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4 days ago · As the financial year 2023–24 draws to a close, the tax season is officially here, with the process for filing an income tax return (ITR) for the fiscal year 2023–24 and assessment year 2024–25 being begun. As the Income Tax (I-T) Department has opened its portal for individuals to submit ...
3 days ago · FAQs on New vs. Old Tax Regime (AY 2024-25) 1. Overview. The Finance Act 2023 has amended the provisions of Section 115BAC w.e.f AY 2024-25 to make new tax regime the default tax regime for the assessees being Individual, HUF, AOP (not being cooperative societies), BOI or Artificial Juridical Person. However, the eligible taxpayers have the ...
5 days ago · Salaried individuals have the luxury of switching between old and new tax regimes every year. This apart, even if you had chosen, say, the new tax regime ( default from FY 2023-24 onwards) while ...
4 days ago · Therefore, a resident individual whose 60th birthday falls on 1st April, 2024, would be treated as having attained the age of 60 years in the FY 2023-24 and would be eligible for higher basic exemption limit of 3 lakh while computing his tax liability for AY 2024-25 under the old tax regime.
4 days ago · Unlike the new tax regime, deductions and exemptions are allowed under the old tax regime, which gives taxpayers the benefit of paying lower tax liability. Tax slabs under the old tax regime are as follows. Tax Slab. FY 2023-24 Tax Rate (Old tax regime) Rs 2,50,000 – Rs 5,00,000. 5%.
4 days ago · It's that time of year again when people and businesses across India focus on filing their income tax returns (ITR). Income tax is crucial as it provides the government with the funds needed for public services and national development. In April 2024, the Central Board of Direct Taxes (CBDT ...
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What is the new tax regime for Ay 2024-25?
Which tax rates will be retained in FY 2024-25?
What is the income tax slab rate in FY 2023-24?
What are the key highlights from the interim budget 2024?
2 days ago · Interim Budget 2024: Direct Tax Proposals. The FM announced that the same tax rates will be retained in FY 2024-25 for direct taxes. There will be no tax liability for taxpayers with an income of up to Rs.7 lakh, under the new tax regime. The 22% tax rate for corporate taxes will apply for existing domestic companies and 15% for certain new ...
