Whether the limit of standard deduction is increased or the limit of 80C is increased. Here we are telling you that in the last budget 2024-25, the government had made many big announcements related to income tax, which is important for all taxpayers to know.

1. Announcement of new tax slab

In the last budget, the government changed the tax slabs in the new tax system to provide relief to taxpayers. The new tax slabs were as follows:

• Rs 0-3 lakh: 0% tax
• Rs 3-7 lakh: 5%
• Rs 7-10 lakh: 10%
• Rs 10-12 lakh: 15%
• Rs 12-15 lakh: 20%
• Rs 15 lakh and above: 30%

Due to these new slabs, taxpayers can save up to Rs 17,500 annually.

2. Increase in standard deduction

The limit of standard deduction has been increased from Rs 50,000 to Rs 75,000.

The deduction limit for family pensioners has been increased from Rs 15,000 to Rs 25,000. This will provide huge tax relief to salaried and retired employees.

3. Deduction in NPS

The deduction limit on employer’s contribution to the National Pension System (NPS) has been increased from 10% to 14%. This move will promote savings in retirement funds.

4. Changes in capital gains tax

Short Term Capital Gains Tax (STCG) rate increased from 15% to 20%.

The rate of Long Term Capital Gains Tax (LTCG) was increased from 10% to 12.5%.

LTCG exemption limit on equity investments increased from Rs 1 lakh to Rs 1.25 lakh.

The purpose of this change is to encourage investors to invest for a long time.

5. TCS on luxury goods

Tax Collection at Source (TCS) was implemented on luxury goods worth more than Rs 10 lakh. This rule came into effect from January 1, 2025. Its purpose is to keep an eye on expensive transactions and prevent tax evasion. Through these changes, the government has tried to give relief to taxpayers as well as strengthen tax collection.

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The post Taxpayers Update: 5 major rules related to income tax have been changed – Key Details Inside first appeared on Rightsofemployees.com.

Most people take the help of Chartered Accountant ie CA to file ITR. Taxpayers can also fill ITR with the help of third party online platform. But it charges. Let us know which website charges how much money.

EZTax has free self service ITR filing. If you take the help of an expert (less) then it will cost Rs 799. Rs 999 will be charged for the help of expert (medium) and Rs 2999 for the help of other experts.

For tax filing with assistance on Taxspanner, it will cost Rs 799, if you have foreign income, you will have to pay Rs 5999 and for file and save tax (with the help of CA), you will have to pay Rs 1499.

The charge for salaried employee on Tax2Win portal is Rs.249 to Rs.649. On the other hand, for the help of computerized CA, which includes income from salary, house property and other sources, then a charge of Rs 849 to Rs 1149 will have to be paid.

On TaxBuddy, you will have to pay Rs 799 for income from salary, house property and other sources. Rs 2399 will be charged in case of capital gain. Rs 3999 for future and option trading, Rs 5999 for cryptocurrency plan and Rs 5999 for filing ITR for foreign income.

The charges on Clear are Rs.1499 for Salary Class Basic, Rs.1999 for Salary Class Pro and Rs.3599 for Capital Gains.

The post ITR Filing websites Charges: Check how much is being charged on ITR filing websites, see details first appeared on Rightsofemployees.com.

Meanwhile, to give relief to the common man from rising inflation, the Confederation of Indian Industry (CII) has demanded a cut in income tax from the government. This industry body has made this recommendation citing Russia’s invasion of Ukraine and China’s economic slowdown.

CII made this big demand

In fact, the Confederation of Indian Industry, the world’s important financial institution, has made disappointing predictions about the global economic rate after these developments, after which this demand has been made to the government. Significantly, on Saturday, the Center has decided to abolish export duty on iron ore and many steel products. Further, to promote exports, CII has also recommended covering all export products under the Remission of Duties and Taxes (RoDTEP) scheme, which provides refunds against various embedded taxes.

Common man will get relief

CII suggests implementing policies such as rationalizing income tax slabs and rates for taxpayers, reducing the 28% GST rate on select consumer goods, and expediting rural infrastructure projects to facilitate job creation in rural areas Have given. In addition, CII has also recommended raising capital expenditure to 3.3-3.4% of GDP in FY24 from the current 2.9%. You may recall that in the last Union Budget, a record increase of Rs 7.5 trillion was registered in capital expenditure, an increase of 35.4% from the previous financial year. The Treasury says that this number could reach ₹10 trillion with improvements in tax collection.

Why was this suggestion given?

CII said, “The cut-off date for commencement of construction under Section 115BAB of the Income Tax Act should be extended from the present 31 March 2024 to 31 March 2025. This would encourage more investment in the manufacturing sector and exports.” Apart from this, CII said that the budget should promote the speedy functioning of important dispute resolution mechanisms like Faceless Appeal, Advance Pricing Agreement (APA) mechanism, Advance Ruling Board (BAR) and Dispute Resolution Scheme (DRS).

The post Attention ITR filers! These big announcements will be made in the new budget, all taxpayers will be affected first appeared on Rightsofemployees.com.