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 liability: Total Income Eligible Exemptions & Deductions Tax calculation slabs Rebate in tax amount, if any Difference in the regimes to arrive at the tax […]
Category: Income Tax
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. However, currently, one may opt out and move to the ‘Old Regime’. In the taxation slabs under the regimes, the new regime is definitely more […]
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 Return. This applies only in the for Quarter 4. These changes are summarized as under: From FY:23-24 onwards, by default all employees are placed in […]
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 Regime (From 1st April 2023) Income level (for Rebate u/s 87A) ₹ 5 lakhs ₹ 7 lakhs Rebate u/s 87A ₹ 12,500 ₹ 25,000 Standard […]
7th April 2024 – Due date for TCS payment on collections made during March 2024 30th April 2024 – Due date for TDS payments on deductions made during March 2024 *Please ensure timely compliance to avoid interest and/or penalties TDS / TCS Compliances Reminder for April 2024 Use TDSMAN Software to file seamless & error-free TDS / TCS returns, without […]
TDS RATE CHART FY: 2024-25 (AY: 2025-26) Section Nature of Payment Threshold Indv / HUF Others Rs. TDS Rate (%) 192 Salaries – Slab Rate Slab Rate 192A Premature withdrawal from EPF 50000 10 – 193 Interest on Securities 10000 10 10 194 Dividends 5000 10 10 194A Interest (Banks) 40000 10 10 194A Interest […]