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It is to be noted that deductions under Chapter VI-A deduction (Section 80C, 80D, 80E and so on) are not available for taxpayers who opt for the New Tax regime. However, salaried individuals can still claim two deductions under the new tax regime -- Standard Deduction and deduction under section 80CCD (2) for employer's contribution to NPS.
Many of the provisions of the Tax Cuts and Jobs Act are set to expire in 2025. This signature tax legislation put into place by President Trump, significantly overhauled the United States tax system. As the end approaches, individuals need to be proactive in their tax planning now.
New tax rules 2023: One of the significant announcements regarding personal taxation was the declaration of the New Income Tax Regime as the default tax regime.
Many changes were announced in the Budget 2023 as well as during the year in 2023 by the Central Board of Direct Taxes (CBDT). These changes not only impacted your 2023 but will also impact your 2024 especially at the time of filing income tax return. Read on to know more about it.
From deadlines and deductions to brackets and your refund, here are answers to common questions about the 2024 tax season.