New Tax Regime  

The Union Budget introduced yesterday unveils significant plans for the education sector, allocating Rs 1.48 lakh crore for various initiatives including higher education loans, ITI upgrades, internships, and skill development in emerging sectors.

Standard Deduction is a fixed amount that can be deducted from the total taxable income. Salaried employees, pensioners, and retired individuals can claim this deduction.

In addition to the changes in tax slabs, the family pension deduction has also been increased to Rs 25,000 from the previous Rs 15,000. The new changes will benefit over 4 crore salaried folks and pensioners. 

The deadline for filing Income Tax Returns is July 31, 2024. Under old regime, no tax is payable on income up to Rs 5 lakh. And under new tax regime, you don’t have to pay taxes on an income up to Rs 7 lakh.

Filing Income Tax Returns (ITR) is an essential task that requires thorough preparation, and it is important to have proper documentation to ensure a smooth process. Here is a list of important documents for filing ITR for the financial year 2023-24 (the assessment year 2024-25).

The new financial year starts on April 1, and many new changes and additions have been made this year. A new tax regime has been introduced and taxes on converting physical gold have also been removed, among several other changes. 

Starting from April 1, the new tax regime will come into effect, bringing many changes and additions. Taxpayers can now avail of a basic exemption of Rs. 3 lakh, which was previously Rs. 2.5 lakh.