Income Tax Return Processing AY 2024-25: Over 6.58 crore income tax returns (ITRs) have been filed so far for the Assessment Year 2024-25, according to latest update shared by the Income Tax Department on Wednesday. Over 5.53 crore ITRs have been verified and...
Tax deduction of up to Rs. 10,000 on savings account interest income New Tax Regime The following deductions are available under the new tax regime 2024: Section 24(b) allows for a deduction on interest paid on a home loan for a rented-out property. Employer contribution to NPS under 80...
Learn how to file Income Tax Returns ( ITR ) for FY 2022-23 (AY 2023-24) and FY 2023-24 (AY 2024-25). We covers tax concepts on Salary, interest, Capital Gains, House Property, Business and Profession and GST.
Here is a chart for the new tax regime for FY 2024-25 as per the recent Union Budget announcement: Salary slabNew tax regime 0 - 3 L0% 3 - 7 L5% 7 - 10 L10% 10 - 12 L15% 12 - 15 L20% 15 L and above30% Understanding which tax regime is beneficial for you depends on ...
A new electronic filing facility is available for new ITR-1 and ITR-4 forms for the FY 2023-24 Calculation of Advance Tax for A.Y. 2024-25 Now you can send any document or PDF file via Whatsapp or e-mail from the Print Preview of Reporter Return Forms, 26AS, Acknowledgment, Computat...
(AY 2024-25), the rebate under Section 87A has been increased from Rs. 5 lakhs to Rs. 7 lakhs. Thus, individuals with a net taxable income of up to Rs. 7 lakh can avail tax rebate u/s 87A under the new tax regime. Those who choose to pay tax as per the old regime will be...
Taxpayers in India will need to file income tax returns for Assessment Year 2023-24 by 31st July, 2023. Get the tips to meet the due date on time.
Here are two significant distinctions between old and new income tax regimes: The new tax regime offers more tax slabs with lower rates compared to the old regime. Therefore, the tax slabs for the financial year 2024-25 will vary depending on whether you choose the new or old regime. ...
NRIs also can avail tax benefits on home loans. A word of advice : Do not acquire a home loan just for tax saving purpose! Related Latest Article :Under the new tax regime, all popular tax saving options are not available for FY 2023-24 / AY 2024-25. Read more at :Income Tax Dedu...
The DTA will be effective starting January 1, 2024 for withholding taxes in both countries. U.K. Corporate Tax 2023 April 2023 According to the U.K. spring budget 2023 starting April 1, 2023 the new corporate income tax rate in the U.K. is 25% compared to the previous 19% rate. ...