Due date to file Income Tax Return (ITR) of FY 2023-24 (AY 2024-25) for audit case is 31st October 2024.
Due date to file ITR of partner’s of partnership firm, if partnership firm is covered under audit, is 31st October 2024, otherwise it would be 31st July 2024.
Due date to file ITR of Director of Company is 31st July 2024, even if company is covered under audit still due date to file ITR of directors would remain on 31st July 2024.
Note: ITR can be filed after due date by paying Interest & Penalty.
Note:- Losses can be carried forwarded only if Income Tax Return is filed within due date.
]]>| NEW TAX REGIME | OLD TAX REGIME | ||
| Income (Rs.) | Tax Rate | Income (Rs.) | Tax Rate |
| 0 to 3 Lakhs | 0 | 0 to 2.5 Lakhs | 0 |
| 3 to 6 Lakhs | 5% | 2.5 to 5 Lakhs | 5% |
| 6 to 9 Lakhs | 10% | 5 to 10 Lakhs | 20% |
| 9 to 12 Lakhs | 15% | Above 10 Lakhs | 30% |
| 12 to 15 Lakhs | 20% | ||
| Above 15 Lakhs | 30% | ||
| Surcharge Rate | NEW TAX REGIME | OLD TAX REGIME |
| Above Rs.50 Lakhs to 1 crore | 10% | 10% |
| Above Rs.1 crore to 2 crore | 15% | 15% |
| Above Rs.2 crore to 5 crore | 25% | 25% |
| Particulars | Old Tax Regime | New Tax Regime |
| Investment in LIC, Insurance, PPF, Mutual Fund, School Fees etc. | Allowed up to Rs. 1.5 Lakhs | No deduction allowed |
| Employees Contribution to National Pension Scheme( NPS) | Allowed | No deduction allowed |
| Employers Contribution to National Pension Scheme (NPS) | Allowed | Allowed |
| Medical Insurance Premium/Medical Expenses | Allowed | No deduction allowed |
| Education loan Interest | Allowed | Not Allowed |
| Saving Bank Interest | Allowed | Not Allowed |
| HRA Deduction | Allowed | Not Allowed |
| Standard Deduction for Salaried Employee | Rs.50,000 | Rs.50,000 |
| No Tax liability up to Rs. | 5 Lakhs | 7 Lakhs |
| Tax Rebate allowed up to Rs. | Rs.12,500/10,000 | 25,000 |