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Switching between the old and new tax regimes under Section 115BAC may appear harmless for salaried individuals, especially when income levels rise or deductions seem limited. However, mid-career regime changes often disrupt long-term tax planning built around consistent investments, housing decisions, and family-related deductions. As careers progress, deductions typically increase, not decline. Frequent regime switching during this phase can reduce the effectiveness of comp

Switching between the old and new tax regimes may appear harmless in the short term, but for many taxpayers, especially professionals transitioning to business income mid-career, this decision can create long-term tax inefficiency. Under India’s current income tax framework, salaried individuals enjoy annual flexibility, while business and professional taxpayers face irreversible lock-in rules. Budget 2024–25 changes and the upcoming Income Tax Bill 2025 further reinforce the

Choosing between the old and new tax regimes directly impacts tax outgo, refunds, and long-term planning. With the new tax regime becoming the default and offering tax-free income up to ₹12 lakh after Budget 2025 updates, the decision now depends more on income profile than assumptions. TaxBuddy evaluates both regimes side by side by factoring in income level, deductions, exemptions, and taxpayer category to identify the option that results in the lowest tax liability while r

The new tax regime under Section 115BAC has been the default option for salaried employees since FY 2023–24. While it offers lower slab rates and a nearly tax-free income up to ₹12 lakh after rebate from FY 2025-2026, it removes most commonly used deductions. For salaried individuals with home loans, insurance, or long-term investments, the tax saved through deductions under the old regime often exceeds the benefit of lower slabs. As a result, many employees unknowingly pay h

The Finance Bill plays a critical role in translating Budget announcements into enforceable tax law. While Budget speeches outline intent, it is the Finance Bill that actually amends the Income Tax Act and other laws, determines applicability dates, and defines how changes will work in practice. For taxpayers, professionals, and businesses, the Finance Bill is especially important because it often goes beyond headline tax rate changes. It introduces compliance relaxations, pe

The Union Budget is one of the most important financial events in India each year. It is not just a government document meant for economists or policymakers. It directly affects everyday life. From the tax you pay, the price of essential goods, job opportunities, public services, and infrastructure projects, many aspects of daily living are influenced by what is announced in the Union Budget. At its core, the Union Budget explains how the government plans to manage the count

Every year, as February approaches, one question starts trending across search engines and conversations: When is the Union Budget and what time will it be presented? The budget 2026 is no different. People from all walks of life look for clear and quick answers because the Union Budget is not just a government formality. It directly affects taxes, prices, jobs, savings, and economic direction for the entire year. Knowing the date and timing of Budget 2026 matters because man

As India moves closer to the Union Budget 2026, expectations around income tax reforms are once again gaining momentum. For salaried employees, professionals, senior citizens, and investors, income tax policy plays a direct role in monthly cash flow, long-term savings, and financial planning decisions. Over the past few budgets, the government has focused on simplifying tax structures, improving compliance efficiency, and gradually shifting taxpayers towards a streamlined tax

GST e-invoicing and return filing are now deeply interconnected under the Indian GST law. Once an e-invoice is generated through the Invoice Registration Portal, its data flows directly into GST returns, reducing manual intervention and mismatches. This linkage ensures that outward supplies reported in GSTR-1 and tax liabilities declared in GSTR-3B remain consistent. With stricter timelines and compliance controls introduced in 2025, businesses must rely on accurate system-l

Input Tax Credit under GST plays a direct role in reducing the tax cost for businesses, but only when expenses are classified correctly. Many ITC claims fail not because the tax was ineligible, but because expenses were miscategorised or overlooked under GST rules. Certain business inputs qualify fully, others require partial reversal, while some are blocked altogether under Section 17(5) of the CGST Act. With frequent GST updates and tighter scrutiny, understanding how ITC a