Relief for Tax Deductors / Collectors – for inoperative PANs
Vide Circular No. 6 / 2024 dated 23rd April 2024, relief has been provided for deduction / collection of tax at a higher rate for ‘Inoperative PANs’ as per an… Read more »
Monthly Archives: April 2024
New Regime vs Old Regime – which is better?
In a nutshell and quite obvious, one should opt for the regime where the tax liability is lower. Determination of tax liability Following factors are involved to determine the tax… Read more »
Tax on Salary Income – Old Regime vs New Regime
As it seems evident, gradually the ‘Old Regime’ for computing income tax is being phased out, from FY:23-24, each tax payer has been placed in the ‘New Regime’ for taxation…. Read more »
New File Validation Utilities (FVUs) Version 8.6 & 2.182 released on 19th April, 2024
In this updated version changes have an impact only in Form 24Q (Annexure II) where the tax computation of each employee needs to be reported as part of the TDS… Read more »
Simple guide for ‘Employee’ income details – Form 24Q-Q4
It is mandatory to provide tax computation of each employee while filing the TDS Return on Salary for Quarter 4 as per the format of Annexure II in Form 24Q…. Read more »
Old & New Tax Regime – Exemptions / Deductions (FY: 23-24)
A snapshot of the exemptions / deductions applicable for FY: 2023-24 (AY: 2024-25) under the Old & New Tax Regimes are summarized as under: Particulars Old Tax Regime New Tax… Read more »