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Are There New Income Tax Rules Effective From April 1?

Are There New Income Tax Rules Effective From April 1?
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LTA exemption: What is Leave Travel Allowance and can you claim it at the time of filing your income tax return? | Business

Financial Literacy News: Salaried individuals typically need to give proof of their expenses and investments to get tax deductions under the Income-tax Act. One common tax exemption available to salaried individuals is the Leave Travel Allowance or LTA. Leave Travel Allowance (LTA), often included in your salary, pays for your vacation travel expenses. It also covers travel costs for family members such as spouses, children (up to two if born on or after October 1, 1998), dependent parents, and dependent siblings. ....

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Income Tax: How many times can you switch between old and new regime

The new tax regime offers fewer tax deductions and exemptions compared to the old tax regime, which provides various deductions under Chapter VI A from taxable income. ....

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NPS taxation in FY25: How to claim tax deductions for National Pension System under old, new tax regimes

Taxpayers should note that the NPS-related deduction under Section 80CCD (2) of the Income-tax Act, 1961, is the only exemption allowed under both the tax regimes. ....

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Claiming LTA Exemption? Here's Why You Should Submit Proof To Employer By March 31

LTA or Leave Travel Allowance is a tax benefit offered by employers to help employees save on taxes related to travel expenses during their leave. ....

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