WebFeb 9, 2024 · Anytime in the financial year before the ITR filing, you cannot switch to another regime. How can I save tax on my new tax regime? So, if the annual basic salary of the employee is Rs 5 lakh, one can avail a deduction of up to Rs 50,000 if the employer contributes towards employees NPS account. WebApr 12, 2024 · 30%. Here are some of the key takeaways from the new tax regime. Let us understand the difference between old and new tax regime and the old tax regime and new tax regime. • Unlike the old tax regime that offered just 4 slabs, the new tax regime offers 6 slabs with tax advantages at each slab due to higher limits.
Tax Regime Selection: New vs Old? 5 reasons to decide now
WebMay 21, 2024 · How To Switch Between Old & New Tax Regime While Filing ITR FY21-22 AY22-23 Income Tax Save More Money Nishant GuptaMany times, we declare wrong ta... WebApr 10, 2024 · Here, we have simplified all exemptions and deductions you can claim in the old and new tax regimes. Old Tax Regime. The old tax regime offers various exemptions and tax deductions which help reduce the tax burden on individuals. Some deductions are given under Sections 80C, 80CCC, AND 80CCD of the Income Tax Act. drive clean seattle
Can you switch back to old tax regime while filing ITR?
WebFeb 4, 2024 · If you choose the new tax regime, you can switch back to the old regime anytime if you are salaried with no business income. If you have a business income, you … WebApr 9, 2024 · 1 min read . Updated: 09 Apr 2024, 11:45 PM IST Nitesh Buddhadev. The importance of selecting tax regime on time. For salaried people, the option of selecting … WebFeb 7, 2024 · This means that by switching to the new tax regime, you will have to pay ₹ 28,600 more in income tax. Income of ₹ 15 lakh (Old Tax Regime) The taxable income for a person with an annual... epic healthcare company