A disastrous filing season 40 years ago — known as the “tax season from hell” — carries ominous warnings signs and parallels that could foreshadow what taxpayers could face in 2026.

On ET Now, experts compare the old and new tax regimes, highlighting the benefits of the new system. The new tax regime offers lower tax rates but eliminates most deductions and exemptions. While it ...

under the old and the new tax regimes. However, for the next financial year (2025-26), they can file their ITR under the proposed new tax regime, which was introduced by Finance Minister Nirmala ...

This new tax slabs under the New Tax Regime makes the old tax system, with slabs of 5%, 20%, and 30%, less appealing, especially considering the deductions against investments in tax-saving ...

income tax benefit under new tax regime For the tax brackets of Rs 20,00,001-24,00,000 and above Rs 24,00,001, the entries are NA as no taxable income remained after the fifth bracket. Had there ...

From April 1, 2025, individuals who choose the new income tax regime for the financial year 2025-26 will not be required to pay any tax on their taxable income up to Rs 12 lakh. This adjustment ...

The changes to the slabs and rates pertain to the new tax regime." The revised tax slabs and rates are as mentioned in the table below: "While the Finance Act 2024 has retained the slab structure for ...

Many of these updates were announced in recent months, including key income tax revisions introduced by Finance Minister Nirmala Sitharaman in the latest union budget. New Income Tax rule changes ...

Motorists planning to buy a new car have been urged to avoid a number of common petrol and diesel models that have shot up in price overnight due to the DVLA's tax changes. Whilst many automotive ...

which include a substantial hike in the tax exemption limit under the new tax regime (NTR), are expected to benefit millions by lowering the tax burden. Major Tax Relief for Middle-Class Earners The ...

Since the old income tax regime includes deductions under Section ... scheme and five-year tax-saving fixed deposits are not available as deductions to new tax regime subscribers. 3. Every salaried ...