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As the new regime offers six lower-income tax slabs, anyone paying taxes without claiming tax deductions can benefit from paying a lower rate of tax under the new tax regime. For instance, the assessee having total income before deduction up to Rs 12 lakh will have higher tax liability under the old system if they have investments less than Rs. 3,12,500.
Sep 25, 2024 · The TDS rate of 5% on specified payments has been reduced to 2%, and the TDS of 20% charged on repurchasing units by mutual funds or UTI under section 194F has been omitted. The budget for 2024 has abolished the Angel tax. Security transaction tax (STT) on Futures and Options has been increased from 0.02% to 0.1%.
Login to File Income Tax Returns (ITR) for FY 2023-24 (AY 2024-25) online with ClearTax. ClearTax is fast, safe and easy for ITR E-Filing. ClearTax handles all cases of Income from Salary, Interest Income, Capital Gains, House Property, Business and Profession. Maximize your deductions by handling all deductions under Section 80 & the rest. Trusted by hundreds of CAs and corporations for filing taxes and TDS.
Mar 7, 2024 · Business News Headlines, Financial News India News, Tax Updates, Economy News. Check out the latest business / taxation news headlines including Market analysis on Mutual funds, Income Tax, GST at ClearTax Chronicles.
Feb 5, 2024 · Taxpayers with company income who opt out of the new tax regime will not be able to opt in again in the future. The process of switching tax regimes involves the following steps: Step 1: Select between the old or new tax regime. Step 2: Check the eligibility. Salaried individuals can select between the two tax regimes directly on their ITR form.
Jun 7, 2021 · Let us take you through the five must-know features introduced in the new portal by the department. 1. Tutorials, guidance notes and videos. The landing page of the new portal has a tab with all the categories of the taxpayers, namely individual/HUF, company, non-company, tax professionals and others. The new portal has guidance notes related ...
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