Income Tax : Income may become tax-free under the new tax regime because of the standard deduction and Section 87A rebate, but ITR filing may s...
Income Tax : This guide compares the Old and New Tax Regimes, explaining differences in deductions, exemptions, home loan benefits, and standar...
Income Tax : Old Regime vs New Regime for Salaried Employees in FY 2026-27: A CA’s Optimisation Checklist The article explains that no ch...
Income Tax : Despite withdrawal of many tax benefits under Section 115BAC, official duty-related allowances remain exempt to the extent of actu...
Income Tax : The article explains that HRA exemption is unavailable under the new tax regime, which is why the HRA field may not appear in the ...
Income Tax : The Government confirms a higher rebate under the new tax regime, ensuring no tax up to ₹12 lakh and outlining revised slabs eff...
Income Tax : Union Budget 2025-26 introduces tax relief with no income tax up to Rs. 12 lakh, benefiting middle-class taxpayers and boosting co...
Income Tax : The ITAT Pune held that the option exercised under Section 115BAC continues for subsequent years unless it is withdrawn or becomes...
Income Tax : ITAT held that once Form 10IE is validly exercised and not withdrawn, it continues for later years. AO was directed to grant Secti...
Income Tax : The Tribunal held that a one-day delay in filing Form 10IE for an earlier year cannot defeat the assessee’s right to be taxed un...
Income Tax : Read the full text of the ITAT Pune order in Akshay Devendra Birari Vs DCIT regarding the allowance of benefits under the new inco...
The ITAT Pune held that the option exercised under Section 115BAC continues for subsequent years unless it is withdrawn or becomes invalid under the Act. It directed the AO/CPC to allow the new tax regime for AY 2023-24.
ITAT held that once Form 10IE is validly exercised and not withdrawn, it continues for later years. AO was directed to grant Section 115BAC benefit.
Income may become tax-free under the new tax regime because of the standard deduction and Section 87A rebate, but ITR filing may still be mandatory. Taxpayers must also consider income thresholds, specified transactions, and applicable due dates.
This guide compares the Old and New Tax Regimes, explaining differences in deductions, exemptions, home loan benefits, and standard deductions. It emphasizes that taxpayers should compare both regimes before filing their income tax return.
Old Regime vs New Regime for Salaried Employees in FY 2026-27: A CA’s Optimisation Checklist The article explains that no changes were made to the income tax slab rates in the Union Budget 2026, and the tax structure introduced in Budget 2025 continues for FY 2026-27 (AY 2027-28) under both the old and new tax regimes. It […]
Despite withdrawal of many tax benefits under Section 115BAC, official duty-related allowances remain exempt to the extent of actual expenditure incurred and substantiated.
The article explains that HRA exemption is unavailable under the new tax regime, which is why the HRA field may not appear in the ITR utility. Taxpayers must select the old regime to claim HRA benefits.
The article compares old and new income tax regimes for FY 2025-26 and explains how deductions affect final tax liability. It highlights that home loan deductions under Section 24B can make the old regime more beneficial for some taxpayers.
The issue is whether high-income earners can reduce tax liability under the old regime. The analysis shows that structured allowances and deductions can bring taxable income to zero.
Key mistakes taxpayers should avoid when choosing between old and new tax regimes for FY 2026-27, including deductions, deadlines, and compliance.
