Under the old tax regime, individuals and businesses could claim a variety of exemptions and deductions—such as house rent ...

It is essential to inform your employer of your preferred tax regime on time to ensure that less tax is deducted from your ...

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The new tax regime is now the default option. If you wish to continue with the old tax regime, you must inform your employer.

Old tax regime, however, still offers taxpayers a range of options to save taxes through various eligible deductions and ...

If the old regime is better for you, and you have invested heavily under Section 80C, but don’t inform your employer, more tax might be deducted from your salary during the year.

If substantial past losses relate to now-disallowed deductions, switching to the new regime may forfeit their set-off. In ...

Notably, taxpayers can claim exemption for HRA along with the interest on home loan under the old tax regime in the same year ...

The income tax return form, by default, applies to the new regime. It inquires from the taxpayers whether they wish to come out under Section 115 BAC. Selecting 'Yes' transfers them to the old tax ...

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This means that even if a salaried employee had opted for the old tax regime for tax deducted at source (TDS) during the financial year, they can still choose to file their ITR under the new tax ...

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