TAX REGIME
Received tax refund? You can still file revised ITR by December 31, 2024 for FY 2023-24
Revised ITR: You can file a revised Income Tax Return (ITR) even if your ITR filed by the deadline (original ITR) is processed successfully with or without tax refund. Yes, revised ITR can be filed as per timelines given in Section 139(5) even after receiving an intimation under Section 143(1)," says Shalini Jain, Tax Partner, EY India.
NPS tax benefits: National Pension System tax deductions you can claim under old and new income tax regimes
NPS taxation: The NPS is an optional retirement scheme that functions based on contributions made by individuals. Its main purpose is to ensure a regular pension income for individuals after they retire. You can avail tax benefits for NPS under three sections of the Income-tax Act, 1961 in India: Sections 80CCD (1), 80CCD (1B), and 80CCD (2). Now, let's delve deeper into each of these sections.
Will you pay lower tax in the new income tax regime
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.
LTCG tax on sale of house: Can you add home loan interest to property purchase price to cut capital gains tax?
LTCG tax rate on property sale with no indexation: If a taxpayer does not avail of the Section 24 deduction of Rs 2 lakh on interest paid on a housing loan, then the interest cost can be added to the property price to inflate the purchase price. However, what if you opt for a new tax regime and claim no deduction of Rs 2 lakh? Can you still add interest cost to the purchase price to lower the LTCG and tax on it?
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.
New LTCG tax on stocks after Budget 2024: If gains are less than Rs 2.25 lakh in a year, you pay lower tax; here's how
New LTCG tax on stocks after Budget 2024: If the long-term capital gains from stocks and equity funds are up to Rs.2 lakh in a financial year, your tax liability will now be lower. This is because even though the tax rate for long-term gains has been hiked from 10% to 12.5%, the exemption threshold has also been raised from Rs.1 lakh to Rs.1.25 lakh.
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NPS helps save tax in new regime, how to invest
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.
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.
ITR filing deadline: 5 consequences of not filing your income tax return today
ITR filing deadline: Taxpayers who fail to meet the deadline for submitting a return have the option to submit a late return by December 31 of the applicable assessment year. Let's examine five outcomes of failing to file ITR before the deadline.
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.
What is the difference between tax exemption and tax deduction?
If you are confused by personal finance terms, jargon and calculations, here’s a new series to simplify and deconstruct these for you. In the ninth part of this series, ET Wealth explains the difference between tax exemption and deduction.
Who should switch from old to new tax regime after Budget 2024? Here's the math
Old vs New Income Tax Regime 2024: New income tax slabs in new tax regime: The income tax slabs under the new tax regime has been changed in the Budget 2024. The new income tax slabs will come into effect retrospectively from April 1, 2024. Now, there may be some individuals who are still paying their taxes under the old tax regime. Does it make sense for them to switch to new tax regime now?
New income tax slabs can save you this much tax if your income is Rs 7.75 lakh or 15 lakh, 25 lakh or 30 lakh, 50 lakh or 1 crore and above
Tax saved Budget 2024: The income tax slabs have been changed in the new tax regime. Many salaried and taxpayers are confused how much tax they will save due to new income tax slabs. Here is comparison of tax savings under old tax regime, existing new tax regime and proposed tax regime.
Hike in employer's contribution to NPS is good news for salaried but this tax deduction is still missing
NPS Employer contribution hike: Budget 2024 has increased the deduction available on the employer's contribution to the NPS account under the new tax regime to 14%. This is a good news for the salaried individuals. However, one important NPS deduction for salaried individual is still missing under the new tax regime.
TDS on salary of these employees will decrease and others may get the option to join this group
TDS on salary budget 2024: The income tax slabs are proposed to be changed in the new tax regime. This will reduce the amount of TDS on salary that will be deducted for certain employees. Read on to know who will benefit and who will not benefit.
Budget 2024 makes new income tax regime more attractive: See how much taxes you can now save
Income tax changes in Budget 2024: Slab tweaks and higher standard deduction will make new tax regime more attractive.
New income tax slabs announced in new tax regime in Budget 2024
New Income Tax Slab: Latest income tax slabs in new tax regime in Budget 2024: The income tax slabs and rates have been changed by the finance minister in the new tax regime today. Read on to know the latest announcements made by the finance minister in Budget 2024 today.
Earn more than Rs 10 lakh annual income? You will save Rs 17,500 in taxes due to income tax changes in Budget 2024
Does this Budget leave you richer or poorer? The answer depends on your income level, which income tax regime you opt for, and how much and where you have invested.
Budget 2024: New income tax slabs, capital gains tax, key tax changes that impact salaried, other taxpayers
The Budget 2024, presented today by Finance Minister Nirmala Sitharaman, will impact personal finance and individual income taxation in various ways. Here's a round-up.
Has Section 80C tax deduction limit been hiked in Budget 2024?
Section 80C Tax Deducation limit in Budget 2024: The deduction under Section 80C of the Income-tax Act is available under the old tax regime only. Budget 2024 has made no change in the maximum deduction available under the Section 80C limit. Read on to know the maximum amount that can be claimed under Section 80C.
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.
Has Section 87A tax rebate been increased in old, new tax regime in Budget 2024?
Section 87A tax rebate in Budget 2024: The finance minister Nirmala Sitharaman has not made any changes in tax rebate amount available under Section 87A of the Income-tax Act. Both the new and old tax regimes will continue to have same amount of tax rebates. Read on to know the latest tax rebates amount available under both the tax regimes.
Budget 2024: Standard deduction limit hiked from Rs 50,000 in new tax regime; check new limit for current financial year
Standard deduction limit in Budget 2024: The finance minister has announced changes in the Standard deduction limit.
Budget 2024: Have any changes been made to old income tax regime in budget?
Old tax regime in Budget 2024: In the old tax regime, the basic exemption limit for income of the individual depends on the age of the taxpayer in the financial year.
Poor middle class is getting taxed more: The gold standard demands 10% tax slab to start from Rs 10 lakh today
Since, budget of 2005-06, gold rose more than 10 times in last 19 years but tax slabs have not changed much. Basic income tax exemption limit of Rs 1 lakh in the year 2005-06 was worth 145 gm of gold then. However, at Rs 2.5 lakh basic exemption limit, it is worth a tiny 34 gm now. So, poor people are getting taxed with unchanged rates not factoring adverse impact of inflation. At gold standard the tax slab of 10% should start from Rs 10 lakh in 20024 which is worth 145g gold.
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.
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