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Tax: Till now you were taking tax exemption in th .. ve to go to the new regime, what is its process..

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Tax: Till now you were taking tax exemption in the old regime, now you have to go to the new regime, what is its process..

In the budget presented on February 1, 2025, Finance Minister Nirmala Sitharaman directly excluded income up to Rs 12 lakh from the scope of income tax. Crores of taxpayers will benefit from this. This step will provide great relief to those taxpayers who were still taking tax exemption from options like investment and home loans under the old tax regime.
The video from MSN Money discusses the transition from the old tax regime to the new tax regime in India. It explains that under the new regime, which was introduced to simplify the tax structure and offer lower tax rates, taxpayers must forgo many of the exemptions and deductions available in the old regime. The process involves understanding the new tax slabs, which are more straightforward but come with fewer benefits like HRA, LTA, and deductions under sections like 80C, 80D, etc. The video likely guides viewers on how to opt for the new regime, the implications of this choice, and how to calculate taxes under this system, emphasizing the need for taxpayers to evaluate which regime is more beneficial based on their income and investments.

Read the Full Newspoint Article at:
[ https://www.msn.com/en-in/money/video/tax-till-now-you-were-taking-tax-exemption-in-the-old-regime-now-you-have-to-go-to-the-new-regime-what-is-its-process/ar-AA1A2GHo ]