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Income Tax Calculator 2024-25: Which is better old or new regime? Check salary-wise, exemption & deductions calculation

Income Tax Calculator 2024-25: It’s the start of the financial year and if you are confused between the new and the old income tax regime, then we have you covered. While the old tax regime allows for exemptions and deductions like Section 80C, House Rent Allowance, Leave Travel Allowance etc., the new tax regime offers lower tax rates and multiple slabs. Standard deduction is available under both regimes. We take a look at different income levels and common exemptions and deductions you may want to claim, to calculate and analyse the best income tax regime for you. This analysis has been done by Akhil Chandna, Partner, Grant Thornton Bharat. It is important to note that the analysis in the tables is broadly indicative. Each individual should choose their beneficial tax regime on a case-to-case basis. The analysis cannot be standardised.

Thornton bharatAkhil chandnaIncome tax calculatorHouse rent allowanceLeave travel allowanceGrant thornton

ISRO Recruitment 2024: Last date to apply for Assistant, Junior Personal Assistant posts extended, check details here

ISRO Recruitment 2024: Last date to apply for Assistant, Junior Personal Assistant posts extended, check details here
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DA hiked to 50%: Now HRA of central govt employees to go up as per 7th CPC; how much will HRA increase, when will you get it?

HRA hike for central govt employees: After DA hiked to 50%, several other allowances including HRA of the central government employees, will also be increased. The 7th Pay Commission recommended that the rates of HRA be revised to 30%, 20%, and 10% of basic pay in X, Y, and Z cities, respectively, when DA reaches 50%. Will the central government release a separate order mentioning the hike in HRA as DA reaches 50% now? How much will the hike be in HRA now? When can central government employees expect the increased HRA? Know here

Shri venkateshManmeet kaurRohit jainSanjeev kumarDepartment of expenditureSinghania coDepartment of personnelPay commissionKaranjawala coHouse rent allowanceLuthra law offices indiaManaging partnerWill centreOffice memorandumHra hikeHra increase

Does choosing old tax regime for TDS on salary lead to smoother ITR processing, income tax refund claims?

TDS on salary, income tax refund: A salaried is required to choose tax regime twice - one for tax deducted on salary by employer and secondly while filing ITR.

Aarti raoteShalini jainNational pension schemePeople advisory servicesProcessing centreDeloitte indiaCentralised processing centreTax partner people advisory servicesHouse rent allowanceLeave travelIncome tax regimeTds on salaryIincome tax refundItr filingIncome tax return processingTax department

CBDT Clarification On Media Reports Claiming Special Drive To Reopen Cases With Reference To HRA Claims

The Central Board of Direct Taxes (CBDT) has issued the clarification on media reports claiming special drive to reopen cases with reference to House Rent Allowance (HRA) claims.“Certain instances of.

Income tax departmentCentral boardDirect taxesHouse rent allowanceMedia reportsSpecial driveNra claims