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Tax implications for senior citizens after budget 2024, know what changed and what continues
Budget 2024: Senior citizens have different financial needs and tax planning is a significant factor in financial planning for senior citizens. With this in mind, senior citizens need to know if any benefit has been given to them in Budget 2024. In this article we list out some of the benefits offered to senior citizens.
I-T department processes about 4 crore ITRs in 15 days
The Revenue Secretary announced that the income tax department processed almost 4 crore income tax returns for AY 2024-25 within 15 days. By July-end, 7.28 crore returns had been filed, with 4.98 crore processed. Over the last decade, direct tax revenues increased to Rs 20 lakh crore, and the tax-to-GDP ratio rose to 6 percent.
ITR Refunds for FY2023-24 (AY2024-25): Who will receive tax refunds quicker, filers of ITR-1, ITR-2 or ITR-3?
Income tax refund status: If you have filed your income tax returns for fiscal year 2023-24 and are eligible for a refund, you may not have received the funds in your bank account yet. If you've submitted ITR-2 or ITR-3 for that fiscal year, it is possible that you haven't received your tax refund. Your refund is issued after the Income Tax Department processes your verified ITR.
Selling a house and worried about LTCG tax? You can still pay zero tax u/s 54 despite the budget 2024 shock
LTCG on property: You can still save income tax on selling a house despite Budget 2024 announcement. Revenue Secretary Sanjay Malhotra said "Tax kicks in only if the gains are not reinvested in a house. If you sell a house and you buy a house using only the gains, there is no taxation." Know how it works and what are the conditions.
Govt should allow salaried employees to choose tax regime for TDS on salary again for FY2024-25
Income tax regime for TDS on salary for FY 2024-25: Many employees have already informed their companies about their choice of tax regime for deducting taxes from their salary in April 2024. However, the government has revised the income tax slabs in the July 2024 Budget. There is a need to allow salaried employees, especially those who have opted for the old tax regime, to choose their tax regime for TDS on salary again.
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Latest income tax slabs and rates in new, old tax regime for FY 2024-25 (AY 2025-26)
Latest income tax slabs for FY 2024-25: Here are the latest income tax slabs that will be effective for the current financial year after Budget 2024. The budget was presented in July instead of February due to the Lok Sabha Elections 2024 held in April, May, and June, as opposed to the usual February presentation.
ITR filing deadline missed: A belated ITR for FY2023-24 (AY 2024-25) can only be filed under the new income tax regime
How to File Belated ITR: A big disadvantage of filing a belated income tax return (ITR) is that, starting August 1, i.e., after the July 31 deadline, individuals cannot opt for the old tax regime when filing their tax return for FY24. The new tax regime is the default under the current income tax laws.
Old tax regime ITR filers must file income tax return by July 31 deadline or lose deductions, exemptions for FY 2023-24 (AY 2024-25)
ITR filing last date: The last date to file income tax return for FY 2023-24 (AY 2024-25) is July 31, 2024. Apart from not paying penalty of Rs 5,000, it is important to file ITR before the deadline expires to get the option to file income tax return using old tax regime.
Which ITR form should salaried person use to file income tax return for FY 2023-24 (AY 2024-25)?
ITR form for salaried: Beginning in AY 2024-25, the new tax regime will be the default choice. Each year, you will need to choose between the old and new tax regimes for that specific Assessment year. Failing to meet the ITR filing deadline has both financial and non-financial consequences.
No more reopening, re-assessment of old ITR beyond 3 years if escaped income is below Rs 50 lakh
Re-Assessment of Old ITR: Budget 2024 has brought significant relief as tax authorities are no longer allowed to reopen old income tax returns (ITR) beyond the specified time limits. In case the escaped income is up to Rs 50 lakh the maximum time limit allowed to reopen the case has been reduced to 3 years 3 months.
Income tax changes in Budget 2024: New tax slabs, standard deduction limit hike, other key announcements in new tax regime
Latest income tax slabs: In today's Budget 2024, the finance minister Nirmala Sitharaman has made changes in the income tax slabs and rates for the current financial year in the new tax regime. Know all the changes announced in the new tax regime from income tax slabs to standard deduction limit in Budget 2024.
Hope and fear: One thing crores of Indians will look for in the budget
Budget tax expectations: When Finance Minister Nirmala Sitharaman presents Budget 2024-25 on July 23, Indians will be anxiously anticipating potential changes to the capital gains tax regime. Speculation is rife about alterations to the holding period for computing capital gains tax on real estate, with fears of increased tax burdens and hopes for incentives. The market is abuzz with anticipation and concern as stakeholders await the government's decision on this critical issue.
How to file ITR-2 online with salary, capital gains and other incomes for FY 2023-24 (AY 2024-25)?
ITR-2 can be filed using the Excel or Java utilities provided by the income tax department, or online directly through the e-filing portal. This guide outlines the most effective way to file ITR-2 online, including examples of reporting salary, capital gains, and other incomes in the tax return form.
Last date for filing income tax return (ITR) for FY 2023-24 (AY 2024-25)
ITR filing last date: According to the tax laws, different taxpayers have varying due dates for filing their income tax returns. It is crucial to ensure the return is filed by the deadline to prevent potential penalties, such as late filing fees and the inability to choose the old tax regime.
How HNIs can save tax by choosing new tax regime while filing ITR for FY 2023-24 (AY 2024-25)
The Union Budget 2023 reduced the maximum surcharge rate from 37% to 25% for taxpayers who choose the new tax system. This change lowered the maximum marginal rate to 39% from 42.744%. As a result, high net worth individuals (HNIs) will see significant tax savings due to this amendment.
How to file ITR for FY23-24: Claim deductions, exemptions carefully while filing income tax return or you may end up in jail
Two out of three respondents in our survey believed honest people pay more tax, while one out of five respondents felt that the tax authorities were lenient with dishonest people. “Taxpayers feel they are not getting anything in return for the tax paid. They use this belief as a justification for evading tax,” says Kaushik of TaxSpanner.com. Be careful while fining income tax return for the financial year 2024-25 or assessment year 2024-25.
ITR filing FY 2023-24 FAQs: Name of taxpayer in ITR does not match with name in PAN database; here’s what you can do
ITR filing FY 2023-24: The Income Tax Department has recently published a set of commonly asked questions (FAQs) to assist taxpayers with their return filings for the Assessment Year 2024-25. These FAQs cover a range of important topics and are now available on the tax department's official website.
How to file ITR-1 with salary, income from house property and other sources for FY 2023-24 (AY 2024-25)
File ITR-1 online: Here is a step by step guide on how salaried individuals can file their income tax return using ITR-1 form easily on the income tax department's e-filing website. ITR-1 form is also known as Sahaj. Individuals having income from salary, house property, interest and dividend incomes can use ITR-1 to file income tax return.
What is Cost Inflation Index (CII) for FY 2024-25, FY 2023-24 for income tax purposes?
CII number for FY 2023-24, FY 2024-25: The income tax department notifies cost inflation index number for every financial year. This CII number helps to calculate inflation adjusted cost or inflation indexed cost on specified capital costs. Read on to know the CII number from 2001-02 for different financial years.
ITR filing forms for FY 2023-24 (AY 2024-25): Which income tax return form applies to you?
ITR forms: The important part of ITR filing process is to identify the correct the income tax return form applicable to their incomes. Filing income tax return using wrong ITR form will make the filed ITR as defective ITR. Read on to know the correct tax return form applicable to your incomes.
Income tax slab rates for FY 2024-25 (AY 2025-26)
Current Income tax slabs: Here are the income tax slabs for current financial year 2024-25 (assessment year 2025-26). An individual has to choose between new and old tax regime to calculate their income tax liability, subject to certain conditions. An individual must choose the tax regime which lowers their income tax outgo.
Income tax filing: 3 updated utilities available for filing this ITR form for AY 2024-25; find out which one works best for you
Income tax filing: Are you an individual or Hindu Unidivided Family who have income from business or profession and do not want to opt for presumptive taxation scheme? Then you may need to file ITR-3. To help you file ITR-3 easily, the income tax department has launched online, offline using Java and Excel based utilities. But which one is better?
ITR-1, ITR-2, ITR-4 forms for FY 2023-24 (AY 2024-25) available now on e-filing income tax portal
ITR filing forms for FY 2023-24 (AY 2024-25): As of April 1, 2024, the online ITR forms have been enabled on the e-filing website. This means that taxpayers who are eligible to file their tax returns using these forms can now proceed to file their ITR for the financial year 2023-2024.
Offline ITR-1,4 forms: Income tax department releases JSON utilities for FY 2023-24 (AY 2024-25)
Offline ITR forms for AY 2024-25: The JSON utility ITR forms have been released by the income tax department. The offline forms are released for ITR-1 and ITR-4. The last date to file ITR for FY 2023-24 (AY 2024-25) is July 31, 2024. This deadline is applicable on taxpayers whose accounts are not required to be audited (usually those who file income tax return using ITR 1, 2 and 4).
CBDT announces new ITR forms for Assessment Year 2024-25
The Income Tax department has notified the Income-tax Return Forms (ITR Forms) 2, 3, and 5 for the Assessment Year (AY) 2024-25, effective from April 1, 2024. These forms are applicable for individuals and Hindu Undivided Families (HUFs) without income from business or profession, individuals and HUFs with income from business or profession, and partnership firms, respectively. The Central Board of Direct Taxes (CBDT) highlighted that changes have been incorporated to facilitate taxpayers and improve ease of filing.
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