Income Tax rebate and deductions available under New and Old tax regimes
Updated on 01.02.2025 The taxpayers who opt for a New regime are still eligible to claim certain tax exemptions. Here are the details of incomes that are as well exempted from income tax in the event you opt for the new tax regime. Relief under Section 87A: For the Financial Year 2025-26 (AY 2026-27), an…
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Residential Status under the Income Tax Act in India
The concept of residential status is pivotal under Indian income tax laws, as it determines the scope of taxable income in India. Residential status for income tax purposes may vary from year to year and differs significantly from the definitions under other Indian laws such as the Citizenship Act, Foreign Exchange Management Act (FEMA), Aadhaar…
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Income Tax slabs and tax rates for FY 2022-23 both under old and new rules
Updated on July 18, 2022 The tax slabs and tax rates for the financial year 2020-21, 2021-22, and 2022-2023 remain the same. The rules for the old tax regime and the new tax regime are also the same as in previous years. The amount of rebate u/s 87A has been kept unchanged under both the…
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Concept of Previous Year & Financial Year vis-à-vis Assessment Year
In accordance with Article 265 of the Constitution of India, “No tax shall be levied or collected except by the authority of law.” This provision establishes that taxation can only be imposed under duly enacted legislation by the appropriate legislative authority—be it the central or state governments, or local governing bodies such as municipal corporations.…
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An Overview of the Tax Structure in India: Classification and Regulatory Framework
India’s taxation system operates within a three-tier federal structure comprising the Central Government, State Governments, and local municipal bodies. The framework is broadly classified into direct and indirect taxes, each governed by distinct authorities and applied in specific contexts. This article provides a comprehensive overview of the Indian tax structure, highlighting its classification, features, and…
Old or new income tax regime?: Easy solution to choose the better for FY 2023-24:
The Union Budget 2023 has left individuals confused with the choice of the tax regime. Both old and new tax regimes require a proper assessment before choosing one. The calculation of tax payable by various income groups under the new tax regime and old tax regime is shown at the bottom of this post so…
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