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It's that time of the year again!!

RETURN FILING

Here’s a quick insight for you.
The due date for filing your ITR for the financial year 2022-23 is 31st July, 2023. If you file your ITR after the due date, you may be liable to pay a penalty.
The taxation rules for salaried people for AY 2023-24 are as follows:

The basic exemption limit for individuals is Rs. 3 lakh.
The standard deduction for salaried individuals is Rs. 50,000.
The additional deduction for senior citizens (above 60 years of age) is Rs. 1.5 lakh.
The additional deduction for super senior citizens (above 80 years of age) is Rs. 2.5 lakh.
The tax rebate under section 87A is Rs. 12,500 for individuals with a net taxable income of up to Rs. 5 lakh.

The following tax slabs will be applicable for salaried individuals for AY 2023-24:

Income up to Rs. 2.5 lakh: Nil tax
Income between Rs. 2.5 lakh and Rs. 5 lakh: 5% tax
Income between Rs. 5 lakh and Rs. 7.5 lakh: 7.5% tax
Income between Rs. 7.5 lakh and Rs. 10 lakh: 10% tax
Income above Rs. 10 lakh: 15% tax

In addition to the above, there are a number of other deductions and exemptions that may be available to salaried individuals. These include deductions for medical expenses, education expenses, home loan interest, and investments in certain specified schemes.
Here are some additional things to keep in mind:

The income tax department has introduced a new tax regime for AY 2023-24. Under this new regime, taxpayers can choose to pay tax at lower rates, but they will not be able to claim certain exemptions and deductions.
The new tax regime is optional, and taxpayers can choose to continue to pay tax under the old regime.
The choice of tax regime will depend on individual circumstances, and taxpayers should carefully consider their options before making a decision.

It is important to note that the above information is for general guidance only. The actual tax liability of an individual may vary depending on their individual circumstances. It is advisable to consult professionals to determine the exact tax liability.
Filing your taxes can be a daunting task, so we are here to help you.
It is important to file your ITR every year. By filing your ITR, you can ensure that you are complying with the tax laws and that you are taking advantage of all of the benefits that are available to you.

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