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The new tax regime offers fewer tax deductions and exemptions compared to the old tax regime, which provides various deductions under Chapter VI A from taxable income.
Wei Li says the era of easy money and easy returns is over. Markets might be surging on rate cut hopes now, but what comes next will be much tougher to navigate.
The Calcutta High Court has held that if the provisions of the old regime of Section 148 of the Income Tax Act, including Taxation and other Laws (Relaxation and Amendment of Certain Provisions) Act,...
"I propose to retain the same tax rates for direct and indirect taxes including import duties," FM Sitharaman said on Thursday.
Budget 2024 kept income tax rates and slabs constant. Also, new and old tax regimes continue to co-exist. The choice between the two would depend on the difference that your tax deductions and exemptions make to your taxable income.