There's been a lot of talk lately about how the Income Tax Department (ITD) tracks cashless transactions. Some folks think they can fly under the radar, but the truth is, the ITD has some pretty slick tools up its sleeve. It keeps a close eye on transactions that go above certain limits, whether you're swiping your card, using UPI, or even making cash deposits or withdrawals. Banks and financial institutions play their part too, reporting these transactions promptly to the tax office.
Budget 2024 income tax slabs: Finance Minister Nirmala Sitharaman will present Interim Budget 2024 on February 1, 2024 and like every year salaried taxpayers are hopeful of income tax relief. Will the income tax slabs for FY 2024-25 be changed? Will changes be introduced in the new income tax and old tax regimes? Last year’s Budget announced several changes to the income tax slabs under the new tax regime. Even as we wait for Union Budget 2024 income tax announcements, here is a look at how the income tax slabs under the old and the new tax regime compare:
The government s new tax regime offers lower rates but eliminates deductions, making it beneficial for those with limited deductions and the old regime better for those with significant deductions.
The revised tax regime by the government presents reduced tax rates while removing deductions, favoring individuals with fewer deductions. Conversely, the old regime is more advantageous for those with substantial deductions.