HOW TO FILE INCOME TAX RETURN E FILING AY 2024- 25 IN TELUGU FY 2023-24 – IT E FILING IN TELUGU 2024

Above  Income tax Return E filing Video Direct Link : https://youtu.be/PPmzrzv7Vso

must one thing that now the salaried class looks forward to when it comes to the budget is the income tax incentive. When delivering Budget 2023 on 1 February 2023, Finance Minister Nirmala Sitharaman adjusted the slabs to offer some relief to the middle class.

During the presentation of Budget 2020, FM Sitharaman said that “It is proposed to increase the rebate for the resident individual under the
new regime so that they do not pay tax if their total income is up to ₹7 lacks.”

Income Tax OLD Slabs for Individuals and HUF

New Tax Regime

The new tax regime has common tax rates for every individual and HUF taxpayer, unlike the old regime which differentiates taxpayers on the basis of their age. This regime was revamped in the Union Budget 2023. The new tax regime for FY 2023-24 is given below.

Budget 2023:  New Income Tax Slab Rates

New Income Tax Slab Rates

• No tax will be charged on income up to 3 lakh rupees.
• Income between 3-6 lakh rupees would indeed be taxed at 5%.
• Income between 6 and 9 lakh rupees would indeed be taxed at 10%.
• Income between 9 and 12 lacks at 15%
• Earnings of 12-15 lakh at a 20% tax rate
• Income of 15 lacks or over will also be taxed at 30%.

Conditions for opting new tax regime

The taxpayer opting for concessional rates in the New Tax regime will have to forgo certain exemptions and deductions available in the existing old tax
regime. In all there are 70 deductions & exemptions that are not allowed, out of which the most commonly used are listed below:

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EXEMPTIONS ALLOWABLE UNDER NEW TAX REGIME:-

1. i) Interest and final payment under PPF [u/s 10(11)] ii) Interest and final payment under Sukanya Samriddh Yojna [u/s 10(11A)] iii) Sum received from Life Insurance Policy [10(10D)] – New Policy after 01-04-2023 limit upto 5 Lakhs annual premium
   iv) Payments including withdrawals from NPS [u/s 10(12A)/(12B)] v) Gratuity [u/s 10(10)], Commutation of Pension [u/s 10(10A)], Leave Encashment [u/s 10(10AA)],
   Retrenchment Compensation [u/s 10(10B)], Compensation on Voluntary Retirement or Separation
   [u/s 10(10C)], Non Monetary Perquisite by Employer [u/s 10(10CC)], Interest and Withdrawal
   from Recognised Provident Fund [u/s 10(12)], Payment from approved Superannuation Fund
   [u/s 10(13)] vi) Alternate Minimum Alternate Tax u/s 115JC is not applicable in case of Lower Tax Regime.

BLOCKED DEDUCTIONS/ INCENTIVES IN NEW TAX REGIME:-

1. i) Leave Travel Concession [u/s 10(5)] ii) House Rent Allowance [u/s 10(13A)] iii) Special Allowance other than those as may be prescribed [u/s 10(14)] iv) Allowances to MP/ MLAs [u/s 10(17)] v) Exemption of Rs. 1500/- for clubbed income of minor child [u/s 10(32)] vi) Special Economic Zone [u/s 10AA] vii) Entertainment Allowance Deduction [u/s 16(ii)] viii) Professional Tax Deduction [u/s 16(iii)] ix) No Adjustment of Losses brought forward from earlier years and/or Additional Depreciation of
   earlier years is permitted.
   x) No adjustment for depreciated value of block of assets brought forward is permitted.
   xi) Loss on account of Interest on Home Loan [u/s 24(b)] xii) Additional Depreciation [u/s 32(1)(iia)] xiii) Investment Allowance in case of Backward Area [u/s 32AD] xiv) Tea/ Coffee/ Rubber Development Accunt [u/s 33AB] xv) Site Restoration Fund [u/s 33ABA] xvi) Deduction for Scientific Research [u/s 35(1) (ii)/(iia)/(iii), 35(2AA)] xvii) Capital Expenditure pertaining to Specified Business [u/s 35AD] xviii) Agricultural Extension Project [u/s 35CCC] xix) Deduction u/s 80C to 80U [except Employers Contribution to NPS u/s 80CCD(2),
   Agniveer Corpus Fund u/s 80CCH, deduction u/s 80JJA and 80LA(1A)] xx) No Adjustment of Losses brought forward from earlier years and/or Additional Depreciation of
   earlier years is permitted.
   xxi) No adjustment for depreciated value of block of assets brought forward is permitted.

INCOME TAX E FLING LOGIN LINK CLICK HERE

INCOME TAX E FLING LOGIN LINK CLICK HERE