Financial year 2023-24 onwards, the new regime is set to be the default tax system. Under the revised new tax regime, the individual will forego 70 deductions and tax exemptions. House rent allowance (HRA) tax benefit is one of those. HRA is available only to salaried individuals who are planning to opt for old tax regime. Watch Business Today s Visual Story to know more about tax exemptions and deductions under the new tax tegime.
Regardless of their political affiliations, presidential administrations and members of Congress share the goal of maintaining U.S. competitiveness on the global market.