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Loss from house property is a common scenario for taxpayers with home loans or multiple properties, especially when the interest payable exceeds rental income. The Income Tax Act, 1961 allows taxpayers to set off such losses against other heads of income, reducing the overall tax burden. However, the extent of this adjustment depends on the tax regime chosen and the nature of the income involved. With updates in the Income Tax Bill 2025, the rules for set-off and carry-forwar

Sections 44AD  and 44ADA  under the Income Tax Act, 1961, simplify tax filing  for small businesses and professionals by allowing them to declare income on a presumptive basis rather than maintaining detailed books of accounts. These provisions encourage voluntary compliance and ease the financial reporting burden, especially for those with moderate annual receipts. Table of Contents Section 44AD: Simplified Tax Scheme for Small Businesses Section 44ADA: Presumptive Taxation

Capital losses  can significantly impact tax planning if not managed correctly. The Income Tax Act, 1961 allows taxpayers to reduce their taxable income by setting off such losses against capital gains in the same or future years. The concept of set-off and carry forward helps individuals and businesses optimize their tax outgo by adjusting losses within defined limits and time frames. With recent Budget 2025 changes expanding flexibility, understanding these provisions has b

Choosing between the old and new tax regimes is often the first major decision for a new taxpayer in India. The new tax regime, now the default option from FY 2023-24 onwards, offers concessional rates and simplicity but fewer deductions, while the old regime provides multiple exemptions at higher slab rates. For FY 2025-26, the government has revised slabs, raised the basic exemption limit, and enhanced rebates under the new regime, making the choice more significant than e

Assisted filing and DIY filing each offer distinct benefits when it comes to choosing the right income tax regime under the Indian Income Tax Act, 1961. The decision affects overall compliance, accuracy of reporting, and the ability to optimise deductions and exemptions. With evolving rules, adjusted tax slabs, and shortened compliance timelines, selecting between the old and new regimes is not just about saving tax but also about avoiding errors. Platforms like TaxBuddy h

High-Net-Worth Individuals (HNIs) and high-income earners in India often face the dual challenge of higher tax rates and complex financial planning needs. Choosing between the old and new tax regime has a direct impact on wealth preservation, compliance, and future investment strategies. Effective regime planning allows these individuals to minimize tax liabilities, optimise returns, and maintain long-term financial stability by leveraging deductions, exemptions, and efficie

Understanding the differences between the Old and New Tax Regimes is crucial for taxpayers in FY 2025-26. The New Tax Regime, now the default option, offers simplified slabs, higher rebates, and fewer deductions, while the Old Regime allows extensive exemptions and deductions for strategic tax planning. Knowing which regime suits individual income, investments, and expenses can optimize tax liability and maximize refunds. TaxBuddy provides intuitive tools and calculators

The new tax regime under Section 115BAC , introduced to simplify taxation, offers lower tax rates but limits most deductions and exemptions that were traditionally available. While the old tax regime allows a wide range of benefits under sections such as 80C, 80D, and HRA, the new regime restricts taxpayers to only a handful of deductions, such as the standard deduction, employer’s NPS contribution, family pension deduction, and a few others. Taxpayers must weigh these restr

The choice between the Old and New Tax Regime in 2025 depends heavily on individual income, deductions, and investment habits. The New Tax Regime offers lower slab rates and a higher standard deduction, making it attractive for middle-income earners with minimal deductions. The Old Tax Regime , with multiple exemptions and tax-saving deductions, can significantly reduce taxable income for individuals with large investments, home loans, or health insurance premiums. Understand

Tax saving options under the old and new income tax regimes in India differ sharply, especially for FY 2025–26. The old regime continues to allow a wide range of deductions and exemptions such as Section 80C, 80D, home loan benefits, and HRA, which significantly reduce taxable income. The new regime, on the other hand, offers lower tax rates and a higher exemption threshold but with minimal deductions beyond the standard deduction. Understanding these differences is crucial