A few years ago, we both used to work in the same company. Seeing her upset, I asked if she had any problem. At first, she said no, but after a while she said that she wanted to ask something. I said that she can ask without hesitation.

Jain said that her employer has issued her digital Form 16. She wants to file income tax return but she does not know which regime will be best for her? The second question was that at the beginning of the last financial year, she had told her employer that she wanted to use the old regime. The question is, can she change it now?

First I told Jain to come out of his worry. Actually, this problem is not only of Jain. There are lakhs of salaried taxpayers who are confused about this question. The reason for this is the old and new regime of income tax. This system was implemented about 5 years ago. Now taxpayers have the option to choose any one of the new and old regimes as per their wish. In the old regime, one gets the benefit of deductions. Especially, one gets the benefit of deduction on section 80C, 80D and home loan principal and interest. These benefits are not available in the new regime.

Jain has been using the old income tax regime since the beginning. Actually, she has taken term insurance. She has bought a health policy. She also makes tax saving investments every year under section 80C. These include tax saving schemes of mutual funds and PPF. Now someone has told her that despite getting deduction on tax saving investments, if she uses the new income tax regime, she will have to pay less tax. That is why she is confused.

If Neha feels that she will have to pay less tax by using the new regime to file income tax return for the financial year 2024-25, then she can use the new regime. It is important to understand that even if you have told your employer about using the old regime at the beginning of the previous financial year, you can still use the new regime instead of the old one at the time of filing income tax return. Yes, it is true that your employer will deduct your TDS as per the old regime. But, if your tax is less by using the new regime, then the TDS deducted will be refunded to you in the form of a refund.

Tax experts say that if salaried taxpayers do not have income from business, that is, they only have income from salary, bank interest etc., then they can change their income tax regime every year. There is no limit on how many times he can make changes. This means that if you do a job and at the beginning of the last financial year i.e. April 2024, you told your employer that you will use the old regime, then you still use the new regime at the time of filing ITR this year. Therefore, Jain has no need to worry. After I told her this, she looked satisfied.

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All kinds of speculations are being made about questions like what is going to be special in this budget, what is the government going to announce for which sector and which segment is going to get relief.

The biggest expectation from the budget for common people as well as special people is tax relief and the announcement of some special scheme or financial assistance by the government to deal with inflation. Sources have given some important information and told what the government can announce regarding tax in the upcoming budget 2025.

There may be a change in the tax regime?

Prakash Priyadarshi said that the preparations for the budget for the financial year 2026 are at their peak and the process of consultation with the industry has also been started. He quoted sources and said that the government can give a big news for the taxpayers in this budget.

Sources are telling that the government is exploring many such options in which special attention is being paid to how to increase domestic consumption. Many such options are also being discussed, one of which is to reduce the income tax for low-income groups and low-salary people.

Budget preparations for the financial year 2026 are at their peak and the process of consultation with the industry has also been started. He quoted sources as saying that the government can give a big news for the taxpayers in this budget. Sources are telling that the government is exploring many such options in which special attention is being paid to how to increase domestic consumption. Many such options are also being discussed, one of which is to reduce the income tax for low-income groups and low-salary people.

In this year’s budget, the government may consider the tax slab of Rs 3-7 lakh among the tax payers, especially under the new tax. He said, sources are telling that the income tax exemption limit, which is currently Rs 3 lakh in the new tax regime, should also be increased. The government has currently started discussions on this.

Let us tell you that there is still more than 1 month left for the presentation of the budget. Finance Minister Nirmala Sitharaman will present the budget in Parliament on Saturday, February 1, 2025 at 11 am.

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The post Budget 2025: Govt may Announce to Change Tax Slab for Employed and Salaried Taxpayers in New Tax Regime first appeared on Rightsofemployees.com.

The time has come to file Income Tax Return (ITR Filing 2024). Many taxpayers want to change the tax regime while filing returns. Let us tell you that if you have not selected the tax regime, then the automatic new tax regime will be selected or will have been done.

Can taxpayers who want to change the tax regime do so now? Come, let us know the answer to this question.

default tax regime
In Budget 2023, Finance Minister Nirmala Sitharaman had made changes in the Income Tax slab. He had announced the new tax regime. In this, Rs 3 lakh annual income is tax free and the tax has been rebooted to Rs 5 lakh. Let us tell you that the new tax regime is the default regime.

If the taxpayer has not yet selected the tax regime, then tax will be paid under the automatic new tax regime. Apart from this, the company will also deduct TDS under the new tax regime.

How To Switch Tax Regime?
The Central Board of Direct Taxes (CBDT) has not yet given any information regarding whether the tax regime can be changed. This clearly means that whether the tax regime can be changed or not is not yet clear.

However, regarding this, tax experts say that the company gives the option to the taxpayer to settle the tax. If the company does not give this option to the taxpayer then there is no remedy for it.

At the same time, many experts say that the taxpayer can select the tax regime when he files ITR. That is, while filing returns, taxpayers can choose the regime as per their choice.

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Benefits in New Tax Regime: The deadline for filing and submitting Income Tax Return (ITR) is now approaching. In such a situation, many taxpayers might be wondering whether they should go with the new tax system or continue with the old tax system. This dilemma will be more in the minds of those who have recently retired and have started getting pension.

In fact, in the Union Budget 2023-24, the income tax slab was changed under the new tax regime keeping in mind the common taxpayers. With this, the tax exemption limit has been increased from Rs 5 lakh to Rs 7 lakh.

Talking about senior citizens or retired pensioners, there are many pensioners who have not changed their tax regime. There will be more dilemma in their mind as to what decision to take. Generally, after retirement, pension becomes less as compared to salary. Under the new tax system, the tax exemption limit has increased.

Due to which many times they find the new system better. On the other hand, there is a facility to avail tax exemption in the old tax system, due to which attention is also attracted there. In such a situation, you should take a decision after knowing the positive and negative of both the systems.

You can choose any option
Senior citizens also have the facility to choose any option in the new or old tax system while filing income tax returns. No change has been made in this rule. According to the Income Tax Department, if a person’s age is 60 years or more, but less than 80 years, he is considered a senior citizen under the income tax rules. If the age is more than 80 years then they are considered super senior citizens.

Same rates for all in the new system
In the new tax system, the tax rates are the same for all individuals and senior citizens above 60 years to 80 years and super senior citizens above 80 years. Senior citizen taxpayers are also required to pay additional health and educational cess at the rate of 4 percent of the total income tax liability.

Under Section 87A, the tax rebate limit has been increased to Rs 7 lakh. This means that people with annual income up to Rs 7 lakh will no longer have to pay any income tax in the new tax regime. In the old tax regime, this benefit is available only on income up to Rs 5 lakh. For the first time in the new tax regime, the benefit of standard deduction is also being given.

Slab and tax in the new tax system

• Income Rs 3 lakh: No tax
• Income more than Rs 3 lakh to Rs 6 lakh: 5% tax
• More than Rs 6 lakh to Rs 9 lakh: 10% tax
• More than Rs 9 lakh to Rs 12 lakh: 15% tax
• More than Rs 12 lakh to Rs 15 lakh: 20% tax
• Above Rs 15 lakh: 30% tax

Benefits in the new system
Under the new tax system, senior citizens can claim a maximum deduction of Rs 50,000 on health insurance premium under Section 80D. If this expenditure is made for dependent senior citizens, then the eligibility for this is Rs 1 lakh in a financial year.

Senior and super senior citizen taxpayers are allowed a maximum deduction of Rs 50,000 under Section 80TTA for interest income from savings bank accounts. For general taxpayers it is Rs 10,000.

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Income Tax Update: There is a lot of discussion on social media regarding the new tax regime. Now the Finance Ministry has given clear information regarding the tax regime. For the last few days, many misleading things were being seen on social media regarding the new tax regime.

Along with this, it was being told that there is going to be a change in the tax regime from April 1, 2024, but the Finance Ministry has made it clear by tweeting that there is not going to be any change in the tax regime.

Finance Ministry gave information
The ministry has said that no new changes have been made from April 1, 2024. A revised new income tax system was implemented for the people in the financial year starting from April 1, 2023, under which the tax rates are “much lower”. However, it does not have the benefit of various exemptions and deductions (except the standard deduction of Rs 50,000 from salary and Rs 15,000 from family pension) like the old system.

It has come to notice that misleading information related to new tax regime is being spread on some social media platforms. It is therefore clarified that:

👉 There is no new change which is coming in from 01.04.2024.

👉 The new tax regime under section 115BAC(1A) was… pic.twitter.com/DtKGkK0D5H

— Ministry of Finance (@FinMinIndia) March 31, 2024

The ministry has said that the new tax regime is the ‘default’ tax system. However, taxpayers can choose the new or old tax system as per their convenience as per their convenience… The option to opt out of the new tax system is available till the filing of return for the year 2024-25.

How much is the tax?
In the new tax regime, there is no tax on annual salary of Rs 0-3 lakh. After this, 5% tax is levied on income of Rs 3 to 6 lakh, 10% on income of Rs 6 to 9 lakh, 15% on income of Rs 9 to 12 lakh, 20% on income of Rs 12 to 15 lakh and 30% on income above Rs 15 lakh. Apart from this, 4% is charged as Health and Education Cess.

If you do not choose the tax regime then…
Let us tell you that if any taxpayer forgets to select his tax regime or does not select the tax regime, then his new tax regime will automatically be implemented. After this, your tax will be automatically deducted as per the new tax regime.

Tax slab in old tax regime-

• 0 to ₹2.5 lakh = 0
• ₹2.5 lakh to ₹5 lakh = 5%
• ₹5 lakh to ₹10 lakh = 20%
• Above ₹10 lakh = 30%

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The fourth month of 2024, April (April 2024), has started from today. The new financial year also starts from April itself. This means that the financial year 2024-25 (FY25) hasRules Change From 1 April 2024: Rules related to LPG cylinder and tax have changed from today, check the list here started from today.

Many financial rules change at the beginning of every month. Even today many financial rules have changed. These rules have a direct impact on the general public.

Changes in these rules
PF Account Transfer: Whenever we changed jobs, we had to transfer our PF account also, but from today there have been changes in the rules for PF account transfer. Employees’ Provident Fund Organization (EPFO) said that from April 2024, PF account will be transferred automatically. This means that now the user will not have to request for account transfer.

Tax Regime: If you had not selected the tax regime by March 31, 2024, then let us tell you that the New Tax Regime has become the default regime from April 1, 2024. This means that taxpayers who have not selected the tax regime will now automatically file ITR under the new tax regime.

Fastag KYC: Those Fastag users who have not yet done Fastag KYC, their Fastag has become inactive from today. This means that he will not be able to pay toll tax through Fastag.

Actually, NHAI had made Fastag KYC mandatory. The deadline for Fastag KYC was fixed as 31 March 2024.

NPS Account Log-in Process: From today the log-in process of NPS Account is different. PFRDA has made Aadhaar-Based Authentication mandatory for login. This means that now the user will have to enter the OTP received on the mobile number linked to Aadhaar along with the ID password.

LPG Cylinder Price: Oil companies have updated the prices of LPG Cylinder today. Before the elections, a reduction of Rs 32 has been announced in the price of commercial LPG cylinder.

From today, the price of 19 kg commercial LPG cylinder in the capital Delhi became Rs 1764.50. At the same time, its price has become Rs 1,879 in Kolkata, Rs 1717.50 in Mumbai and Rs 1,930.00 in Chennai. Let us tell you that there has been no change in the price of domestic cylinder.

SBI Credit Card Maintenance Charges: The maintenance charges of State Bank of India (SBI) credit cards have increased from today. At the same time, reward points on rent payment on the card have also stopped from today. This means that now if users make rent payment through credit card, they will not get any reward points.

Change in the rules of insurance surrender: From today, changes have been seen in the insurance sector also. Now the value received on policy surrender will depend on how many years the user is requesting for policy surrender.

Increase in prices of medicines: Some medicines have also become expensive from today. Drug price regulator National List of Essential Medicines (NLEM) has announced increase in the prices of many medicines.

PAN-Aadhaar Link: Those users who have not linked PAN Card with Aadhar Card till 31st March, their PAN card has become in-active from today. Now to activate PAN card, it will have to be linked to Aadhar card. For this a penalty of Rs 1,000 will have to be paid.

Cars have become expensive: If you are thinking of buying a car, then let us tell you that from today some vehicles of Kia Motors and Toyota have become expensive. The company had told last month itself that the prices of vehicles will increase from April 1, 2024. The company had taken this decision due to increasing supply chain cost.

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New Tax Regime: A major change has been made in the tax system by the Finance Ministry recently. Under this, you can file ITR under old tax regime and new tax regime. A survey has revealed that the old tax regime remains the preferred option among the salaried class. At the same time, 49 percent businessmen have opted for the new tax regime. Let us tell you that the old tax regime gives tax exemption on long term investments in savings and insurance etc. Before the general budget to be presented on 1 February, the focus of tax payers remains on income tax exemption.

Salaried class preferred the old tax regime

A survey was conducted by Policybazaar among 1,263 tax payers. Salary clause, businessmen and retired investors were included in this. On the basis of a survey published in Times of India, it was found that 39% liked PPF the most for tax saving. After this, life insurance was the choice of 34% for tax saving. According to the survey, the old tax regime was liked the most among those earning more than Rs 7.5 lakh annually. Tax payers with annual income of Rs 12-15 lakh chose the old regime, focusing on long-term savings over liquidity facility.

The hassle of paperwork is troubling the youth!

Experts say that tax payers are thinking about both the immediate tax benefits and long term benefits from retirement saving schemes like PF, pension and insurance. More importance was given to tax exemption in the South, here 65% chose the old tax regime. The survey also revealed that the youth aged 18-20 selected the new tax regime to avoid the hassle of fund lock-in and paperwork. Let us tell you that more than two-thirds of the salaried class like the old tax regime. Along with this, focus is being placed on long term investment and investment.

On the other hand, businessmen are liking the new tax regime citing benefits like liquidity, low tax rate and less paperwork. Earlier, people had focused more towards the new tax regime. Let us tell you that still more than 63% taxpayers are giving importance to the old tax regime, while 37% have shifted to the new tax regime. This situation is different in women.

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One is the old income tax regime and the other is the new income tax regime. Whereas from this time the new income tax regime is the default regime. In such a situation, some things should be kept in mind while filing tax under the new income tax regime.

tax regime

Several announcements were made by Finance Minister Nirmala Sitharaman in the budget for the financial year 2023-24. Through these announcements, changes in the income tax regime were also announced by the Finance Minister and along with this many changes have been made in the new income tax regime. In such a situation, if you file tax under the new income tax regime, then you may also have to pay 30% tax.

Income tax

Actually, income tax slabs have been changed under the new tax regime. Under this, no tax will have to be filed on an annual income of Rs 3 lakh. After this, 5% tax will have to be paid on the annual income of Rs 3-6 lakh. At the same time, 10 percent tax will have to be paid on the annual income of Rs 6-9 lakh. After this, 15% tax will have to be paid on the annual income of Rs 9-12 lakh.

No exemption on investment,after this if someone’s annual income is 12-15 lakh rupees, then such people will have to pay 20 percent tax. On the other hand, if someone’s annual income is more than Rs 15 lakh, then such people will have to pay 30 percent tax. At the same time, while filing tax from the new tax regime, taxpayers should keep in mind that no investment will be exempted in this regime.

Will get exemption in this

If a taxpayer wants to get exemption on his investment, then he will have to file income tax return according to the old tax regime, only then he will be able to get exemption while paying tax on his investment.

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This clarification will be regarding consent on the option of regime election. The Central Board of Direct Taxes has also issued guidelines in this regard. The Finance Ministry has given taxpayers the option of two tax regimes for the financial year 2023-24. Taxpayers can choose one of these tax regimes. Let us tell you that the new tax slab is the default, so the salaried taxpayers who like the tax slab of the old tax regime will have to choose the old tax regime.

The Central Board of Direct Taxes has said that employers should clarify with their employees about choosing the tax regime and only then deduct TDS. Because, in the old tax regime, the facility of exemption and deduction on investment will be available as before. Whereas, the tax slabs are less in the new tax regime, but there is no exemption.

In such a situation, salaried taxpayers want to get the benefit of exemption under investment, then they will have to choose the old tax regime. If they want to avoid tax on annual income of 7 lakhs, then they will have to choose a new tax regime. Therefore, before deducting TDS, the employer is required to seek clarification from his employees on the decision of tax regime election.

Tax slabs and tax rates under the new tax regime

• Tax rate zero percent tax on earning Rs 0-3 lakh
• 5% tax on Rs 3-6 lakh
• 10% tax on Rs 6-9 lakh per annum
• 15% tax on earning Rs 9-12 lakh
• 20% tax on annual income of 12-15 lakhs
• 30% tax on 15 lakh income

ax slabs and tax rates under the old tax regime

• Zero percent tax on income up to 2.5 lakhs
• 5% tax on annual income from 2.5 lakh to 5 lakh
• 20 percent tax on earning 5 lakh to 10 lakh
• 30% tax on annual income above 10 lakhs

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However, by opting for the old tax regime, investors will get the benefit of tax saving as before. Investment experts are looking at investing in FDs as a better option, because banks have increased the interest rates on FDs to a great extent, which have crossed even 9 per cent. The trend of investors in FD is also increasing because there is no risk of sinking the amount invested in it and guaranteed returns are available.

Interest rate up to 9.01 percent on Fincare Small Finance Bank FD

Fincare Small Finance Bank is giving investors the opportunity to invest in FDs of tenure ranging from 7 days to 66 months. According to the bank, the bank is giving 8.11 percent interest rate to ordinary citizens on FDs maturing in 750 days. At the same time, 8.71 percent interest rate is being given to seniors on FD of 750 days.

Similarly, Fincare Small Finance Bank is giving an interest rate of 8.41% to ordinary citizens on FDs maturing in 1000 days. Whereas, the highest interest rate of 9.01 per cent has been offered to senior citizens on the same tenure. The bank’s FD interest rates have been made effective from 24 March.

9.50 percent interest rate on Unity Small Finance Bank FD

Unity Small Finance Bank is offering FD of tenure ranging from 7 days to 10 years to its customers. The bank has increased the interest rates on FDs of all tenures from 15 February. Unity Small Finance Bank is paying 9.25% interest to senior citizens and 8.75% to general customers on 181-201 days and 501 days fixed deposits.

Small Finance Bank is giving 9.00 percent interest rate to general customers on investment for 1001 days, while on the same tenure it has offered 9.50 percent interest rate to senior citizens. The interest rates of the bank were revised on 15 February.

Investing in small banks will not harm your money

Small Finance Banks (SFBs) are offering the highest interest rates ranging from 8 per cent to 9 per cent on Fixed Deposits (FD) to common citizens. At the same time, for seniors, these interest rates are being given up to 9.50 percent, which is the maximum.

Remember that deposits under small finance banks are also covered by Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance. This means that your FD deposit amount up to Rs 5 lakh is covered under the insurance scheme. If the Small Finance Bank collapses or is placed under moratorium, then your money is not lost.

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Talking about the New Tax Regime, the tax rate in this is the same for people of all ages.  Income Tax in India is collected through the Income Tax Department. Those whose income is more than a certain limit, they have to pay income tax every year. Two tax regimes have been fixed by the government in the country.

They also have different advantages. At the same time, the Union Budget (Budget 2023) is also to be presented by the Central Government in the coming few weeks. This time in the budget, people have expectations of a big announcement on income tax as well. However, even before the budget, it is very important for some people to know one important thing.

Tax Slab Different slabs of income tax have been fixed in the country. In these, different tax rates are fixed on income in New Tax Regime, whereas in Old Tax Regime, different tax rates are fixed on income. Talking about the New Tax Regime, the tax rate in this is the same for people of all ages. Although there is a slight change in the tax rates according to the age in the Old Tax Regime.

New Tax Regime In New Tax Regime, Hindu Undivided Family, persons up to 60 years of age, senior citizens between 60 years to 80 years of age and very senior citizens above 80 years of age will have to pay tax at the same rate. Any increase in the basic exemption limit in the new tax regime will not benefit senior and very senior citizens. On the other hand, in the New Tax Regime, tax is waived up to Rs 2.5 lakh annually.

Old Tax Regime

However, tax exemption can be availed according to age in Old Tax Regime. For the financial year 2020-21, if a person below 60 years of age pays tax according to the Old Tax Regime, then his annual tax up to Rs 2.5 lakh is waived. After this, 5% tax is levied on 2.5 to 5 lakh rupees annually.

Their tax up to three lakh rupees is waived , while according to the Old Tax Regime for the financial year 2020-21, senior citizens, whose age is more than 60 years but less than 80 years, they will have to pay three lakh rupees annually in income tax.

Discount up to. This means that if a person, whose age is between 60 years to 80 years and he files income tax according to Old Tax Regime, then he will not have to pay any tax on income up to Rs 3 lakh annually. Their tax is waived on income up to three lakh rupees annually. At the same time, after this, they will have to pay 5% tax on income ranging from Rs 3 lakh to Rs 5 lakh annually.

Their tax up to five lakh rupees is waived , while super senior citizens whose age is more than 80 years, if they file tax according to Old Tax Regime, then they do not have to file tax on income up to five lakh rupees annually. Will happen. However, they will have to pay tax at the rate of 20 per cent on income between Rs 5 lakh and Rs 10 lakh.

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In the case of individuals, if someone’s income exceeds the minimum limit, then tax is levied according to the slab system. Indian Income Tax taxes individual taxpayers on the basis of a slab system. The slab system means that different tax rates are prescribed for different categories of income. This means that with the increase in the income of the taxpayer, the tax rates of the tax go on increasing.

Tax Regime

This type of taxation enables a progressive and fair tax system in the country. Such income tax slabs undergo changes during every budget. These slab rates are different for different categories of taxpayers. At the same time, there are currently two tax regimes in the country, according to which tax is collected. These are known as New Tax Regime and Old Tax Regime.

The Union Budget is going to be presented by the Finance Minister in a few days. On the other hand, if we look at the New Tax Regime and the Old Tax Regime for FY 2021-22, then a lot of difference will be seen. In these tax slabs, tax is charged at different rates for income up to Rs 10 lakh.

5 percent difference

In the New Tax Regime for FY 2021-22, tax has to be paid at the rate of 15 percent on annual income of Rs. 7.5 lakh to Rs. 10 lakh. Whereas it is not so in Old Tax Regime. In the Old Tax Regime, individual taxpayers below 60 years of age will have to pay 20 per cent tax on annual income between Rs 5 lakh and Rs 10 lakh. In such a situation, there is a difference of 5% in both the tax regimes for FY 2021-22 on an annual income of up to Rs 10 lakh.

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Income tax slabs are different for different income groups. At the same time, people can pay income tax according to two slabs. In these one Old Tax Regime is included and there is also another New Tax Regime.

Tax Regime

The Finance Minister had introduced the new tax regime in the Union Budget 2020, wherein there is an option for individuals and HUFs (Hindu Undivided Families) to pay tax at lower rates without claiming deductions under various sections. Tax rates are different in Old Tax Regime and New Tax Regime. However, if the age of a taxpayer is less than 60 years, then he does not have to pay any tax on Rs 2.5 lakh annually.

Income Tax After this, taxpayers below the age of 60 years have to pay 5% tax on annual income between Rs 2.5 lakh and Rs 5 lakh. However, these people also get a tax rebate of 5 percent. But some people have been given tax exemption by the government even on higher annual income.

They are given tax exemption up to an income of 5 lakhs. In fact, the New Tax Regime rates have not been differentiated on the basis of age. However, under the Old Tax Regime, no tax is levied on an annual income of Rs 3 lakh for senior citizens, whose age is between 60 and 80 years. On the other hand, for Super Senior Citizens, whose age is more than 80 years, no tax has to be paid on annual income of Rs 5 lakh.

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