Budget 2024 modifies NPS deduction 80CCD(2) only for the New Tax Regime!

Currently, section 80CCD(2) allows a deduction in the taxable income from National Pension Scheme Employer contributions – 10% from non-government subscribers and 14% from government subscribers. This deduction is allowed in both the old tax regime and the new tax regime. Also see: Budget 2024: New Tax Regime vs Old Tax Regime Calculator: Check which is…

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Budget 2024: Real Estate Taxation Change Can Significantly Increase Tax Burden!

Budget 2024 has revised the real estate taxation rule. Long term capital gains tax has been modified from 20% with indexation to 12.5% without indexation for any sale made on or after 23rd July 2024. Update:  Finance Bil 2024 has been amended. Taxpayers can now choose either 12.5% without indexation or 20% with indexation, whichever…

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Budget 2024: Change in Family Pension Taxation Rule

Budget 2024 has revised the taxation rule governing family pensions. Existing rule:  deduction of Rs 15,000 or 1/3rd of the pension amount, whichever is lower shall be made before computing the income chargeable under the head “Income from other sources”. Revised rule: deduction of Rs 25,000 or 1/3rd of the pension amount, whichever is lower…

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Budget 2024: New Tax Regime vs Old Tax Regime Calculator: Check which is better

Budget 2024 has further reduced the tax burden in the new tax regime. Use this free calculator to compare the old and new tax regimes (calculations for past new tax regime slabs are also available). This comparison table was originally prepared by Vinay Vittal, modified by Balasubrahmanyan and then by me post budget 2024. This…

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Taxation of capital gains from Equity Oriented Fund of Funds (FoF)

A fund of fund (FoF) is a mutual fund that invests in other mutual funds. Equity oriented FoF is a fund that invests 90% or more in other ETFs which invests 90% or more in domestic equities. About the author: Manmohan Sethumadhavan is a freelancer, investor, and personal finance enthusiast “in search of the absolute truth.”…

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Should I use the new tax regime or the old tax regime for FY 2023-2024 (AY 2024-2025)?

If you are wondering whether you should choose the new or old tax regime for FY 2023-2024 (AY 2024-2025), this free calculator will help you decide. The tax slabs were unchanged in the interim budget presented on 1st Feb 2024. Announcement:  Let’s Get Rich With Pattu! has been selected as one of the Top 15…

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