OLD INCOME TAX REGIME
Penalty for missing ITR filing last date: Who has to pay and who doesn't
Penalty for late filing ITR: Under the Income-tax Act, 1961, a penalty or a late filing fee is levied when a taxpayer misses the last date to file income tax return. The late filing fee must be paid or else final submission of income tax return form cannot happen. However, not all taxpayers are required to pay penalty for filing belated ITR.
Budget 2024 Section 80D Exemption: Why govt should increase Section 80D tax exemption limit for health insurance under old tax regime
Budget 2024 Section 80D Exemption: Taxpayers who have opted for the old tax regime are hoping for an increase in the limit under section 80D in the upcoming July 2024 budget, considering the significant rise in healthcare costs.
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.
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.
MP ministers to now pay Income Tax as cabinet revokes 52-year-old rule
The Madhya Pradesh cabinet, led by Chief Minister Mohan Yadav, announced on Tuesday that state ministers will now be responsible for paying their own Income Tax, overturning a rule from 1972 where the state government covered this expense. Minister Kailash Vijayvargiya mentioned that Chief Minister Yadav proposed the idea during the cabinet meeting, which was subsequently agreed upon, leading to the decision for ministers to handle their own Income Tax payments.
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Central govt employees seek rationalised income tax slabs and old pension scheme from Budget
Central government employees are advocating for key reforms in the Union Budget 2024-25. Their demands include rationalization of income tax slabs, the restoration of the old pension scheme, the establishment of the eighth central pay commission, improved home loan recovery terms, enhanced medical facilities, and income tax exemptions for pensioners.
Have income above Rs 3 lakh? Pay zero tax if your income is up to this limit, thanks to rebate under section 87A
Income tax rebate: Under section 87A you can get a maximum tax rebate of Rs 12,500 under the old tax regime and up to Rs 25,000 under the new tax regime. However this rebate is only available if your income is upto a specified limit. Read to find out more about income tax rebate.
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.
Documents required for ITR filing: 10 documents you need to file income tax return
Documents required for ITR filing: An individual should collect all the required documents such as Form 16, bank account statements, capital gains statement, depending on the incomes they have to make the ITR filing process easier. Here is the list of 10 documents that a taxpayer might need to file their income tax return this year.
Form 16 due date: When will you get TDS certificate from your employer?
Last date to get Form 16: Salaried individuals need Form 16 to make the ITR filing process easier for them. It is a TDS certificate showing all the taxes deducted during the financial year as well as total income paid by an employer during the financial year. Read on to know the deadline for employer to issue Form 16.
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.
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.
Salaried individual filing ITR? Advisable to wait till June 15
ITR filing for salaried individuals: The last date to file income tax returns for salaried and other taxpayers (whose accounts are not required to be audited) is July 31 every year. However, it is advisable for salaried individuals to start the process of filing their tax returns after June 15 due to following reasons.
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.
Does choosing old tax regime for TDS on salary lead to smoother ITR processing, income tax refund claims?
Income tax regime, ITR processing: The income tax laws allow switching of tax regime from old to new or vice-versa at the time of filing income tax return. Any tax regime can be chosen irrespective of what was chosen for tax to be deducted from salary by employer. However, does switching of tax regime impact how your income tax return is processed by tax department.
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.
How to switch from new tax regime to old tax regime
Change income tax regime: At the start of the financial year, an individual is required to select one tax regime - old or new- for deducting of taxes on salary by employer. However, it may happen that an individual wants to switch the tax regime from what was opted in the start of the financial year. The income tax laws allow such change. Here is how to go about it.
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.
The unintentional tax-saving investment that most salaried employees do
EPF as tax-saving investments: If you're a salaried employee and is/planning to opt for old tax regime for current FY 2023-24, then Employees' Provident Fund (EPF) contribution is one tax-saving investments that happens automatically. Many people forget to account the tax-benefit available under Section 80C on EPF investments while evaluating the total tax saving investments.
8 reasons why old tax regime is still attractive for many taxpayers in this income tax bracket
Though under the new tax regime you may end up paying no tax on income up to Rs 7.5 lakh and and pay tax at a lower rate when your income goes higher, but old tax regime offers higher tax saving opportunities with various deductions and exemptions. However, these deduction can not be claimed by all taxpayers and apply on only select individuals. Hence, it makes sense for you to check which tax regime will help you save higher tax.
Tax planning for FY 2023-24: Last date is March 31, don’t make these mistakes
The tax-saving investments of an individual should be part of his overall financial plan. Poor financial habits and biased advice push taxpayers to make sub-optimal investment decisions. Here are some mistakes they must avoid in the rush to beat the 31 March deadline.
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