As a new financial year begins, expect your employer to reach out to you regarding choosing a tax regime for 2024-25, if they have not already. This decision is crucial. The choice of tax regime dictates how your income will be taxed. If you don't make the right pick, you might end up losing money.
"The new tax regime has become the default tax regime for individuals after the Finance Act, 2023, from the financial year 2023-24 onwards," says SR Patnaik, partner, Cyril Amarchand Mangaldas.
The new regime
The new tax regime offers lower tax rates but with fewer deductions and exemptions. Here, taxpayers cannot claim various popular deductions under Sections 80C, 80D and 24.
However, some deductions, such as standard deduction and family pension (those receiving a family pension can claim a deduction of 15,000 or one-third of the pension, whichever is lower) remain available. "This regime simplifies the tax structure and reduces the tax burden for many, especially those who do not have significant deductions under the old regime," says Suresh Surana, founder of RSM India.
The benefit of a rebate under Section 87A is available to resident individuals opting for the new regime.
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Denne historien er fra April 11, 2024-utgaven av Business Standard.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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A life that lives beyond
The passing of Ratan Tata marks the loss of not only an iconic leader but also a global visionary whose influence extended far beyond business.
Ratan Tata: The unlikely social media star
On Monday, Ratan Tata posted on social media: \"Thank you for thinking of me,\" debunking rumours about his health. Just two days later, on Wednesday, the former Tata Group chairman passed away in a Mumbai hospital at the age of 86.
Paytm appears poised for rebound
While Paytm (One97 Communications) is not completely past regulatory hurdles, its share price has gained in the last month or two. The Paytm handle migration is complete along with FDI clearance necessary for the Payment Aggregator (PA) license.
Love-all, RAFA
'KING OF CLAY' TO SIGN OFF FROM PROFESSIONAL TENNIS BY THE END OF THIS SEASON
Aman for startups
Ratan Tata was known as much for his business acumen as for his philanthropy. However, a lesser-known fact was his stellar track record when it came to startup investment.
RBI's inflation caution may halt FMCG rally
Analysts suggest buying quality stocks on dips for long term
Indices close marginally higher
Equity benchmark indices Sensex and Nifty settled higher on Thursday due to gains in banking, power, and industrial stocks amid a firm trend in global markets.
Oil gains after 2-day decline
Oil rose after a two-day decline as traders watched for an Israeli response to Iran's missile attack early last week, while US crude stockpiles expanded the most since April.
Pro-rata distribution mandate for AIFs likely to see tweaks
Final norms to ensure excuse, exclude provisions co-exist
Bernstein downgrades Indian stocks on valuation concerns
Bernstein Societe Generale Group's Asia quant strategists have downgraded Indian stocks due to valuations, while predicting further upside for Chinese equities on a policy boost.