The Finance Act 2023 has made the new tax regime as the default tax regime for FY 2023-24 (AY 2024-25). The taxpayers can switch between the old and the new tax regime on a year-on-year basis.
Transferring money to your spouse for groceries and other bills typically flies under the tax radar. But anything beyond that may land you in the tax net - Issue Date: May 12, 2024
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