Income Tax Calculator Old vs New Regime FY 2024-25 AY 2025-26 IT TAX CALCULATOR – OLD REGIME VIS-À-VIS NEW REGIME Official by Income Tax Department of India Old vs New Tax Regime Comparison 2024-25: Which is Better? How to compare new and old tax regimes? How do I check which tax regime is better for me? Is it better to opt for old tax regime or new tax regime? ఏ పన్ను విధానం నాకు మంచిది అని నేను ఎలా చెక్ చేసుకోవాలి? How to compare My tax in Old Regime vs New Regime
Tax Calculator – Old Regime vis-à-vis New Regime as updated by Finance (No. 2) Act, 2024
What is the new tax regime?
The Finance Act, 2020 introduced the new tax regime under Section 115BAC for individuals and HUFs, offering lower tax rates contingent upon certain conditions, including the forfeiture of specific exemptions and deductions. From the gsr info Assessment Year 2024-25 onwards, the Finance Act, 2023 has expanded the scope of this regime to include AOP, BOI, and AJP, making it the default tax regime for the taxpayers.
What is the difference between the old tax regime and new tax regime?
If a taxpayer opts for the new tax regime as per Section 115BAC, they are required to forgo exemptions and deductions while computing their total income. This means that if a person is currently availing of exemptions or deductions under the normal tax regime, they may not save as much tax or may even end up paying more tax under the new tax regime if the amount of exemptions and deductions they are currently receiving is substantial.
How to opt for old tax regime?
Where an assessee wants to opt for the old tax regime, Section 115BAC provides an option to the eligible assessee to opt out of the new tax regime in a prescribed manner.
Should i opt for new tax regime?
The decision to opt for the new tax regime will depend on the amount of exemptions and deductions available to the assessee. For example, if an gsr info individual has no deductions available to them under the old tax regime, it would always be more beneficial for them to opt for the new tax regime.
On the other hand, if an individual is availing of deductions under Section 80C, Section 80D, and the interest on housing loan under Section 24, it would be beneficial for them to opt for the old tax regime.
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