Income tax updates for FY 2024-25 (FY 2025-26)
Financial year 2024-25 is reaching its end in a few days. 31st March is an important deadline with reference to Financial Planning and Tax Planning, missing it may result in higher tax liability. We are required to complete our tax planning before 31st march 2025, as we are required to file Income tax return for […]
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A comparison of tax under Old Tax Regime Vs New Tax Regime for FY 2024-25 (AY 2025-26) with equalisation factor is shown in image. Step-1, compute the value of your application exemptions and deductions which you can claim in old tax regime but need to forgo is choose new tax regime. Step-2 , compare the […]
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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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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 […]
Continue ReadingA 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) […]
Continue ReadingA 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 2024-25 206C(1) Sale of Alcoholic liquor for human […]
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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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An interim budget is presented instead of a full budget in certain years due to the timing of general elections (as for 2024) or when a new government is expected to take office. It allows the current government to manage the country’s finances until the new government is in place to present a full budget. […]
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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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