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.
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...
How the old tax regime serves the double benefit of tax-saving and financial well-being
It is universally accepted that tax breaks on investm...
How to calculate income tax for FY 2020-21
For FY 2020-21, an individual taxpayer will have an option to choose between the new and old tax regime. In order to know which tax regime is beneficial for an individual, it is important to know how much will be the tax liability in both the regimes.
Comparison of new income tax regime with old tax regime
As per the example, it is evident that maximum benefit in terms of tax savings that can be availed under the new regime (in case no investments are made) is Rs 75,000. The highest tax rate, i.e. 42.7%, will continue to be a major challenge for HNIs.
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.
For TDS from salary, you will have to choose your tax regime now, says CBDT circular
This was clarified by the Central Board of Direct Taxes (CBDT) in a circular. The circular addressed the issue of tax deduction at source from an employee's salary in case the employee opts for new tax regime in FY 2020-21.
How to calculate income tax online
Use this income tax calculator to calculate whether you will benefit by opting for the new tax regime or staying with the existing tax regime.
CBDT notifies revised Form 26AS, to now include real estate, share transaction details
Form 26AS is an annual consolidated tax statement that can be accessed from the income-tax website by taxpayers using their Permanent Account Number (PAN). The revamped Form 26AS will now come into effect from June 1, the Central Board of Direct Taxes (CBDT) said.
New tax regime and other tax changes that will come into effect from April 1
The government via a press release dated March 30, 2020, has clarified that there is no extension of the financial year. Here is a look at seven new tax rules that will come into effect from the new financial year, i.e. April 1, 2020.
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.
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.
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.
Got a pay cut? You may still be taxed on your original CTC
If a pay-cut is not reflected in the components of your salary, you may still be taxed on your original CTC.
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