00:00Sharad ji, first of all, a very common question that our viewers have asked us in our last
00:09tax videos.
00:10It was announced in the Union Budget of 2025 that the income up to 12 lakhs has been tax-free.
00:19And this happened in the new tax regime.
00:22So this announcement has come, this new provision has come, can it benefit this year only?
00:29Namaskar, first of all, I welcome you Bhavna and all the followers and viewers of Daily
00:36Hunt.
00:37Yes, absolutely.
00:38This new rule will be in effect from April 1, 2025, which had come in the budget.
00:44And you can take advantage of this new rule from April 1.
00:49But the returns to be filed for the previous year, i.e. 31 March 2025, we all know that
00:56these returns are filed between April and July.
00:59The last date is 31 July, unless the government increases it for some reason.
01:03So the benefit of this is that from April 1, your tax payable for the next year, i.e.
01:09the tax for the next 25-26 financial years, you can take advantage of the provision of
01:14those new budgets.
01:15Keep in mind that some people are thinking that in the return that will be filed now,
01:19we can take advantage of the new rebate of up to 12 lakhs in 87A.
01:24This is not the case.
01:25Till 31 March 2025, which was of the previous year, i.e. in the new regime, you will know
01:30up to 7 lakhs.
01:32And the old regime is also going on, the new regime is also going on.
01:35Old rules will be in effect.
01:36So you prepare for your return filing of the previous year.
01:39And from the next year, you have to do tax planning, i.e. from April 1, 2025, you will
01:44do your tax planning.
01:45Suppose you do a job, then your TDS will be deducted, your salary slip will be deducted
01:51every month.
01:52Everyone knows this.
01:53So the planning of that TDS, i.e. your TDS will be reduced.
01:57If your income is up to 12 lakhs, then it will be completely zero.
02:01You will get to see a lot of good news from the April salary slip.
02:04And those who have income from other sources, they will also get to see the benefit of this.
02:11Sir, if someone wants to shift to the new tax regime from the old tax regime, then what
02:16time is left when we can shift?
02:19Can we shift in this financial year before March 1?
02:24Yes, those who like the new regime or like the old regime and you have not taken it,
02:31then let me tell you what its rules are.
02:33If you do income from the salary, then you can shift your regime while filing the return.
02:39And even if you are doing income from business, you can shift once.
02:43But in business, it is not allowed to do it again and again.
02:46Once you shift, then you cannot again go back to the other regime.
02:51Shifting is allowed once.
02:53But the salary person has the benefit that whenever he or she will file a return,
02:57they can change it at the time they are filing the return.
03:00And let me tell you one more thing.
03:02Even if your company has deducted taxes according to some other regime,
03:07but you can change its regime while filing the return.
03:12This is also beneficial for you.
03:14When you file the return, you will see options.
03:18Do you want to go to the new regime or the old regime?
03:21Not only this, you can also compare both the regimes.
03:24That is, you put your data in the old regime and put it in the new regime.
03:28And there is a calculator on the income tax portal.
03:31Through that calculator, you will know which is more beneficial for you.
03:36Is the new regime more beneficial or the old regime?
03:38I will advise everyone that those who have doubts that
03:41maybe the old regime is more beneficial or the new regime is more beneficial,
03:45then you can choose your regime accordingly.
03:48You can change it while filing the return.
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