2024-08-03 15:43:38
New Delhi: Today is the last day to file Income Tax Return (ITR). In such a situation, taxpayers coming under the old tax regime who have not filed income tax return till now, should settle it today. From August 1, the option of filing ITR under the old tax regime for the financial year 2023-24 (assessment year 2024-25) will be closed. For not filing ITR on time, a penalty of Rs 5,000 and interest will also have to be paid under section 234A of Income Tax. After July 31, the option of claiming exemption under the old tax regime will end. If you file ITR by July 31, then you have two options to choose the tax slab. At present, the new tax regime is by default. But for those taxpayers who want to choose the old tax regime and want to save income tax by taking advantage of deductions, there is an option of old tax regime. This means that by July 31, you can shift from the new tax regime to the old tax regime. But these options will end after July 31. In such a situation, if you live on rent or have taken a home loan, that is, if you want to save income tax under the old tax regime by taking advantage of deduction, then in any case you should file ITR by July 31.
ITR Filing Deadline: Less than two days… Will the deadline for filing ITR be extended?
EL is back, now no tax will be levied
A foreign entity that is selling music or books online to a customer will no longer pay this digital tax. Now its burden may fall on the Indian customer. In fact, the government has withdrawn the Equalisation Levy (EL), also known as digital tax or Google tax. Finance Minister Nirmala Sitharaman announced this in the budget for the financial year 2024-25. According to the government, it will not be applicable from Thursday, August 1. This duty was imposed in the year 2016. Its purpose was to tax the income of foreign e-commerce companies from India. Digital companies are expected to get relief by removing this duty.
Only six days are left and half the taxpayers have not filed their ITR yet, what is the reason?
Using HDFC credit card is expensive
Private sector HDFC Bank will charge 1% of the transaction amount on all rental transactions made through third-party payment apps like PayTM, CRED, MobiKwik and Cheq from August 1, with a maximum limit of Rs 3,000 per transaction. Apart from this, the charge on payment through third party apps for educational transactions has also been increased to 1%. HDFC Bank consumer cardholders will not have to pay any additional charge for utility transactions less than Rs 50,000. For payments above this, you will have to pay a fee of 1 percent per payment, with a maximum limit of Rs 3000 per transaction.