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Consumer Discretionary
Title: ITR Filing FY 2024-25: Old vs New Tax Regime – Which One Saves You More Money?
Content:
As the financial year 2024-25 approaches, taxpayers across India are gearing up for their Income Tax Return (ITR) filing. One of the critical decisions they face is choosing between the old and new tax regimes. This choice can significantly impact their tax liability and overall financial planning. In this comprehensive guide, we will delve into the nuances of both tax regimes, helping you understand which one could save you more money.
The old tax regime, also known as the traditional tax system, has been in place for decades. It offers a range of deductions and exemptions that can substantially reduce your taxable income. Here are some key features of the old tax regime:
The old tax regime follows a progressive tax structure with the following slabs for the financial year 2024-25:
Introduced in the Union Budget 2020, the new tax regime aims to simplify the tax structure by offering lower tax rates but with fewer deductions and exemptions. Here’s what you need to know about the new tax regime:
The new tax regime features a more straightforward tax slab structure:
Under the new tax regime, you can only claim a few deductions, such as:
To determine which tax regime saves you more money, you need to calculate your tax liability under both systems. Let’s break down the comparison with a few examples.
Consider a salaried individual earning ₹10 lakh annually, with investments and expenses as follows:
Tax on ₹6.75 lakh:
Tax on ₹9.5 lakh:
In this case, the old tax regime saves the individual ₹5,000 more than the new regime.
Consider another salaried individual earning ₹15 lakh annually, with minimal investments:
Tax on ₹13.9 lakh:
Tax on ₹14.5 lakh:
In this case, the new tax regime saves the individual ₹0.895 lakh more than the old regime.
When deciding between the old and new tax regimes, consider the following factors:
Filing your ITR for FY 2024-25 involves several steps, whether you choose the old or new tax regime. Here’s a quick guide:
Choosing between the old and new tax regimes for ITR filing FY 2024-25 is a crucial decision that can impact your financial health. By understanding the deductions, exemptions, and tax slabs of both regimes, you can make an informed choice that maximizes your savings. Whether you opt for the flexibility of the old regime or the simplicity of the new one, ensure you file your ITR accurately and on time to avoid penalties and ensure compliance.
As you prepare for your ITR filing, consider consulting a tax professional to help you navigate the complexities and make the best decision for your financial situation. Stay informed, plan wisely, and make the most of your tax savings in FY 2024-25.
