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Comparison of OLD Tax Regime Vs New Tax Regime for Individual/ HUF as upated by Finance Act 2024 (exemption & deductions in both)

Here is the summary of some important exemptions & deductions under New Tax Regime for Fy 2024-25:- Particulars Old Tax Regime New Tax regime (For FY 2024-25)(AY 2025-26) Remarks (If any) Basic Exemption Limit (a) ₹ 250000 (others)(b) ₹ 300000 (Senior Citizen)(c) ₹ 500000 (Super Senior Citizen) ₹ 3 Lakh (for all) See Detailed Slab […]

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Rates of Income tax for FY 2024-25 (assessment year 2025-26)- By Finance Act 2024

As we know that W.e.f FY 2020-21 i.e. budget 2020, two options of slab rate are available for Individual & HUF as per option given u/s 115BAC. Every taxpayer who is Individual or HUF, have to choose between (i)New tax regime (ii)Old tax regime. Salaried employee have to submit their option to their employer at […]

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Rates of TDS (tax deducted at source) for FY 2024-25 (1st April 2024 to 31st March-2025) (By Finance Act 2024)

A complete list of TDS (tax deducted at source) rates along with related transactions and budget proposals for the financial year 2024-25 (AY-2025-26) is provided in the table given below.- TDS Rate Chart for FY 2024-5 (AY 2025-26) Payment Type Threshold Limit (Rs) Resident -TDS Rate (%) Non-Resident -TDS Rate (%) (including EC & SHEC) […]

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Rates of TCS (Tax collected at Source) for FY 2024-25 (1st April 2024 to 31st march 2025) (By Finance Act 2024)

A complete list of TCS (tax collected at source) rates along with related transactions and budget proposals for the financial year 2024-25 (AY-2025-26) is provided in the table given below.- TCS Rate Chart for FY 2024-25 (AY 2025-26) Section Nature of transaction TCS rate applicable for FY 2023-24 206C(1) Sale of Alcoholic liquor for human […]

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Various Due Dates in Income tax for FY 2024-25(AY 2025-26) – (By Finance Act 2024)

Due Dates of Income tax as applicable for FY 2024-25 (AY 2025-26) (A) Due date for filing Income tax Return Category Sub-Category Original Due date Extended due date (if any) Individual & HUF whose accounts are required to be audited u/s 44AB (ITR-3) 31-10-2025 (Audit report is to be filed upto 30-09-2025)   A working […]

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Economic survey of India 2023-24 or The Indian Economy: A Review – January 2024 (Before Interim budget for FY 2024-25)

In an election year in India, the budget and economic survey presentation follow a different approach compared to a non-election year. Here’s what generally happens: In summary, in an election year like 2024 in India, instead of the full budget and traditional Economic Survey, an Interim Budget and an alternative economic document (like “Indian Economy […]

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