WebFrom a tax planning perspective, it is essential to choose the tax regime at the beginning of the financial year. A taxpayer must make a comparison of the income tax under the new … WebNov 14, 2024 · The old pension scheme used to give a fixed monthly income to government employees after retirement. It provided 50 per cent of the last drawn salary as a pension. No tax benefits are applicable to the employees. Income under …
New Tax Regime for FY 2024-21: Can you switch back to old tax …
WebMay 12, 2024 · New Regime is beneficial if specified deductions/allowances are less than the amount mentioned in below table whereas old scheme is beneficial if specified … WebMar 14, 2024 · 1. Tax benefits: According to the Old Pension Scheme, the pension amount is tax-free. However, as per the New Pension Scheme, 60% of the amount is free of taxes, and the rest of the 40% is taxable if it is invested in annuities. 2. Return certainty: The Old Pension Scheme comes with the certainty of return. sic code for beauty spa
Difference Between Old vs New Tax Regime For FY 2024-24 - ET …
WebFeb 7, 2024 · Changes introduced in the new income tax regime in Union Budget 2024-24. The extension of the rebate for people subject to the new income tax regime for yearly incomes up to INR 700,000 is the most … WebJan 2, 2024 · The new tax regime is different from the old tax regime in three aspects. In the recent Budget, the finance minister has increased the number of slab rates to six. Consequently, the tax rates are now 0%, 5%, 10%, 15%, 20% and 30% in the six slabs. The exemptions and deductions in the Old Regime are not available in the New one. the period of the new kingdom egypt