New Tax Regime

Taxpayers are allowed to switch between the new and the old tax regimes during the filing of returns, albeit with a condition.

Old vs new tax regime: Can salaried employees switch tax regime at the time of filing ITR?

The actual exercise of choosing between the two regimes has to be done by the employee at the time of filing the ITR.

Paid income tax under new regime, but old regime shows zero tax liability—can I revise ITR and switch regime now for FY25

Moneycontrol’s Ask Wallet-wise initiative offers expert advice on matters related to personal finance and money-related queries

Should you opt for the new income-tax regime in FY 2025-26?

With both tax regimes still in play for FY 2025-26, choosing the right one could help you save more—if you know what to consider.

Shifting to the new tax regime? This is what becomes of your carried-forward business loss

Disallowed deductions' related business losses expire in the new tax regime, while ordinary business losses can continue to be carried forward under specified circumstances.

Old vs new tax regime: 4 reasons why the old regime might still be best for you

Many taxpayers find that the old tax regime is more flexible, particularly regarding deductions and exemptions.

Switching to the new tax regime? Here’s what happens to your carried forward business losses

Know how your past losses are treated when you opt for the new income tax regime.

Switching tax regimes in 2025: What salaried and business taxpayers need to know

Salaried individuals can switch between old and new tax regimes every year, while business owners have limited flexibility.

New Income-Tax bill to provide clearer definition of online games

The Income Tax Bill, 2025 defines 'online game' as any game offered on the internet and accessible through a computer or telecom device.

Budget 2025: Old vs. New Tax Regime – Which One Saves You More? | Explained

Budget 2025 is around the corner, and taxpayers are eagerly waiting for potential income tax changes! Should you stick to the old tax regime with deductions or switch to the new simplified structure? We break down the latest slabs, tax rates, and savings for different income levels. Watch now to find out which regime is best for you!

Direct tax relief for middle class in Budget 2024 is ‘sufficient’: Revenue Secy

Budget 2024 has given relief of Rs 17,500 this year in direct tax. In last year's Union Budget, the government had reduced the number of tax slabs, and adjusted the rebate limit in the new tax regime to Rs 7 lakh.

What did India search for on the Budget Day?

Karnataka, Haryana were more interested in knowing about the new tax regime, Andhra searched for gold

Budget adopts an ‘optimal approach’ in tax slab rejig, says CBDT chairman

While the tax slabs were rejigged for the new tax regime, the old tax regime rates were left untouched in the Budget

Budget 2024: Relax I-T exemption limit to Rs 5 lakh under new tax regime, says EY

Suggests doubling of standard deduction limit to Rs 1 lakh

Govt may hike exemption limit under new tax regime to Rs 5 lakh; relief unlikely for the rest

The government may not tinker with rates under the old tax regime despite requests to increase the threshold for the highest tax slab to Rs 20 lakh. This is to ensure that more people are incentivised to move towards the new regime that discourages exemptions and rebates.

No changes in new tax regime from April 1: Finance Ministry

The option of opting out from the new tax regime is available till the filing of return for the assessment year 2024-25, the ministry has said

Pre-Budget wishlist: Give greater flexibility to the self-employed to switch between old and new tax regimes

Self-employed individuals can switch between the old and the new tax regime only once in their lifetime. The flexibility to make this choice every financial year would help those with varying annual incomes, say experts.

5.5 crore may have shifted to new tax regime, say I-T officials

The exact number of individuals opting for the new tax regime would only become clear in the next assessment year 2024-25. In this year's budget, the government had overhauled the regime to make it more attractive

Income tax returns: New income-tax regime is now the default regime. Here’s how to navigate the switch

I-T return-filing: You can now select between the old and new income tax regimes at the time of filing your tax returns, irrespective of which option you had gone in for at the start of the calendar year with your employer. Salaried individuals can do this every year. But for professionals, the option to switch regimes is available only once.

New tax regime vs old tax regime - deductions and exemptions allowed under both the regimes

You can claim deduction for home loan interest, but only on a rented property, and not as much as under the old regime. Gratuity is tax-exempt up to Rs 20 lakh and leave encashment up to Rs 25 lakh for non-government employees under the new and the old tax regimes.

Six income-tax exemptions that even the new tax regime allows

The new tax regime is a minimal tax break system, but not entirely exemption-free. It offers benefits on employers’ contribution to NPS, life insurance maturity proceeds, and so on.

How to use IT department’s official tax calculator to choose between old and new tax regimes

You can compare your tax outgo under both and opt for the one where tax liability is lower.

How credible is LIC’s claim to stand tall sans tax crutch?

The low share of life insurance in the overall household savings is a testament to the fact that insurance in India is a push product that needs sweeteners such as tax exemptions

FM Nirmala Sitharaman interview | New tax regime the future, old tax regime to stay

The new tax regime offers lower rates, more money in the hands of taxpayers and simplicity. While older tax regime offers incentives to save, the tax rates are far higher. The tax-payer is the best judge to decide where to put her money, Finance Minster Nirmala Sitharaman told Network18 Group Editor Rahul Joshi in an exclusive post-Budget 2023 interview.

The ultimate guide that helps you choose between new and old income-tax regime

The all-new and improved new income-tax regime has got more attractive, post Budget 2023. Salaried individuals can switch between the two tax regimes every year after estimating their tax liability. But businesspersons and professionals can switch to the old regime and back once.