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The New Tax Regime is a scheme of Income tax in India first proposed in Union Budget 2020–21. [1] Subsequent Budget of FY2021-22 did not see any major announcements in this regime. [ 2 ] During the Budget 2022–23, reports emerged that New Tax Regime was getting poor response [ 3 ] and Government is considering to make it more attractive ...
The scheme was aimed at encouraging the flow of savings of small investors in the domestic capital market, and presents investors with tax benefits provisioned as a new section, 80CCG, [3] in the Income Tax act. The 2017 Union budget of India had stated that the scheme be phased out entirely by 2018, citing the lack of adoption. [4]
The New Tax Regime was announced for individuals & HUF in Budget 2020 and became effective from financial year 2020-21. According to it, individuals can opt for reduced tax rates with no option for claiming exemptions & deductions. Currently, Indian taxpayers can choose between the old tax regime and the new tax regime. [12]
National Pension System, like PPF and EPF, is an EEE (Exempt-Exempt-Exempt) instrument in India where the entire corpus escapes tax at maturity and the entire pension withdrawal amount is tax-free. [3] The New Pension Scheme was implemented with the decision of the Union Government to replace the Old Pension Scheme which had defined-benefit ...
A legitimate tax-saving strategy for all homeowners. ... A judge called their actions a “tax-savings scheme” and reduced the amount of total rent they could deduct from $290,900 to $16,500.
In the 2024 tax year (for filing taxes in 2025), the saver’s credit phases out at $76,500 for married couples filing jointly, $57,375 for heads of household and $38,250 for singles and married ...
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