ITR – Important updates for taxpayers. Actually, let us tell you that the new tax system has been implemented in default mode from the financial year 2023-24. Now the income tax payer will see the new income tax regime in default mode while filing the Income Tax Return (ITR). To know the complete details related to this update, read the news completely.
Income Tax Return New Rules 2024 – Now with the change of financial year, there has also been a change in the process of filing income tax return. The new tax system has been implemented in default mode from the financial year 2023-24. Now the income tax payer will see the new income tax regime in default mode while filing the Income Tax Return (ITR).
If an income tax payer has to pay income tax on the basis of the old income tax regime, then he will have to make changes in it and proceed to pay income tax under the old scheme. The new income tax regime has been implemented in default mode for individuals other than companies and firms from FY 23-24.
In this, taxpayers will have the option to choose the tax regime. Those who feel that the old slab is beneficial for them, then they can use the old slab system. CA Ashish Rohatgi and CA Rashmi Gupta said that eligible persons without any business income will have the option to choose the regime for each year, so they can choose the old tax regime in one financial year and the new tax regime in the next year.
He said that if an employer has deducted TDS from his employee under the old regime, the employee can file ITR under the new regime if he wishes.
No tax on income of Rs 7 lakh in the new income tax regime.
In the new income tax regime, there is no tax on income of Rs 3 lakh, five percent is fixed on income of Rs 3 lakh to Rs 6 lakh. There is a provision for income tax exemption under 87A. There is a slab of 10 percent from Rs 6 lakh to Rs 9 lakh.
There is a provision for income tax exemption under section 87A on income of Rs 7 lakh. Income tax is fixed at 15 percent on income of Rs 9 lakh to Rs 12 lakh, 20 percent on income of Rs 12 to 15 lakh and 30 percent on income above Rs 15 lakh.
Exemption of 80C, D and G in the old income tax system-
In the old income tax system, there was no tax on income of Rs 2.5 lakh. Five percent income tax is payable on income of Rs 5 lakh and 20 percent on income of Rs 5 to 10 lakh. If the annual income is more than Rs 10 lakh then 30 percent tax is levied.
In the old system, income tax payers can avail home loan, exemption up to Rs 1.5 lakh under 80C, exemption under 80D and 80G. Apart from this, there is also a provision for various types of exemptions.
WhatsApp’s new feature! Users can get the facility of international payment
