Income Tax dated 21st June 2023 specifying the process consultants, professionals, people having business income should follow to continue with the old tax regime from the current financial year, i.e., FY 2023-24. The change in the process has been introduced as from this financial year, the new tax regime has become the default tax…

[kstcblogs]

How much tax do I pay on 15 lakhs?

Here is the table showing how much tax does have to pay on Rs 15 lakhs income if you opt for old and new tax regimes:

Note: The deductions and exemptions are not available in the new tax regime.CategoryOld Tax Regime (₹)New Tax Regime (₹)Income15,00,00015,00,000Deductions4,75,0000Taxable income

Less: Exempt

Total Income10,25,000

250000

7750001500000

250000

1250000Income tax120000100000Add:Cess 4%48004000Net Tax liability124800104000

The best way to save tax for a salary above 15 lakhs is to opt for the old tax regime and claim all the available deductions and exemptions on tax-saving investments

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[edinijam]

ఆదాయపు పన్ను మినహాయింపులకు మంగళమేనా?

కేంద్ర ప్రభుత్వ బడ్జెట్ లో అంతో ఇంతో అందరినీ ఆకట్టుకున్న అంశం ఏదైనా ఉందంటే అది ఉద్యోగుల ఆదాయ పన్ను పరిమితి పెంపు అని చెప్పుకోవచ్చు. బహుశా ��న్నికల ఏడాది కాబట్టి ఉద్యోగులపై కరుణ చూపినట్టుంది. ఆదాయపు పన్ను పరిమితిని ఏడు లక్షల వరకు పెంచడం చాలా మందికి ఊరట నిచ్చే అంశమే. అయితే ఈ చర్యతో మరీ ఆహా ఓహో అని సంబరపడేంత సీన్ కూడా లేదు. ఎందుకంటే  5 లక్షల నుంచి 7 లక్షల రూపాయల వరకు వేతనం పొందుతున్నవారు భారీ సంఖ్యలో…

[saxenaabhiranjan]

New Regime Tax Calculator 2025 - PNB MetLife

Use PNB MetLife's New Regime Tax Calculator 2025 to calculate your income tax efficiently. Stay updated with the latest tax slabs and deductions, ensuring accurate tax planning and financial management for the year 2025.

[ebizfilingindia-blog]

New Tax Regime vs. Old Tax Regime: Which Offers Better Income Tax Exemptions?  

The introduction of the New Tax Regime in the Union Budget 2020 through the Government of India created a stir amongst taxpayers. While the New Tax Regime offers reduced tax costs, it gets rid of most of the traditional income tax exemptions and deductions. On the opposite hand, the Old Tax Regime keeps to permit taxpayers to claim numerous exemptions and deductions, doubtlessly decreasing their tax liability.

This article explores the key variations between the two regimes and let you decide which one gives better income tax exemptions.

Overview of the Old Tax Regime

The Old Tax Regime operates on a innovative tax slab system, permitting taxpayers to reduce their taxable earnings with the aid of claiming a variety of exemptions and deductions. Some not unusual profits tax exemptions encompass:

House Rent Allowance (HRA)

Leave Travel Allowance (LTA)

Standard Deduction for salaried individuals

Exemptions on investments under Section 80C, Section 80D, and other sections

These exemptions and deductions assist taxpayers decrease their taxable profits, making the Old Tax Regime an attractive alternative for those who've deliberate their finances to maximize their tax financial savings.

Overview of the New Tax Regime

The New Tax Regime also follows a revolutionary slab machine but with decrease tax rates as compared to the Old Tax Regime. However, it does no longer offer common income tax exemptions or deductions.

Under this regime, taxpayers pay taxes based totally at the earnings they earn with out adjusting for any investments, savings, or other conventional tax-saving instruments. The foremost objective of the New Tax Regime is to simplify tax filing via eliminating the want to song and declare a couple of deductions.

Key Differences Between the Two Regimes

Tax Rates

The tax rates beneath the New Tax Regime are decrease than the Old Tax Regime. For instance, below the New Tax Regime, incomes as much as ₹15 lakh are taxed at a lower charge, ranging from 5% to twenty-five%, depending on the income slab. In contrast, underneath the Old Tax Regime, earning inside the equal range are taxed at prices from five% to 30%.

Income Tax Exemptions

One of the most enormous differences among the two regimes is the provision of exemptions and deductions. Under the Old Tax Regime, taxpayers can claim quite a number exemptions consisting of HRA, LTA, and deductions under Section 80C (up to ₹1.Five lakh), Section 80D (health insurance charges), and extra.

The New Tax Regime, alternatively, does no longer allow these exemptions, meaning taxpayers need to forego the gain of deductions and report taxes without delay based on their gross income.

Ease of Filing

The New Tax Regime simplifies the tax submitting technique seeing that taxpayers aren't required to maintain distinctive documentation in their costs and investments. This is beneficial for those who do now not have complicated monetary portfolios or do not want to plan their taxes around exemptions and deductions.

The Old Tax Regime, even though beneficial for tax savings, requires taxpayers to carefully record and declare various deductions and exemptions, that could make tax submitting a greater time-ingesting assignment.

Flexibility in Tax Planning

The Old Tax Regime is better perfect for those who actively put money into tax-saving units like Public Provident Fund (PPF), National Pension Scheme (NPS), or purchase coverage regulations for tax deductions. The New Tax Regime, in assessment, gives no flexibility in terms of tax planning because it gets rid of exemptions and deductions altogether.

Which Regime Offers Better Income Tax Exemptions? 

The answer depends in large part on character monetary situations and choices.

For individuals with high savings and investments:

The Old Tax Regime can be extra useful as it lets in taxpayers to claim exemptions on investments, coverage charges, housing loans, and other tax-saving equipment. If you have got considerable investments below Section 80C, medical health insurance charges, and other deductible costs, the Old Tax Regime can cause tremendous tax savings.

For individuals with no or minimal tax-saving investments:

The New Tax Regime might be extra beneficial as it gives lower tax prices. If you do no longer put money into tax-saving contraptions or declare different deductions, the New Tax Regime offers a less complicated, extra straightforward approach to tax calculation.

How to Decide Between the Two?

To decide which regime works satisfactory for you, it is really useful to calculate your tax legal responsibility under each regimes. If the whole quantity of income tax exemptions and deductions you may claim underneath the Old Tax Regime substantially reduces your taxable income, it can be well worth staying in that regime. On the opposite hand, in case you do not gain tons from those deductions, the New Tax Regime, with its decrease fees, is probably a better option.

Conclusion

Choosing between the New Tax Regime and the Old Tax Regime relies upon your earnings structure, funding conduct, and willingness to assert income tax exemptions. For taxpayers who rely heavily on tax-saving investments and exemptions, the Old Tax Regime gives widespread advantages.

However, for the ones searching out a simplified system with decrease tax prices, the New Tax Regime is probably greater high-quality. It’s crucial to assess your financial state of affairs and calculate your tax legal responsibility beneath both regimes to make an informed choice.

[serious2020]

The Truth About Jimmy "Barbecue" Cherizier

Portraying Jimmy “Barbecue” Cherizier as a revolutionary defies the large accumulation of documentation to the contrary. The documentation includes an order on July 19, 2024, by an investigative judge in Haiti naming Barbecue and others in connection with the Lasalin massacre; site provides English translation. Please read and share this documentation widely. It is quite helpful. The…