House Rent Allowance (HRA) is one of the most common allowances received by salaried individuals. Those who live in rented ...

Less: Exemptions on Salary income (other than HRA) which are not allowed under New Regime (e.g. Leave travel allowance, Education allowance, Hostel allowance etc.) Less: Exemptions on Salary ...

Taxpayers are always keen on minimizing their tax liabilities. The Income Tax Act 1961 offers various tax benefits, including House Rent Allowance (HRA), which can significantly reduce your tax burden ...

Taxpayers have two options for filing income tax returns, New Tax Regime and Old Tax Regime. The New Tax Regime has been set ...

From April 1, interest income from fixed deposits (FDs), recurring deposits (RDs), etc., will only be subject to deduction if the amount, at the aggregate level in a bank, exceeds Rs 1 lakh in a ...

Form 16 provides details of the deducted tax amount and submission date and helps in ITR filing by ensuring accurate income ...

Form 16 is a certificate issued by an employer to employees, which contains details of the employee's salary and the tax deducted at source (TDS) during the financial year.

Choose the Old Regime if you have significant tax-saving investments (PPF, EPF, LIC, etc.) and claim deductions like HRA, 80C, and 80D. Choose the New Regime if you do not have many deductions and ...

One of the most valuable deductions available under the Old Tax Regime is Section 80C, which allows taxpayers to claim ...

Key amendments introduced under the new tax regime for FY 2025-26 (AY 2026-27) 2. No Tax upto 12 lakh Enhanced Tax Rebate (Section 87A): The tax rebate under Section 87A has been enhanced and ...