NEW TAX REGIME

More in NEW TAX REGIME

• Budget 2024: How income taxpayers can be given tax relief - Top steps for FM Sitharaman to consider

  Budget 2024 income tax: In view of elections nearby, this year’s budget to be presented on February 1, 2024, will be an interim budget. Many taxpayers still chose the old regime, as giving up deductions like HRA, LTA, deductions for investments under Sections 80C/80D, etc. did not reduce their tax liability when compared with the one under new tax regime. Here is the wish list, and some of them, if not now, do merit consideration later, when the newly elected government will present the full-year budget.

  

• TDS on salary: How to avoid higher income tax under new, old tax regime

  With the start of the new year, employers send an email to their employees asking to submit the proofs for investment declaration made during the financial year. This is done to avoid higher tax deducted from salary income. Read on to know the proof you must submit to avoid higher taxes under new and old tax regimes.

  

• TDS on salary: How to avoid higher income tax under new, old tax regime

  With the start of the new year, employers send an email to their employees asking to submit the proofs for investment declaration made during the financial year. This is done to avoid higher tax deducted from salary income by an income. Read on to know the proof you must submit to avoid higher taxes under new and old tax regimes.

  

• Income Tax department launches calculator to help you decide between old and new tax regime

  The new income tax calculator shows the difference between the tax liability under both systems side by side. It takes into account the taxpayer's income, deductions, exemptions and other relevant factors to determine the tax liability.

  

• Finance Minister Nirmala Sitharaman decodes Adani issue, new tax regime, rupee trade & more

  'There is no scarcity of capital. It is there. It is lying dormant. It has got to be knocked to be awakened. It may not be sufficient but if this starts moving into areas of productivity, foreign capital will not be waiting for too long. I am not saying foreign capital is waiting for this trigger to happen. But the delta will be a lot more if our fellows, within India are able to wake up and see what is before them.'

  

• Confident that 50% taxpayers will shift to new regime Now: Revenue Secretary Sanjay Malhotra

  Those who are saving for tax purposes, I think that proportion is reducing. The new generation is now looking at different options for investments and savings, (which are) not necessarily linked to these tax-saving instruments. There may be some concerns, but overall we feel that taxation should not be the instrument to promote savings, Malhotra said.

  

• Explainer: Old or New tax regime? Which one should you choose?

  It makes sense for those in the lower salary brackets to shift to the new regime while those in the higher salary bracket should weigh exemptions and deductions available to them under the old regime and calculate their tax outgo and take a call accordingly.

  

• Union Budget is a total whitewash for Insurance sector

  The income exempt limit under New Tax regime is enhanced to 7 Lakh while there is no change under Old Tax Regime. Even limits under 80 C /80 D have not been increased. Who will then opt for old tax regime ? Instead of withdrawing the old tax regime, FM has created a situation by way of which old tax regime will become unwanted.

  

• Life Insurance companies go under rerating, analysts maintain negative outlook in short term

  Life Insurance stocks saw a sharp correction as the budget removed major exemptions under the tax regime with 80C and the abolition of Dividend Distribution Tax (DDT). Analysts believe the market over-reacted and need more clarity as how the numbers of the life insurers emerge out in coming quarters.