Tag: slabs

Old vs New Income Tax Regime 2024: New income tax slabs in new tax regime: The income tax slabs under the new tax regime has been changed in the Budget 2024. The new income tax slabs will come into effect retrospectively from April 1, 2024. Now, there may be some individuals who are still paying their taxes under the old tax regime. Does it make sense for them to switch to new tax regime now?

Deadline of income tax return filing: Under the income tax laws, different taxpayers have different due date for filing ITR. It is important to file the tax return on or before the deadline to avoid certain penal consequences. This includes payment of late filing fees, not being able to opt for old tax regime among others.