WebFeb 7, 2024 · Some taxpayers can keep switching between the new and the old tax regime introduced in the Union Budget. This allows some taxpayers to compare the two … WebFeb 21, 2024 · It is best to compare both options before filing taxes as we have not considered all the deductions and exemptions. For FY 2024-2024, the new regime is better, irrespective of your income level. ... You can only switch between the old and new tax regime once in your lifetime by submitting an application on or before the due date of …
If I choose the new tax regime can I switch back to the old regime?
WebLet's understand this with an example! If you earn Rs 12 Lakhs per year, then the total taxable amount is Rs 60,000. Under the new tax regime, you'll just pay Rs 60,000 as tax. Under the old tax regime, you can lower the amount of tax by using deductions if they are worth Rs 3 Lakhs. WebJul 20, 2024 · Salaried individuals can choose between the old or new scheme at the time of making their tax declaration to their employer for the purpose of TDS. However, he is free to change the option and ... うちんく 徳島
The importance of selecting tax regime on time Mint
WebFeb 2, 2024 · Effective from FY 2024-21, taxpayers can choose between two income tax regimes - existing/old tax regime and the new tax regime. By opting for the old tax regime, the taxpayer can continue to avail existing deductions such as section 80C, section 80D etc. of the Income-tax Act, 1961 and tax exemptions like house rent allowance, LTC Cash … WebApr 6, 2024 · The income tax department has issued a circular on April 5, 2024, clarifying how employers can deduct taxes on the salary payments made to an employee. Budget 2024 has made the new tax regime as default tax regime for the financial year 2024-24. An individual wanting to opt for old tax regime will specifically required to opt for the same. WebApr 9, 2024 · 1 min read . Updated: 09 Apr 2024, 11:45 PM IST Nitesh Buddhadev. The importance of selecting tax regime on time. For salaried people, the option of selecting between old and new tax regimes is ... うち 家 违い