“Simplicity could cost you ₹2-3 lakh a year”: CA warns of hidden costs in new tax regime While the new tax regime looks cleaner on paper, Kaushik urges individuals to resist switching blindly. “The old regime rewards those who plan their money wisely,” he asserts. The new tax regime, widely promoted as a “simpler” alternative … Read more
Tax planning is changing for millions of salaried individuals in India. Starting from the upcoming financial year (FY) 2025–26, the new tax regime will become the more attractive option for many, potentially making traditional deductions and exemptions unnecessary for those earning up to ₹12 lakh. Here’s what you need to know about the shift: The … Read more
Navigating your first job offer and the world of taxes can be confusing, especially when deciding between the old and new tax regimes. Let’s break down which option will give you the highest in-hand salary with a ₹10 lakh CTC. Understanding Your Salary and the Tax Regimes Your total Cost to Company (CTC) is ₹10 … Read more
Navigating the complexities of income tax can be daunting, especially with the choice between the Old and New Tax Regimes. While the New Tax Regime touts simplicity and lower tax slabs, a closer look reveals that the Old Tax Regime, with its array of deductions and exemptions, might offer you more significant savings—potentially over ₹1 … Read more
It’s ITR filing season again, and there’s some important news you need to know, especially regarding the tax rebate and deadlines for the Financial Year 2024-25 (Assessment Year 2025-26). Deadline Extended for FY2024-25! Good news! The income tax department has extended the ITR filing deadline for FY2024-25 from July 31, 2025, to September 15, 2025. … Read more
For the upcoming Income Tax Return (ITR) filing for Assessment Year (AY) 2025-26, a common question among small equity investors is whether they can achieve zero tax liability under the new tax regime, especially if their income includes Short-Term Capital Gains (STCG) and Long-Term Capital Gains (LTCG) from equity mutual funds and shares. Understanding the … Read more
The ₹24 Lakh Income, Zero Tax “Hack” Professionals Are Missing! Imagine earning ₹24 lakh a year and paying absolutely no income tax. Sounds too good to be true? Chartered Accountant Meenal Goel says it’s 100% legal, thanks to a powerful, yet often overlooked, provision in the Income Tax Act: Section 44ADA. This isn’t about complex … Read more
As a retired senior citizen in India, navigating your taxes, especially with income from interest and capital gains, can feel like a maze. Let’s simplify how your tax would be calculated for the Financial Year 2024-25 (Assessment Year 2025-26), keeping your specific income in mind. Your Income Breakdown You’ve got a mix of income sources: … Read more
Important Tax Alert for Retail Investors: Capital Gains Can Now Erase Your ₹7 Lakh Tax Exemption New Delhi: A critical update to the Income Tax Return (ITR) utility, effective July 23, 2024, means that the widely publicized “zero tax on income up to ₹7 lakh” under the new tax regime is no longer universally true … Read more
India’s tax landscape is shaping up to be quite competitive in 2025, especially when you compare its new 30% top individual income tax rate to what other major economies are charging. For folks navigating global finances, whether you’re an NRI, a startup with international ambitions, or a high-net-worth individual, knowing where India stands can make … Read more