Income Tax India

        1.  It has been observed that certain taxpayers have claimed ineligible refunds by availing deductions   or exemptions to which they are not entitled, resulting in understatement of income. Under the risk management framework, and through the use of advanced data analytics, cases for Assessment Year (AY) 2025–26 have been identified. The framework includes instances where bogus donations to Registered Unrecognised Political Parties (RUPPs) and other ineligible deductions or exemptions appear to have been claimed in the Income-tax Returns (ITRs). It has also been observed that, in some cases, either incorrect PANs or invalid PANs of donees have been quoted. Some cases also contain errors relating to the extent of deduction or exemption claimed. Identified taxpayers are being requested through SMS and email under the “Non-intrusive Usage of Data to Guide and Enable (NUDGE)” campaign to correct such errors, in view of the due date for filing...

 With changes in income tax rules over the last few years, many taxpayers in India are confused about New Tax Regime vs Old Tax Regime . Choosing the right tax regime can help you save more tax legally . In this blog, we will explain both regimes, compare them, and help you decide which is better now . What Is the Old Tax Regime? The Old Tax Regime allows taxpayers to claim various deductions and exemptions to reduce taxable income. Key Features of Old Tax Regime Higher tax rates Allows deductions & exemptions Suitable for tax planners Common Deductions Available Section 80C – ₹1.5 lakh (PPF, LIC, ELSS, EPF, etc.) Section 80D – Health insurance HRA – House Rent Allowance Standard Deduction – ₹50,000 Home Loan Interest – Section 24(b) Education Loan Interest – Section 80E Old Tax Regime Slab Rates (FY 2024-25) Income Slab Tax Rate Up to ₹2.5 lakh Nil ₹2.5L – ₹5L 5% ₹5L – ₹10L 20% Above ₹10L 30% What Is the New Tax Regime? The New T...