One stop for everything related to taxes,
Our Blogs

The New Tax Regime in India, introduced under Section 115BAC , offers simplified slab rates but restricts most commonly used Chapter VI-A deductions. While it reduces paperwork and compliance, taxpayers must weigh whether the Old Regime, with its wide range of exemptions, still provides greater benefits. The Finance Act 2024, applicable from FY 2025-26, revises standard deductions and clarifies which exemptions survive under the new system. Understanding this comparison is es

Taxpayers in India often wonder if they can switch their tax regime after filing their Income Tax Return (ITR) . The Income Tax Act provides two options: the old regime with deductions and exemptions, and the new regime under Section 115BAC with lower rates but limited exemptions. While salaried individuals may have flexibility through revised returns, business and professional taxpayers face tighter restrictions. Understanding these rules is essential to avoid mistakes, pena

Choosing the right tax regime in India is one of the most important financial decisions for any taxpayer. With two options available under the Income Tax Act, 1961—the old regime with multiple deductions and exemptions, and the new regime with lower tax rates but limited benefits—picking the right one can significantly impact overall tax liability. Many individuals make avoidable mistakes such as failing to compare both regimes, claiming ineligible deductions, or not informin

The choice between the old and new tax regime  for pensioners in India depends on how tax slabs, deductions, and exemptions align with individual income patterns. Pension income, senior citizen-specific benefits, and interest exemptions play a critical role in determining the right option. Pensioners with significant deductions often benefit from the old regime, while those with simpler incomes may find the new regime easier. Table of Contents Regime Choice for Pensioners: Ol

Freelancers and consultants in India must choose between the old tax regime, with its broad range of deductions, and the new regime, which offers lower rates but limited exemptions. The decision impacts tax liability, ease of filing, and long-term planning. Both regimes are available each year, allowing professionals to opt for whichever reduces their tax outgo most effectively. With recent updates in Budget 2025, including revised slabs and higher standard deductions, unders

The choice between the old and new tax regime is one of the most important financial decisions for salaried professionals in India. The old regime allows multiple deductions and exemptions, such as HRA, 80C, and 80D, while the new regime offers reduced tax rates with fewer deductions. Deciding which regime is better depends on salary structure, investments, and tax-saving preferences. Both systems serve different types of taxpayers, and a detailed comparison ensures that sala

The debate between the old and new tax regimes has gained more importance in FY 2025-26 with changes in slabs, deductions, and rebates. The old regime continues to allow multiple exemptions and deductions such as HRA, 80C investments, and home loan interest, while the new regime offers lower slab rates, a higher standard deduction of ₹75,000, and a generous rebate of up to ₹60,000 for incomes up to ₹12 lakh. Choosing the right regime depends on income level, deductions claim

Non-Resident Indians (NRIs) often face confusion about whether they can access India’s new tax regime. For the financial year 2025-26, the revised framework provides an option for all individual taxpayers, including NRIs. The new regime offers lower tax rates with expanded slab limits but removes most exemptions and deductions. Understanding how this impacts taxable income, the availability of rebates, and the treatment of NRI-specific income like interest on NRO accounts is

Switching between the old and new tax regime s while filing Income Tax Returns has become a key decision for taxpayers in India. For FY 2024-25 (AY 2025-26), the new regime is the default, but individuals can still opt for the old regime if it proves more beneficial. The process varies for salaried taxpayers compared to those with business or professional income, and the choice must be made before the ITR due date. Understanding the rules, deadlines, and filing procedures is

Mistakes in income tax returns, whether in the original or revised filing, can lead to incorrect reporting, missed deductions, or delayed refunds. ITR-U , the Updated Return under the Income Tax Act, 1961, provides a practical solution for taxpayers to self-correct errors and omissions. With the recent extension of the correction window to four years from the end of the relevant assessment year, ITR-U enables individuals and businesses to proactively amend returns, ensure com