ITR Rules Change: The last date for filing ITR return for the financial year 2024 is 31st July. If you also file ITR every year, then you must be aware of the changes related to tax. In the last few years, CBDT has changed many tax related rules. If you also file ITR, then here we are telling you about the changed rules related to returns. If you do not take care of these things, then your tax refund may be stopped.
Under the new tax regime, the government has made zero tax on income up to Rs 7 lakh in the year 2024. Now you can file your ITR under the new and old tax regime. The new tax regime is by default and the old tax regime is optional.
If you submit a claim without any exemption or deduction, then you have to select the New Tax Regime. But if you choose the Old Tax Regime, then you can claim for different tax deductions and exemptions under it. It is easy to claim under the New Tax Regime.
A standard deduction of Rs 50,000 has been introduced recently for the salaried class. This standard deduction is for pensioners. This is a big relief for salaried persons. A deduction of Rs 50,000 is claimed under standard deduction to reduce the taxable income of the salaried class. This provides tax benefits.
The limit of section 80C has been increased to Rs 1.5 lakh. By investing in PPF, Sukanya Samriddhi, LIC, NSC and life insurance premium, you can get a deduction of up to Rs 1.5 lakh under 80C. Apart from this, under 80D, you can claim tax deduction on health insurance taken for your family and senior citizen parents. The maximum premium of both is Rs 75000. Under 80C, you can also claim the principal amount of home loan and education fees of children.
If you have bought a house and have taken a home loan for it, then you get exemption on its interest under 80EEA. Yes, the purpose is to promote additional deduction of up to Rs 2 lakh on home loan interest. The purpose of this exemption is to provide relief to taxpayers and promote affordable housing.
The ITR form has been amended to include maximum disclosures. The rules have been changed to specifically disclose foreign assets and income and large transactions. Taxpayers with foreign investments or significant financial activities need to provide detailed information to avoid any kind of penalty.
Senior citizens aged 75 years or above, who have income only from pension and interest, are exempted from the obligation to file ITR. But for this, it is necessary that the bank deducts the required tax from their pension and TDS from the interest money.
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