GST Info Tamil

Relief_to_TDS_deductors_in_respect_of_inoperative_PAN

  New File Validation Utilities (FVUs) Version 8.6 & 2.182 released on 19th April, 2024 In this updated version changes have an impact only in Form 24Q (Annexure II) where the tax computation of each employee needs to be reported as part of the TDS Return. This applies only in the for Quarter 4. These changes are summarized as under: From FY:23-24 onwards, by default all employees are placed in the new regime for taxation u/s 115BAC(1A). This may be  opted out  for those employees, who would like their tax to be computed under the old regime. Till FY:22-23, one had to opt for the new regime, but now it is the other way around. Requisite validation updates have been made. From FY:23-24 onwards, in the new regime, Standard Deduction u/s 16(ia) has been introduced (it was not there till FY:22-23). This has now been addressed in this FVU. Following new versions of  File Validation Utilities (FVUs)  for e-TDS/TCS statements have been released by the Income Tax De...

  A snapshot of the exemptions / deductions applicable for  FY: 2023-24 (AY: 2024-25)  under the  Old & New Tax Regimes  are summarized as under: Particulars Old Tax Regime New Tax Regime (From 1st April 2023) Income level (for Rebate u/s 87A) ₹ 5 lakhs ₹ 7 lakhs Rebate u/s 87A ₹ 12,500 ₹ 25,000 Standard Deduction (Rs 50,000) ✓ ✓ HRA Exemption ✓ x Leave Travel Allowance (LTA) ✓ x Other allowances (including food allowance) ✓ x Entertainment Allowance and Professional Tax ✓ x Perquisites for official purposes ✓ ✓ Interest on Home Loan u/s 24b (Self-occupied property) ✓ x Interest on Home Loan u/s 24b (Let-out property) ✓ ✓ Deductions – 80C ✓ x Employee’s contribution to NPS ✓ x Employer’s contribution to NPS ✓ ✓ Medical Insurance – 80D ✓ x Disabled Individual – 80U ✓ x Donation to Political Party / Trust – 80G ✓ x Interest on Education loan – 80E ✓ x Interest on Electric Vehicle loan – 80EEB ✓ x Savings Bank Interest – 80TTA / 80TTB ✓ x Deduction on Family Pe...

  TDS RATE CHART FY: 2024-25 (AY: 2025-26) Section Nature of Payment  Threshold Indv / HUF Others Rs. TDS Rate (%) 192 Salaries – Slab Rate Slab Rate 192A Premature withdrawal from EPF 50000 10 – 193 Interest on Securities 10000 10 10 194 Dividends 5000 10 10 194A Interest (Banks) 40000 10 10 194A Interest – Senior Citizen (Banks) 50000 10 – 194A Interest (Others) 5000 10 10 194B Winning from Lotteries 10000 30 30 194BA Winnings from online games – 30 30 194BB Winnings from Horse Race 10000 30 30 194C Contractor – Single Transaction 30000 1 2 194C Contractor – During the F.Y. 1 Lakh 1 2 194C Transporter (44AE) declaration with PAN – – – 194D Insurance Commission (15G-15H allowed) 15000 5 10 194DA Payment received – Life insurance Policy 1 Lakh 1 1 194EE Payment received – National Savings Scheme (NSS) 2500 10 10 194F Repurchase Units by MFs – 20 20 194G Commission – Lottery 15000 5 5 194H Commission / Brokerage 15000 5 5 194I(a) Rent for Plant & Machinery 2.40 Lakh 2 2 194...