Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
Top Headlines »
Open DEMAT Account in 24 hrs
 ITR filing 2023-24: How to optimise Section 80D deductions at the time of filing tax returns
 ITR filing 2023-24: Top 7 mistakes to avoid for hassle-free income-tax return filing this year
 Income tax returns for FY 2023-24: Keep these 8 tax law changes in mind while filing ITR this year
 ITR Filing 2024: Know who can and cannot file income tax returns using ITR-1 this year
 Income Tax Filing: 10 necessary guidelines that you must be aware of
 Why you should file your income tax returns before July 31
 What is Form 26AS? How to download Form 26AS to file Income Tax Return (ITR)
 Income Tax Return: What are the alternatives to Form 16 that can be used while filing ITR?
 What should you do if your Form 16 data doesn't match your ITR prefilled form?
 Check your Form 26AS, AIS carefully for error-free income tax return filing
 10 ITR filing mistakes which can cost taxpayers dearly
 Income Tax Return (ITR) Filing Deadlines FY 2023-24: A Quick Guide for Different Taxpayers
 ITR Filing FY24: 6 key points taxpayers must know as July 31 deadline looms large

Income tax returns for FY 2023-24: Keep these 8 tax law changes in mind while filing ITR this year
June, 20th 2024

Each year, the government introduces changes to improve compliance, simplify processes, or address economic shifts. Staying informed of these modifications is crucial to ensure accurate tax filings and leverage any potential benefits.

Vikas Dahiya, Director of ALL India ITR, says, “While the core filing process might seem familiar, even minor adjustments in regulations can significantly impact your tax calculations, deductions, and potential refunds.” He also points out several significant updates introduced that could impact your ITR filing process in 2024.

 
 

Revised tax slabs and rates:
This year, the government has introduced new tax slabs under the optional new tax regime, which provides lower tax rates without exemptions and deductions. You can choose between the old regime, which includes various deductions and exemptions, or the new regime, which simplifies the process but eliminates most deductions. It’s important to compare both regimes to determine which is more beneficial for your financial situation.

Standard Deduction for Pensioners:
A new standard deduction of Rs 50,000 has been introduced for pensioners. This applies to pension income, providing relief similar to that available for salaried individuals. Pensioners should ensure this deduction is claimed to reduce their taxable income.

Changes in Section 80C and 80D limits:
The limits under Section 80C, which include investments in PPF, NSC, and life insurance premiums, remain at Rs 1.5 lakh. However, there has been a push towards promoting digital payments and savings in the health sector, reflected in increased limits under Section 80D for medical insurance. Taxpayers can now claim higher deductions for premiums paid for health insurance for themselves, their families, and senior citizen parents.

 

Higher deduction for home loan interest:
For first-time homebuyers, the additional deduction of Rs 1.5 lakh for interest on home loans taken under Section 80EEA has been extended. This aims to encourage home ownership and provides substantial relief for taxpayers with new home loans.

Updated TDS and TCS provisions:
The scope of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) has been expanded. Notable changes include new TDS rates for non-salaried individuals and professionals and additional compliance requirements for e-commerce transactions. Taxpayers must review their TDS certificates and ensure that appropriate credits are claimed in their ITR.

Faceless assessment and appeals:
The government has expanded the faceless assessment and appeal mechanisms to reduce human interface and improve transparency. Taxpayers should familiarize themselves with the procedures and ensure that all submissions and responses to notices are made online within stipulated deadlines.

 

Enhanced reporting requirements:
The ITR forms have been revised to include additional disclosures, especially concerning foreign assets and income, and large transactions. Taxpayers with overseas investments or significant financial activities need to provide detailed information to avoid penalties.

Relief for senior citizens:
Senior citizens aged 75 years and above, having only pension and interest income, are exempt from filing ITR, provided the bank deducts the necessary tax. This simplification reduces the compliance burden for senior citizens with straightforward income sources.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting