DEDUCTION IN NEW TAX REGIME
Investment in NPS via this route can help you save tax in new tax regime
Investment in Tier-I account of NPS via your employer allows you to claim a deduction from your gross total income under the Income-tax Act even under the new lower tax regime. Here's all you need to know about it.
Employees allowed to claim I-T exemption on conveyance allowance under new tax regime: CBDT
CBDT has now amended Income Tax rules to prescrib...
Comparison of new income tax regime with old tax regime
The new income tax regime provides for concessional tax rates vis-à-vis tax rates in ...
Claim over Rs 2.5 lakh tax deduction? Don’t opt for new income tax regime
If you wish to opt for the new tax regime, you will have to inform your employer through the declaration form. The employer will start deducting tax at source (TDS) accordingly for each month. Find out which tax option suits you.
Government clarifies on TDS for employees under new tax regime
Employers will be able to deduct taxes on salaries paid to employees from the beginning of a financial year, basis the individual’s choice of opting for the old or the new taxation regime though a declaration, the Board said in a circular.
Tax queries: Exemptions, deductions you will not get in new income tax regime
Every week, an expert selected by ET answers queries from our readers on income tax and other levies.
Deductions, exemptions not available in proposed new tax regime
All deductions under chapter VIA will not be claimable by those opting for the new tax regime, as per Budget 2020.
How to calculate income tax online
Use this income tax calculator to know whether you will benefit by opting for the new tax regime or staying with the existing tax regime for the current financial year 2020-21.
How to choose the tax regime for TDS on salary for FY2020-21
Individuals should remember that TDS on salary is deducted as per the applicable income tax slab rates whereas TDS on say interest income from fixed deposits is deducted at only 10 per cent.
Impact of proposed new income tax rates on a Rs 15 lakh salary
If an individual earning Rs 15 lakh is wondering which tax structure will be more beneficial, then he/she can figure out the same by calculating the total amount of deductions that he/she is claiming in a financial year.
New income tax slabs: Will you gain by switching to new regime?
Budget 2020 had proposed an alternate income tax structure, which has come into effect fro April 1, 2020. Find out whether you will benefit or not.
New tax regime allows deduction of interest on home loan on rental property
In the new tax regime, there is good news for individuals who have rented out their house property. Such individual taxpayers can avail the deduction on interest paid on housing loan. However, one should be careful while claiming this deduction.
Income tax benefits on EPF contributions: New vs existing tax regime
In the new tax regime, the tax benefit available on employee's own contribution to EPF account is impacted.
Clarity needed on carry forward, set-off of losses when shifting between two tax regimes
If an individual opts for new tax regime, the question is what will happen to the existing brought forward losses from house property. Will they lapse if individual opts for the new tax regime wherein claiming such losses is not permitted? Here's some clarity.
Incomes that are exempted under the new tax regime
70 deductions have been removed in the new regime. However, there are certain incomes that are exempt.
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