Individual taxpayers eagerly awaited the Union Budget 2024, anticipating significant tax relief from the Modi 3.0 government. Many expected enhanced deductions or revised tax slabs that would lower overall tax rates. The Reserve Bank of India’s optimistic economic outlook and repeated affirmations of India as the fastest-growing major economy fuelled these expectations. Additionally, the government’s … Read more
With a notable increase in taxpayers opting for the new tax regime while filing their income tax returns (ITR) for FY 2024, experts predict the Finance Ministry may consider phasing out the old tax regime within the next year or two. The key question is: When will the government officially end the old tax regime? … Read more
The recently announced Budget 2024 has brought significant changes to the income tax regime, raising pertinent questions about which tax structure—old or new—will be more advantageous for different categories of taxpayers. Finance Minister Nirmala Sitharaman’s revisions include adjustments to tax slabs and deductions, aimed at providing relief to various segments of taxpayers. Let’s delve into … Read more
Are you still undecided about which income tax regime (old or new) to choose? The Budget 2023 introduced a significant change: default adoption of the new tax regime. It aims to simplify tax filing and encourage more people to opt for the new regime, which offers lower tax rates but fewer deductions and exemptions. If … Read more