For the financial year 2023-24 (assessment year 2024-25), an individual has two choices. They can opt to pay taxes as per the old tax regime or they can go for a new tax regime under section 115BAC.In Budget 2023, income tax slabs as per the old tax regime remain the same. Which means the government of India has not done any changes.However, tax slabs and income tax … [Read more...] about Income tax slab rates for the financial year 2023-24 (AY 2024-25)
ITR
Key changes to new income tax regime FY 2025-26 (AY 2026-27)
Update: New tax regime slab rates for Financial Year 2025-26 (AY 2026-27)Here are the key changes proposed in budget 2025 for an individual.Income SlabsTax RatesUp to Rs 4 lakh0%Rs 4-8 lakh5%Rs 8-12 lakh10%Rs 12-16 lakh15%Rs 16-20 lakh20%Rs 20-24 lakh25%Above Rs 24 lakh30%No income tax payable on income up to Rs 12 lakh due to tax rebate. No income tax payable for Rs … [Read more...] about Key changes to new income tax regime FY 2025-26 (AY 2026-27)
Penalty for delay in filing income tax audit report under section 44AB
Deadline for filing an income tax audit report for the financial year 2022-23 under section 44AB of the Income tax act, 1961, with the Government of India was 30th September 2023. This deadline has not been extended by the income tax department.For the financial year 2023-24, the deadline for filing income tax audit reports under section 44AB will be 30th September … [Read more...] about Penalty for delay in filing income tax audit report under section 44AB
How to respond to a defective notice for your income tax return
A defective income tax return under section 139(9) of the Income tax act, 1961, occurs when your income tax return either omits certain information or data entered are inaccurate.In the following situations, the income tax department may issue a defective notice for your income tax return (ITR) in order to rectify the mistake from the tax return filed by you.Above … [Read more...] about How to respond to a defective notice for your income tax return
Annual information statement (AIS) in income tax-All you need to know
Information about various financial transactions executed by a person in India is obtained by the tax department from various sources based on his/her PAN details. These financial transactions are consolidated in Annual Information Statement, also referred to as AIS, by the I-T department.AIS is a financial summary of the taxpayer with the income tax department.What are … [Read more...] about Annual information statement (AIS) in income tax-All you need to know