Individual taxpayers eagerly awaited the Union Budget 2024, anticipating significant tax relief from the Modi 3.0 government. Many expected enhanced deductions or revised tax slabs that would lower overall tax rates. The Reserve Bank of India’s optimistic economic outlook and repeated affirmations of India as the fastest-growing major economy fuelled these expectations. Additionally, the government’s … Read more
With a notable increase in taxpayers opting for the new tax regime while filing their income tax returns (ITR) for FY 2024, experts predict the Finance Ministry may consider phasing out the old tax regime within the next year or two. The key question is: When will the government officially end the old tax regime? … Read more
Taxpayers are expecting stab-rate changes and higher deductions in the old tax regime ahead of the 31 July deadline for filing income tax returns, but Ranjeet Kumar Agarwal, president of the Institute of Chartered Accountants of India believes the old tax regime could be discontinued in phases. While he is not in favour of offering … Read more
Are you still undecided about which income tax regime (old or new) to choose? The Budget 2023 introduced a significant change: default adoption of the new tax regime. It aims to simplify tax filing and encourage more people to opt for the new regime, which offers lower tax rates but fewer deductions and exemptions. If … Read more