The Finance Act 2023 has made the new tax regime as the default tax regime for FY 2023-24 (AY 2024-25). The taxpayers can switch between the old and the new tax regime on a year-on-year basis.
TDS on salary tax regime: In the month of April, many salaried individuals are required to inform their employer about their preferred tax regime on the basis of which tax will be deducted from their salary income. If wrong tax regime is chosen for tax to be deducted on the salary, then higher tax will be deducted throughout the financial year.
Income tax slabs FY 2024-25: With the new financial year starting, salaried individuals must decide between old and new tax regimes. The default option is now the new regime, with different rates and deductions
Financial Literacy News: Income Tax Slabs 2024-25: It's important to note that while no adjustments were made to the income tax slabs in both the old and new tax regimes, this
ITR filing: The deadline for filing tax returns using ITR-2 and ITR-3 for the FY 2023-24 (AY 2024-25) is July 31, 2024, for most taxpayers. However, individuals who are subjected to income tax audit and have income from business or profession have an extended deadline until October 31.