Old vs new income tax regime: Which one should you choose

Employees can switch I-T regime in same year

The budget for the next fiscal has proposed to add a new tax regime to the existing one. From April, taxpayers will have the option to choose the proposed lower tax rates with no exemptions, or the existing regime that allows for deductions and exemptions.

How new income tax rates impact those with Rs 10 lakh salary

An individual with a salary of Rs 10 lakh is wondering which tax structure will benefit them more. Should they opt for new tax regime sans tax exemptions and deductions or continue with existing tax structure with tax exemptions and deductions.

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.

Impact of proposed new income tax rates on a Rs 15 lakh salary

If an individual earning Rs 15 lakh is wondering which tax structure will be more beneficial, then he/she can figure out the same by calculating the total amount of deductions that he/she is claiming in a financial year.

If I opt for the existing tax regime for FY21, will equity dividend be tax-free?

Every week, an expert selected by ET answers queries from our readers on taxation.

Impact of proposed new income tax rates on a Rs 20 lakh salary

Here is how much total deductions and tax-exemptions a person with Rs 20 lakh total salary income in a financial year should claim so that his/her tax-liability remains the same in both tax structures.

How to know which income tax slab you fall in?

​​As your income level increases, income at different levels or in different bands will be taxed at different rates which are called the slab rates. To know how much is your tax liability in FY 2019-20, it is important to know which income tax slab you fall in.

New tax regime allows deduction of interest on home loan on rental property

In the new tax regime, there is good news for individuals who have rented out their house property. Such individual taxpayers can avail the deduction on interest paid on housing loan. However, one should be careful while claiming this deduction.

New income tax slabs: Will you gain by switching to new regime?

The budget has proposed an alternate income tax structure. Find out whether you will benefit or not.

Opting for new income tax regime? Don't stop investing in these financial products

Keep in mind that foregoing the deductions under Section 80 must not make you abandon certain instruments.

These I-T sections will allow you save tax via life, health insurance using existing tax regime

Although it is advised not to use insurance solely for the purpose of tax saving, under the existing regime there are various tax sops that allow you to save tax via life and health insurance.

Does it make sense to continue with ELSS investments after the new personal tax regime?

Many investors are sending WhatsApp messages or calling up their mutual fund advisors to ask about how the new personal tax proposals would impact their tax saving investments, including ELSS.

Podcast: Should you switch to the new income tax regime?

Budget 2020: Individuals can switch tax regime every year

“If you find the new scheme preferable, you can move to it or you can continue with the old one,” said CBDT.

Six income tax slabs in, 70 exemptions out: Impact on taxpayers

Salaried taxpayers who opt for the new regime will have to forgo the standard deduction as well as exemptions under chapter VI-A, including HRA, investments under 80C, medical insurance premium, even LTA.

Budget 2020: Simpler and lower income tax, but will it discourage savings?

The key issue that I’m personally concerned about is whether this new optional tax regime is a disincentive for savings.

Budget 2020: New income tax regime saves hassle, but not much money

The new system is optional and will co-exist with the old one with 3 slabs and all exemptions and deductions.

Will proposed new income tax slabs rates benefit senior citizens? Here’s the answer

The proposed new tax structure does not offer higher tax exemption limit for senior citizens.

Budget 2020: What happens to your taxes now

Should you opt for the new income tax regime? Read this to find out

Various tax sops, be it for your salary perks or investments that you make, help reduce your tax outgo.

Budget gives option of lower income tax rates, new tax slabs minus 70 exemptions

Once these proposals are passed by the Parliament, these changes will become effective from the financial year 2020-21.

Deductions, exemptions not available in proposed new tax regime

All deductions under chapter VIA will not be claimable by those opting for the new tax regime, as per Budget 2020.

Income tax break that individuals can still claim in new personal income tax regime

Most of the commonly available deductions such as section 80C, 80D, standard deduction etc. have been proposed to be removed but here is one tax benefit that can still be claimed by you under the new tax regime.

New income tax regime vs old: Which is better for you?

To see if the new regime is beneficial, each individual will have to make their own calculations.

Taxpayer opting for new tax regime to forego deductions on PF, tuition fee, insurance

A taxpayer opting for the new scheme will not get tax benefit for leave travel concession (LTC), allowances for income of minors, and certain allowances of MPs/MLAs.

All about the personal finance changes made in Budget 2020

Rs 4.45 lakh crore tax deductions claimed by individual taxpayers in AY 2018-19

Rs 4,45,150 crore was the total deduction availed of by individual assessees in AY 2018-19, while Rs 3,17,845 crore was the total tax paid by them.