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TDS on salary: Don't pay higher tax! How to choose between new and old income tax regime | Business

Financial Literacy News: The new financial year, 2024-25 has begun starting from April 1. However, the income tax laws from the previous year, FY 2023-24, remain in effect for FY 2024-25 because the government has not made any changes. Potential changes may be announced in the upcoming budget after elections, but until then, the old laws remain.

India , Old-income-tax-regime , Central-board , Direct-taxes , Income-tax-return , New-vs-old-tax-regime , Tax-rules , Income-tax-rules , Standard-deduction , Old-tax , Taxable-income

tds on salary: New vs old tax regime for TDS on salary: Choosing wrong tax regime in April can lead to higher tax

TDS on salary tax regime: In the month of April, many salaried individuals are required to inform their employer about their preferred tax regime on the basis of which tax will be deducted from their salary income. If wrong tax regime is chosen for tax to be deducted on the salary, then higher tax will be deducted throughout the financial year.

Central-board , Direct-taxes , Standard-deduction , Old-tax , Taxable-income , Tax-liability , New-tax , Tds-on-salary , New-vs-old-tax-regime , Tds-rate-for-salary , Tax-on-salary

New Tax Regime and NPS: Registration of overall subscribers dropped in FY24, PFRDA data shows

The NPS has progressively advanced as a favoured mechanism for retirement planning across India, owing to its well-organised strategy towards guaranteeing financial stability upon retirement. 

India , Nirmala-sitharaman , National-pension-system , Union-budget , Pension-fund-regulatory , Development-authority , New-tax , Atal-pension-yojana , New-tax-regime , Finance-minister-nirmala-sitharaman , Income-tax-act , Old-tax-regime

11th Kabaka Birthday Run: Patriotic League of Uganda joins noble cause

Uganda Patriotic League also swiftly joined the cause of Kabaka Birthday run with kits worth Ug.shs 20,000,000.

Buganda , Masindi , Uganda , Kampala , Ugandans , Muhoozi-kainerugaba , Katikiro-owek , Charles-peter-mayiga , Katikiro-mayiga , Robert-sserwanga , Bulange-mengo , Ronald-muwenda-mutebi

New Tax Regime: Confused about standard deduction and HRA exemption? Here's the answer!

It’s important to note that if you shift to the New Tax regime, the exemption for HRA will not be applicable.

Rajiv-bajaj , Bajajcapital-ltd , Dear-sir , Indian-budget , New-tax-regime , New-tax , House-rent-allowance , Income-tax-act , Tax , Ew-tax-regime , Ld-tax-regime , Ra

NPS taxation in FY25: How to claim tax deductions for National Pension System under old, new tax regimes

Taxpayers should note that the NPS-related deduction under Section 80CCD (2) of the Income-tax Act, 1961, is the only exemption allowed under both the tax regimes.

National-pension-system , Old-tax-regime , Income-tax , House-rent-allowance , Leave-travel-allowance , New-tax-regime , Income-tax-act , Tax-regime , New-tax , State-government-employer , Tax-benefit

Opting for Old Tax Regime? Section 80C, other sections that can fetch you exemption

Section 80C is the most well-known and widely used deduction. But it is mostly for those who will opt for or have already opted for the Old Tax regime.

India , Nirmala-sitharaman , Ram-temple , Sukanya-samriddhi-yojana , Income-tax-department , National-pension-scheme , Liability-partnerships-llps , National-pension-system , Employee-provident-fund , Public-provident-fund , Old-tax , Income-tax

Income Tax FY2025: Here's how to make a switch between new and old tax regimes

Income tax new fiscal year: Individual taxpayers can make a switch from the Old Tax Regime to the New Tax Regime as many times as they want. But that's not the same for individual taxpayers with business income.

Nirmala-sitharaman , During-the-union-budget , Income-tax , Union-budget , Finance-minister-nirmala-sitharaman , New-tax , Union-finance-minister-sitharaman , Central-board , Direct-taxes , Assessment-year , Tax-regime , Old-regime

Choosing New Tax Regime in FY25? Here are the deductions that are allowed under new structure

It should be noted that the adoption of New Tax Regime comes with certain restrictions. Like, exemption claims associated with specific deductions, including House Rent Allowance(HRA), Leave Travel Allowance (LTA), Sections 80C, 80D, etc, will remain inaccessible.

Nirmala-sitharaman , Union-budget , National-pension-system , New-tax-regime , Old-tax , Hindu-undivided-families , Union-finance-minister-nirmala-sitharaman , Association-of-persons , House-rent-allowance , Leave-travel-allowance , New-tax , Family-pension-deduction

What are the Income Tax Slabs for 2024-25? Know details for old and new tax regime

Financial Literacy News: Income Tax Slabs 2024-25: It's important to note that while no adjustments were made to the income tax slabs in both the old and new tax regimes, this

Nirmala-sitharaman , Lok-sabha , Income-tax-slabs , Interim-budget , Finance-minister-nirmala-sitharaman , Finance-minister , Tax-slabs , Regular-tax , Financial-year , New-income-tax , Concessional-tax-regime