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A reader says, “Thanks for the implausible new tax regime vs previous tax regime calculator for FY 2023-2024 (AY 2024-2025). It’s very easy and helpful. At present, the brand new regime is helpful for me. Can I change again to the previous tax regime if I want to purchase a home in future?”
The previous tax regime might nicely be sundown in future. Final AY, we had a alternative between the 2 regimes. The brand new tax regime is the default this AY. As per present guidelines, if you happen to select the brand new tax regime, you may change to the previous regime anytime if you’re salaried with no enterprise revenue.
When you have a enterprise revenue, you may change again to the previous regime as soon as however then can’t transfer to the brand new regime once more. Salaried individuals or HUF with no enterprise revenue (these submitting ITR1 and a couple of) can select between the previous and new regime (part 115BAC) yearly.
Others (with enterprise revenue) can select to be within the previous regime for so long as they need, however as soon as they shift to the brand new tax slab, they are going to be allowed to withdraw solely as soon as. In the event that they change again to the previous regime from the brand new one, they can not return to the brand new one except their enterprise revenue is zero.
The brand new tax regime is a superb alternative for all younger earners. There isn’t a want to purchase merchandise to “save tax”. That is how most individuals begin their funding journey and muddle their portfolios. So we suggest avoiding that and choosing the brand new tax regime. Use an fairness index fund and EPF/NPS (100% debt) to begin with out worrying about saving tax and let the brand new tax regime decrease your tax burden naturally.
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Most investor issues may be traced to an absence of knowledgeable decision-making. We have all made unhealthy choices and cash errors once we began incomes and spent years undoing these errors. Why ought to our youngsters undergo the identical ache? What is that this ebook about? As mother and father, what wouldn’t it be if we needed to groom one capacity in our youngsters that’s key not solely to cash administration and investing however to any facet of life? My reply: Sound Choice Making. So on this ebook, we meet Chinchu, who’s about to show 10. What he needs for his birthday and the way his mother and father plan for it and train him a number of key concepts of decision-making and cash administration is the narrative. What readers say!
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