Comparing New vs. Old Tax Regimes, Which Income Tax Regime Is Best For You?

The annual assessment office has empowered e-recording structures for ITR-1, ITR-2, and ITR-4, denoting the start of the web based documenting of personal government forms (ITR) for AY 2024-25 (or FY 2023-24). Citizens should choose between the new and old personal expense systems while presenting their ITRs. In the two systems, there are contrasts in the duty rates and benefits. Here are the points of interest of the systems, charge rates, and chiefs. Finance Clergyman Nirmala Sitharaman raised the annual expense exclusion limit in the Financial plan 2023 to Rs 3 lakh under the new duty system. She likewise expanded the discount under Segment 87A of the Annual Assessment Act, 1961 from Rs 5 lakh to Rs 7 lakh, implying that people making up to Rs 7 lakh are absolved from paying any expense under the new system.

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