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With the start of the new fiscal year (FY 2024-25), there will be some noteworthy changes. These changes will be implemented from April 1, 2024. The corresponding changes from April 1, 2024, will add new regulations or reforms to the prevailing ones. India’s Finance Minister, Smt. Nirmala Sitharaman has presented several new income tax rule changes in …
The choice between the new tax regime and the old tax regime in India primarily revolves around how income tax is calculated and the deductions and exemptions available to taxpayers. Here are the key differences between the two: Old Tax Regime Tax Slabs and Rates: Under the old tax regime, there are different tax slabs …
Presumptive income is a method used in income tax assessment where the income of certain eligible taxpayers is calculated based on presumptions and assumptions made by the tax authorities, rather than requiring detailed accounting records and actual income computations. This method is primarily aimed at simplifying the tax compliance process for small taxpayers and reducing …
In India, the Income Tax Act provides for several deductions related to medical expenses incurred by individuals and their family members. These deductions help taxpayers reduce their taxable income and consequently lower their tax liability. Here are some of the key medical deductions allowed under the Income Tax Act: Deduction for Medical Insurance Premium (Section …
What all medical deductions are allowed in Income Tax? Read More »
Deductions on housing loans in India are available under several sections of the Income Tax Act, 1961. Here are some of the key deductions related to housing loans: Section 24(b): Interest on Housing Loan: Under Section 24(b), you can claim a deduction on the interest paid on a housing loan for a self-occupied or rented-out …
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