NEW TAX REGIME INDIA
New tax regime to old tax regime: How to choose old income tax regime when filing ITR for FY2023-24
New tax regime to old tax regime: Starting from April 1, 2023, if a taxpayer has not opted for the old tax system, their employer will deduct tax from their salary according to the new tax system. This change is because the new tax system will be the automatic choice for the fiscal year 2023-24.
Budget should double standard deduction, raise basic exemption to Rs 3.5 lakh under new tax regime: EY
EY recommends significant tax reforms in the upcoming Budget, urging the government to double the standard deduction under the new concessional tax regime to Rs 1 lakh or increase the basic exemption limit to Rs 3.5 lakh. Key suggestions include maintaining corporate tax stability, rationalizing TDS provisions, and improving dispute resolution mechanisms.
Section 80C deduction in Budget 2024: Will the government increase Section 80C limit under the old income tax regime in Budget?
Section 80C deduction in Budget 2024: The 80C limit has not increased in line with many people's income and costs. Because of this gap, many taxpayers use the entire 80C limit. This is why many want this limit to be increased.
Income tax relief: Budget 2024 may increase standard deduction under new income tax regime
Will Budget 2024 increase standard deduction: The Finance Minister in the 2023 Budget included a standard deduction of Rs 50,000 for salaried taxpayers and individuals getting pensions in the new tax regime. This standard deduction was made the automatic choice, unless taxpayers chose not to take it.
ETMarkets Smart Talk: Reforms to attract FDI, simplification of tax regime & green energy likely in Budget 2024: Gurpreet Sidana
The positive trends in global markets, favourable domestic economic data, and optimism regarding corporate earnings growth have further bolstered market sentiment.
Pre-Budget meeting with FM: Tax sops, higher capex, stable tax regime top industry wishlist
Budget expectations: Indian industry and financial institutions had their customary pre-budget consultations with Finance minister Nirmala Sitharaman on Thursday. The suggestions from India Inc included tax sops, capex boost as well as tax stability.
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As new ad regime dawns, cos make over 5K avowals
Marketers in India have started implementing the self-declaration certificate (SDC) mandate for new ads since June 18. The ministry of information and broadcasting (MIB) directive mandated that all new print, TV, digital, and radio ads must have an SDC generated through the Broadcast Seva portal for TV and radio and the PCI for print and digital ads from June 18. While the SDC mandate is challenging for advertisers, it will not hinder the rollout of new ads. Brand marketers have generated over 5,000 SDCs for new print and internet ads through the Press Council of India's website.
Veefin announces strategic stake in Regime Tax Solutions through its subsidiary
Supply Chain Finance company Veefin has announced a strategic stake in Mumbai-based Regime Tax Solutions.
Should you file ITR if your income is less than Rs 7 lakh with nil income tax?
Income tax return: Taxpayers have to file ITR if their income level exceeds the basic exemption limit or they have conducted certain specified transactions. Experts say that most taxpayers have a misunderstanding that if tax is not payable then filing of ITR is not mandatory. However this is not the case always. Read here to know more about ITR filing.
How to use NPS to reduce tax outgo by Rs 50,000
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.
Last date for filing income tax return (ITR) for FY 2023-24 (AY 2024-25)
Due date of income tax return filing: Under the income tax laws, different taxpayers have different due date for filing ITR. It is important to file the tax return on or before the deadline to avoid certain penal consequences. This includes payment of late filing fees, not being able to opt for old tax regime among others.
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.
Plan to tweak capital gains tax regime for debt mutual funds
The government is considering changes to the capital gains tax regime for debt mutual funds to provide relief for the Bharat Bond Exchange Traded Fund, amid concerns over the current taxation structure.
ITR filing: Compare your tax outgo in old and new tax regime before finalising one for FY24
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments. TaxSpanner estimates that Vivek Jaiswal can have a surplus of almost Rs.60,000 if his salary is rejigged to include tax-free perks and if he opts for the new tax regime. Here's how
Moonlighting and ITR filing: Why moonlighters should file income tax return, form to use, other details
Moonlighting, driven by side hustles and remote work opportunities post Covid-19, requires moonlighters to carefully choose the right ITR form, consider the presumptive tax regime, and submit Form 10-IEA online for tax benefits under the old regime.
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.
New criminal laws will tackle crime in effective manner: Former SC judge Navin Sinha
Former Supreme Court judge Navin Sinha praised newly passed criminal laws, stressing effective training for judges and police. BJP's Kailash Vijayvargiya hailed Modi government's abolition of "black laws" and implementation of new ones for swift justice. National Green Tribunal judge Sudhir Agarwal endorsed the laws for expediting justice. The laws will be effective from July 1.
South Africa launches 'nomad visa' for remote workers
South Africa’s Department of Home Affairs introduces a 'nomad visa' for remote workers, with a 1 million rand income requirement. The move aims to assist major foreign-owned employers facing challenges due to delays in work permit processing and a shortage of skilled workers. Updates include a points-based system for general work visas and a reduction in police clearance certificate period.
Ghar Wapsi, a start up the right path
India's regulatory regime has also facilitated shifts in both directions. Outbound investments were made easier by regulators clarifying what constitutes bona fide business when a startup intends to relocate abroad. Inbound investments also face more clarity over transfer of assets, apart from overall lower sectoral restrictions on foreign investments.
Central govt employees, private employees can't claim LTA if they don't follow these rules; LTA eligibility, other latest updates
LTA for central govt employees: Employers offer Leave Travel Allowance (LTA) to offset travel expenses during leave. It covers airfare, train tickets, or public transport, but reimbursement is capped by employer or tax limits. Confusions arise, especially with air travel. Here's a breakdown: Can you claim LTA with a confirmed flight ticket? Does the booking platform matter? Is family included? What documents are required for flight-based LTA claims?
Will you save more tax by opting for the old income tax regime?
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.
New vs old tax regime - which is beneficial for you? Amount of deductions you can claim decides
New vs old tax regime: Many taxpayers find it difficult to ascertain which tax regime makes them pay lower tax in a financial year. The simple answer to that is the amount of deductions claimed by you in the old tax regime. However, the amount of deductions that must be claimed by you varies for every different income level.
New vs old tax regime for TDS on salary: Choosing wrong tax regime in April can lead to higher tax
TDS on salary tax regime: In the month of April, many salaried individuals are required to inform their employer about their preferred tax regime on the basis of which tax will be deducted from their salary income. If wrong tax regime is chosen for tax to be deducted on the salary, then higher tax will be deducted throughout the financial year.
Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning
Salary TDS, income tax regime: For the financial year 2024-25, two budgets are presented due to Lok Sabha elections 2024 happening in the months of April to June 2024. Post the election results are announced and government is formed, full budget will be announced after that. Hence, it is important for salaried individuals to keep options open when choosing between old and new tax regime for the purpose of TDS on salary this financial year.
Does the new income tax regime suit you? Find out who should move from the old tax regime to the new one
With the start of the new financial year, companies are reaching out to their employees to select the tax regime for 2024-25. This is an important decision because you can do it only once in a financial year. Once you make a choice, your income will be taxed as per the tax structure of that regime
6 income tax rules that salaried should know as financial year 2024-25 starts from April 1
Income tax rules from April 1 for FY 2024-25 (AY 2025-26): The new financial years starts from April 1. It is important to know the correct income tax rules for every financial year so that an individual can do the tax planning for the same accordingly, make tax-saving investments for the current financial year. Read on to know the income tax ready reckoner for financial year 2024-25.
What are the new things you ought to know about new tax regime? Anil Rego answers
Anil Rego explains the implications of choosing between old and new tax regimes, emphasizing the importance of deductions like home loan interest. Opting in is necessary for the old regime, which offers specific benefits for tax planning. Rego says: "It makes sense for you to go for the new tax regime if you do not have too much tax saving investments. But you would ideally need to compute it."
Ministry of Finance debunks falsehoods: New tax regime clarified, no changes on horizon
Ministry of Finance posted, "Ministry of Finance posted on X, "It has come to notice that misleading information related to new tax regime is being spread on some social media platforms. It is therefore clarified that: There is no new change which is coming in from 01.04.2024....."
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