Salary TDS, income tax regime: For the financial year 2024-25, two budgets are presented due to Lok Sabha elections 2024 happening in the months of April to June 2024. Post the election results are announced and government is formed, full budget will be announced after that. Hence, it is important for salaried individuals to keep options open when choosing between old and new tax regime for the purpose of TDS on salary this financial year.
TDS on salary, income tax refund: A salaried is required to choose tax regime twice - one for tax deducted on salary by employer and secondly while filing ITR.
Income Tax Act provides certain avenues to save tax by investing funds in specified securities like PPF, LIC premiums, fixed deposits, ELSS , ULIP, NSC, etc; Income Tax Saving: Just 1 Day Left For March 31 Deadline, Know What Experts Say
India's interim budget is eagerly awaited by the middle class, who have high expectations for relief in income tax through adjusted tax slabs and expanded exemptions. The budget is also anticipated to address employment concerns and generate more job opportunities. Affordable housing, education, and healthcare take center stage, with hopes for interest rate reductions, increased subsidies, and improved infrastructure. The budget is expected to offer price relief by regulating food prices and stabilizing inflation. Additionally, investments in digital infrastructure and comprehensive measures for post-retirement schemes are anticipated. The budget announcement on February 1 will be closely watched by India's middle class population during the Lok Sabha elections.
Budget 2024: The cost of treatment for common ailments that require hospitalisation has more than doubled in five years. A Rs-10-lakh health insurance, which could cover a family of three to five years back, is not adequate to take care of the medical needs now. The tax deduction limit of Rs 25,000 will not typically cover the premium of a health insurance cover of Rs 20 lakh for a family of two or more today. The insurance industry wants Budget 2024 to hike the limit of Section 80D. This move will enhance affordability and motivate individuals to prioritise their familys health. Know what insurance industry wants from Finance Minister Niramala Sitharaman in Budget 2024.
The income tax department has urged taxpayers to respond promptly to the advisory and provide feedback online through the Compliance Portal of the I-T department
Social media has made it possible for just about anybody to earn money by posting content. However an individual needs to know what the income tax law and other laws say about such an income, so that one does not get into trouble. Read here to know about the details.
An income tax audit report has to be mandatorily uploaded on the income tax return (ITR) portal by September 30 for those who are required to conduct an income tax audit. However even if the deadline is missed, one still has to upload the audit report by paying a penalty.