New tax regime: Deductions and exemptions explained

While the new tax regime trims down the deductions and exemptions available to taxpayers, it still offers several strategic benefits that can lighten the load for individual taxpayers.  Here’s a breakdown of what you can still claim under the revamped system. Deductions For salaried individuals who opt for the new tax regime, there’s a standard…

Read More

Can India transition to a single income tax rate?

Inspired by developed nations, this progressive tax system is designed to promote fairness by imposing incrementally higher tax rates on higher income brackets.  For instance, an individual earning ₹5,00,000 pays tax at 5%, while someone with an income of ₹7,00,000 is taxed 5% on the first ₹5,00,000 and 20% on the additional ₹2,00,000. This ensures…

Read More
Back To Top