OLD INCOME TAX REGIME
Income tax refund: How to raise refund reissue request; a step-by-step guide
Income tax refund: The tax department begins processing refunds after the taxpayer verifies the form electronically. The refund is typically credited to the taxpayer's account in four to five weeks. If your refund has failed, you have to submit a “Refund Reissue Request” as applicable.
Budget 2024 should hike basic income tax exemption limit to Rs 5 lakh in both old and new tax regimes: Deloitte
Finance Minister Nirmala Sitharaman is likely to present Union Budget 2024 this month. Salaried taxpayers are eagerly waiting for some much-needed tax benefits from the upcoming Budget. According to Deloitte, salaried people want Finance Minister to revamp tax slab benefits, adjust HRA rates, incentivise EV sales, and promote affordable housing in Budget.
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.
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.
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.
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
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