10 major changes in income tax rules in 2024, method of filing ITR changed

Income Tax Changes in 2024:(*10*) Many essential changes happened in the income tax regulation in the 12 months 2024. In this fashion, the sample of filing ITR has additionally changed in the 12 months 2025. Today in this information, we’re going to inform you about 10 major changes in the income tax associated regulation in order that in future you don’t have to face issues whereas filing income tax returns.

Change in income tax slab

In Budget 2024, Finance Minister Nirmala Sitharaman introduced changes in the income tax slab. Under the brand new tax regime, 5 % tax shall be levied on annual income of Rs 3 lakh to Rs 7 lakh. Whereas, 10 % tax shall be levied on income of Rs 7 to 10 lakh and 15 % tax shall be levied on income of Rs 10 to 12 lakh. Apart from this, there shall be 20 % tax on income between Rs 12 to fifteen lakh and 30 % tax on income above Rs 15 lakh. Taking benefit of this transformation, salaried staff will be capable to save income tax as much as Rs 17,500 yearly.

Standard deduction restrict elevated

Under the brand new tax system, the usual deduction quantity was elevated from Rs 50,000 to Rs 75,000. The exemption on household pension was elevated from Rs 15,000 to Rs 25,000 yearly. In the previous system, the restrict of customary deduction was elevated from Rs 50,000 for salaried staff and deduction on household pension for pensioners from Rs 15,000 to Rs 25,000. Due to the rise in customary deduction in the brand new tax system, salaried folks and pensioners will be capable to save extra tax.

NPC contribution restrict elevated

In this, it was determined to extend the restrict of NPS contribution for personal sector employers from 10 % to 14 % of the worker’s primary wage. Now when employers will contribute extra, the pension of staff will even enhance. However, if an employer’s contribution to NPS, EPF and superannuation fund exceeds Rs 7.5 lakh in a monetary 12 months, it is going to be taxable.

Tax on capital beneficial properties made simpler

Now short-term capital beneficial properties (STCG) tax on fairness FOFs (fund of funds) has been elevated from 15 to twenty per cent, whereas long-term capital beneficial properties tax (LTCG) on all sorts of property, monetary and non-financial, has been elevated from 10 to 12.5 per cent. given. There shall be no tax on capital beneficial properties as much as Rs 1.25 lakh in a 12 months in fairness mutual fund schemes.

Rational TDS Rates

There had been additionally changes relating to TDS charges in the Union Budget 2024. In this, TDS charges for varied classes had been diminished from 5 % to 2 %. In this, the TDS fee on e-commerce operators was diminished from 1 % to 0.1 %, it was determined to deduct 2 % TDS on cost of insurance coverage fee and a pair of % TDS on lease cost.

Claim of TDS and TCS credit score in opposition to wage

Under this, the worker can cut back the tax deducted from the wage. For this, he can cut back the tax deduction on wage by filling the Central Board of Direct Taxes (CBDT) Form 12BAA and giving data to the employer concerning the tax deducted from different sources of income or the tax paid on the time of expenditure.

TDS on sale of property

Under this, on sale of residential property price greater than Rs 50 lakh, one % TDS shall be utilized on the upper of the sale worth or stamp obligation.

Vivad Se Vishwas Scheme

The authorities launched Vivad Se Vishwas Scheme 2.0 to settle previous income tax disputes of taxpayers. Under this, pending direct tax instances may be settled earlier than the courtroom. In this, taxpayers can finish their dispute by paying the disputed tax quantity and the prescribed share of tax imposed.

Aadhar card is necessary for these works

Under the brand new income tax rules, Aadhaar quantity shall be required whereas filing income tax return or making use of for PAN card. Without this you will be unable to do that work.

ITR revaluation deadline diminished

Finance Minister Nirmala Sitharaman diminished the time restrict for reopening of previous income tax returns for reassessment from 6 years to three years.

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