YOUR ITRs
Finally the last date for filing the return has come, those who do not file it by 23:59 hrs night on 31st July will face a penalty of Rs 5000 as late fee wef 01 Aug 24.
Have you chosen your regime correctly, see the effect as under
- Suppose your income is 15.5 lakhs, and you have invested in PPF etc under 80c Rs 1.5 lakhs, You also have FD etc interest above Rs 50000 . A standard deduction of Rs 50000, making Total deductions for old regime as 2.5 Lakh and only 50000 as std deduction for New regime.
- This finally makes your taxable income (TI) as under and the basic tax on it:-
(a) Old regime , TI = 13.5 Lakh -& Tax = 2 lakh (Sr Ctz)
(b) New regime TI= =15 Lakh & Tax 150000
Savings in New regime Rs 50000 in Tax.
3. In case you have not filed the return till now for some reasons etc, you should file the return today with what ever data you have, this will open an option for you to file a revised return later on without any charges or sanctions.
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