The income tax slabs vary for senior and super senior citizens under the old regime, whereas the tax slabs are the same in the new regime irrespective of their age. In this article, we will learn about the tax slabs applicable to the senior and super senior citizens under the old and the new tax regime. Budget 2024 UpdatesThe following benefits have been extended to the taxpayers who opt for the new tax regime:In Budget 2024, the tax slabs under the new regime have been revised. Limit of Standard Deduction against salaried income has been increased from Rs. 50,000 to Rs. 75,000.Limit of maximum Deduction under Family Pension has been increased from Rs. 15,000 to Rs.

The income tax is a direct tax which follows a progressive slab rate, where the rate of tax increases as the taxpayer's income rises. The Income-tax Act, 1961 provides for two tax regimes: the old regime, which allows various deductions and exemptions, and the new regime, which offers lower tax rates without exemptions. In Budget 2024, the tax slabs for the new regime was revised as follows: Rs. 0 to Rs. 3,00,000 - 0%, Rs. 3,00,001 to Rs.

What can you do to make sure the bank does not deduct TDS on interest if your total income is not taxable?Banks have to deduct TDS when your interest income is more than Rs.40,000 in a year for individuals other than senior citizens (for senior citizens, the limit is Rs.50,000) under section 194A of the Income Tax Act. The bank aggregates the interest on deposits held in all its branches to calculate this limit.However, if your total income is below the taxable limit, you can submit Form 15G and 15H to the bank and request them not to deduct any TDS.What are Form 15G and Form 15H?Form 15G and Form 15H are self-declaration forms that a taxpayer submits to the bank requesting not to deduct TDS on interest income as their income is below the basic exemption limit. For this, providing PAN is compulsory. Some banks allow you to submit these forms online through the bank’s website.Type of FormFORM 15GFORM 15HType of TaxpayerResident Individual with age less than 60 years or HUF or trust or any other assessee but not a company or a firm Resident individual aged 60 years or more i.e. Senior citizen.Condition1. Tax calculated on your total income is Nil1.

National Pension Scheme (NPS) India is a voluntary and long-term investment plan for retirement under the purview of the Pension Fund Regulatory and Development Authority (PFRDA) and the Central Government. We have covered the following in this article.Latest Update:The Budget 2024-25 proposed for the introduction of NPS Vatsalya, where parents can open an NPS account for their minor children and contribute an amount every month or year untill they reach 18 years old. Once the children are 18 years old, they can manage the account independently by converting the NPS Vatsalya account into a normal NPS account.The CBDT notifies Form 12BBA, a declaration form, to be submitted by the eligible senior citizens to the specified banks to take relief from filing the ITR.What is National Pension Scheme?The National Pension Scheme (NPS) is a social security initiative by the Central Government. This pension programme is open to employees from the public, private and even the unorganised sectors, except those from the armed forces.The scheme encourages people to invest in a pension account at regular intervals during the course of their employment. After retirement, the subscribers can take out a certain percentage of the corpus.

Nashik, a popular city in Maharashtra, requires its property owners to pay property taxes to the Nashik Municipal Corporation (NMC) for further development of facilities in the area. The NMC solely depends on the revenue collected from property owners for funding various initiatives and enhancing the standard of living of Nashik's residents. In Nashik, the property owners pay taxes annually considering the property’s present value and tax rates. In addition, the collection of property taxes also promotes civic responsibility and participation of citizens towards local governance. Continue reading this blog to gain detailed insights about Nashik Municipal Corporation property tax and more. What Is Property Tax in Nashik?Property tax, also known as the house tax, is the amount that every property owner should pay to the municipal corporation or local government body from where the property belongs. The tax amount collected is further used to maintain the concerned area including its lighting, parks, roads, sewage system and other infrastructure facilities. In Nashik, it is the Nashik Municipal Corporation that holds the sole responsibility of collecting taxes. During the current financial year, the civic body has collected about Rs.

Filing your Income Tax Return (ITR) is an essential part of managing your tax obligations, and it’s important to stay updated with the latest deadlines and requirements. This guide highlights the ITR filing due dates for different categories of taxpayers, helping you navigate the tax filing process with ease.Latest update: The CBDT has extended the ITR filing date for businesses requiring audit from 31st October, 2024 to 15th November, 2024.When is the Last Date to File ITR?ITR filing last date for non audit tax payers for Financial Year 2023-24 (AY 2024-25) was July 31, 2024. However, if you miss filing within the due date, you can still file a belated return before December 31, 2024.Income Tax Returns (ITR) Filing Start Date for FY 2023-24 (AY 2024-25)The Income Tax Return (ITR) e-filing for FY 2023-24 (AY 2024 -25) has started from 1st April 2024 and the last date to file ITR for FY 2023-24 is discussed below.Income Tax Filing Due Dates for FY 2023-24 (AY 2024-25)Category of TaxpayerDue Date for Tax Filing - FY 2023-24*(unless extended)Individual / HUF/ AOP/ BOI     (books of accounts not required to be audited)31st July 2024Businesses (Requiring Audit)15th November 2024Businesses requiring transfer pricing reports   (in case of international/specified domestic transactions)30th November 2024Revised return31st December 2024Belated/late return31st December 2024Updated return31 March 2027 (2 years from the end of the relevant Assessment Year)Consequences of Missing the ITR Filing DeadlineInterestIf you submit your return after the deadline, you will be liable to pay interest at a rate of 1% per month or part month on the unpaid tax amount as per Section 234A.Late feeIn case of late filing, Section 234F imposes a late fee of Rs.5,000, which shall be reduced to Rs.1,000 if your total income is below Rs.5 lakh.Loss AdjustmentIn case you have incurred losses from sources like the stock market, mutual funds, properties, or any of your businesses, you have the option to carry them forward and offset them against your income in the subsequent year. This provision substantially reduces your tax liability in future years. However, you will not be allowed to carry forward these losses if you miss filing your ITR before the deadline.What if ITR Filing is Missed?Belated ReturnIf you miss the ITR filing due date, you can file a return after the due date, called a belated return. However, you will still have to pay the late fee and interest charges, and you will not be allowed to carry forward any losses for future adjustments.

SDMC stands for the South Delhi Municipal Corporation, which is a government entity that is responsible for the infrastructural development of South Delhi. Therefore, every property owner of the city is mandated to pay the SDMC property tax to contribute to their community's upliftment.Thus, if you own a property that comes under the jurisdiction of South Delhi, you become liable to pay the tax. Hence, the property owners must learn about the city's property tax to have an informed approach towards the same.Keep reading this article to know more about it.What is SDMC Property Tax?The South Delhi Municipal Corporation is the entity that looks after the development of the city within its administrative limits. Thus, it levies a tax on the citizens who own any kind of property that falls under their jurisdiction, called the SDMC property tax.It works as a major source of revenue for the SDMC that contributes towards the upliftment of the local government, aiding the operations of administration. The property tax is used to fund necessary civic services like sanitisation, road maintenance, financing education, water supply etc.

Warangal, a city situated in the south Indian state of Telangana and the outskirts of the Warangal comprised together to form the greater Warangal region. The Greater Warangal region which is now one of the major industrial and commercial centres is developed and maintained by the Greater Warangal Municipal Corporation (GWMC). The municipal corporation generates its revenue largely from the GWMC gov in property tax, hence residents must pay their property taxes within the due date.Let’s explore the GWMC property tax, calculation procedure, payment procedure, steps guiding you to download the tax receipt and much more. Read along for further insights about the same.What Is GWMC Property Tax?The Greater Warangal Municipal Corporation (GWMC) is the administering authority in the Greater Warangal region and is responsible for the development and maintenance of infrastructure in the city. The prime source of income for GWMC is majorly from the collection of property taxes for residential and commercial property owners.Moreover, GWMC has now made payment of property taxes more simple and convenient by introducing online payment facilities. This allows residents to pay their property taxes right from the comfort of their homes.How to Calculate GWMC Property Tax?Let us understand the calculation procedure of GWMC property tax through the official online portal.

There are certain deductions that are allowed to be deducted from your income to arrive at the taxable income of your business. Section 30 of the Income-tax Act, 1961 is applicable to buildings or premises used for business purposes. This section allows deductions for expenses like rent, property rates, taxes, and insurance related to such buildings or premises.Deductions Allowed under Section 30The following are the deductions that are allowed under Section 30:Rent If you have occupied your business premises as a tenant, you can deduct the rent paid for those premises. If the rental agreement specifies that the tenant is responsible for repairs, the amount spent on such repairs can also be deducted.RepairsIf the property is owned by you then the deduction is allowed for the amount spent on repairs. They must be routine repairs and not in the nature of capital expenditures that enhance the value of the property.Taxes Any sums paid for land revenue, local rates, or municipal taxes are deductible.

Whether you are a working professional or have a business, it is imperative to pay professional taxes. It is a deduction that you will notice on your pay slip. If you are an employee and have noticed your employer deducting this tax every month, you must know everything about this tax. All self-employed, salaried individuals and organizations are liable to pay professional tax in Maharashtra, depending on their income. In this article we will explain about:Professional tax in MaharashtraProfessional tax slab in MaharashtraApplicability of professional tax in MaharashtraSteps for Professional tax enrollmentProfessional tax exemption in MaharashtraFAQsProfessional Tax in MaharashtraThe state government imposes a professional tax on your earned income. As per Article 276 of the Indian Constitution, whether you are a salaried employee or belong to any profession, you are liable to pay professional tax as per the applicable rate.