A record 72.8 million income-tax returns (ITRS) 52.7 million (72.3 per cent) did so in accordance with the new tax regime were filed for assessment year 2024-25 by July 31, the income-tax (I-T) department stated on Friday.
Last year 67.7 million returns were filed during the period. The new tax regime is the default one. If one does not have a business income, one is free to select any one of the two tax regimes.
To make the new regime attractive, the Budget on July 23 changed the income-tax slabs. The changes were mainly at the lower tax slabs, to benefit salaried classes.
The tax department has decided not to extend the deadline beyond July 31, for the third consecutive year.
An ITR filed after the deadline will be liable for a late fee of up to ₹5,000.
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Volumes, margins lead to earnings upgrade for Page Industries
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Issue subscribed 3.6x as institutional investors swoop in on Day 3 to corner 90% bids
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Beyond the syntax of national culture
This book is not just a masterly exploration of India's linguistic civilisation. More importantly, it serves as a timely warning against recent attempts at conducting the epistemic study of Indian languages through a narrow prism of singularity.
FORENSIC PROBE ALL SET TO BOOST CONVICTION RATE
With Bharatiya Nyaya Sanhita making such investigation mandatory in serious crime cases that attract seven years' imprisonment or above, more and more criminals are likely to be brought to justice in the next five years
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Prime Minister Narendra Modi on Friday flagged the Congress' \"caste politics\" and cautioned the nation against it, while also accusing the grand old party of \"playing a dangerous game of pitting one caste against another\" for political gains.
