The Taxlaw Firm

*श्री हनुमान जन्मोत्सव की हार्दिक शुभकामनाएं!*
जय बजरंगबली! 🙏🚩

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 introduced in the Finance Act 2023, as compared to the existing old regime (without exemptions) (SEE TABLE BELOW)

👉 New tax regime is applicable for persons other than companies and firms, is applicable as a default regime from the Financial Year 2023-24 and the Assessment Year corresponding to this is AY 2024-25.

|👉 Under the new tax regime, the tax rates are significantly lower, though the benefit of various exemptions and deductions (other than standard deduction of Rs. 50,000 from salary and Rs. 15,000 from family pension) is not available, as in the old regime.

👉 New tax regime is the default tax regime, however, tax payers can choose the tax regime (old or new) that they think is beneficial to them.

👉 Option for opting out from the new tax regime is available till filing of return for the AY 2024-25. Eligible persons without any business income will have the option to choose the regime for each financial year. So, they can choose new tax regime in one financial year and old tax regime in another year and vice versa.

जय श्री राम

🎉🌺💐🎉🙏

राधे राधे 🙏🌺💐🌺

National Judicial Data Grid : A database of orders, judgments and case details created as an online platform under the e-Courts Project | A2Z Taxcorp LLP National Judicial Data Grid (NJDG) is a database of orders, judgments and case details of 18,735 District & Subordinate Courts and High Courts created as an online platform under the eCourts Project. Data is updated on a near real-time basis by the connected District and Taluka courts. It provides d...

*चन्द्रयान-3 के सफलतापूर्वक चांद पर उतरने के लिए इसरो के सभी वैज्ञानिक एवं देशवासियों को हार्दिक बधाई ।*

Happy Financial year 2023-24

श्री राम नवमी

Now Taxpayers can transfer the amount in Cash Ledger from one GSTIN to another GSTIN registered on the same PAN through Form GST PMT-09.

Navigate to: www.gst.gov.in > Dashboard> Services> Ledgers> Electronic Cash Ledger

Demand order passed without considering the reply to the SCN is not sustainable

Happy Holi

Income tax filling

Last Date to Link Pan & Adhar is 31/03/2023

New Tax Regime after announcement

Slabs :

₹0-3L : 0%
₹3-6L : 5%
₹6-9L : 10%
₹9-12L : 15%
₹12-15L : 20%
Above ₹15L : 30%

Respected member,

Please find below Highlights of *Union Budget 2023-24*.

*General*
1. EPFO Numbers doubled to 27 crores
2. Agriculture accelerator fund to boost startup in Agri sector. Special scheme to boost fisheries
3. 38,800 teachers will be employed in 3.5 lakh Eklavya tribal school.
4. Capital outlay of Rs. 2.40 lakh crore for Railways.
5. 50 New Airports and Heliports to be made.
6. Rs. 10,000 crore for urban infra fund every year
7. Rs. 75,000 crore for 100 transport infra projects
8. 3 Centers of Excellence for “Artificial Intelligence” will be set up.
9. KYC procedure to be simplified. PAN to be come common business identifier.
10. Scope of Digi locker to be increased.
11. More than 39,000 compliances reduced. Jan Vishwas Bill to amend 42 laws
12. Rs. 35,000 crore for Energy transmission
13. 10,000 bio input research centers to be set up.
14. 30 Skill India International centers to be set up.
15. NFIR (National Financial Information Registry) to be launched for financial strategy.
16. Reducing cost of MSME Credit by 1%. Infusion of Rs. 9,000 crore in corpus for MSME credit.
17. ‘Mahila Samman Bachat Scheme’ for Women for Rs. 2,00,000 @ 7.5%
18. SCSS enhanced from 15 lakh to 30 Lakh.
*Direct and Indirect tax*
1. Promote domestic manufacturing and exports.
2. Tax exemption on Capital Goods and Lithium batteries.
3. Mobiles, camera lenses to become cheaper.
4. Gold, Silver & Diamonds, ci******es, imported rubber to get expensive.
5. Enhanced limit for 3 crore and 75 lakhs for presumptive taxation.
6. Higher TDS limit of RS. 3 cr for Cooperatives
7. New IT Return Form for easier filing .
8. 100 Joint Commissioners to be appointed for disposal of small appeals.
9. TDS reduced on EPF withdrawal
10. Section 54 and 54F to be amended.
11. Rebate limit increased to 7 lakh in new tax regime.
12. Number of slabs reduced from 7 to 5 in new tax regime.
13. Only 5% tax on Individual’s Annual income of 9,00,000 only to pay Rs. 45,000 as tax.
14. Salaried class and pensioner: Standard Deduction increased
15. Highest tax rate 42.74 % reduced
16. Propose to reduced Higher surcharge rate from 37 % to 25% in new tax regime.
17. Leave Encashment: Limit increased from Rs. 3,00,000 to Rs. 25,00,000.

*Warm Regards*
The TaxLaw Firm
Contact: 9654500700

भारतीय लोकतन्त्र के राष्ट्रीय पर्व गणतन्त्र दिवस की 74वीं वर्षगांठ और बसंत पंचमी पर बहुत-बहुत हार्दिक शुभकामनायें l🙏🙏🌹🌹🌹🌹🌹❤️🙏