
Where precision meets excellence in financial services +91 6394870762 \| 9721355220 nareshbatra.associates@gmail.com


	Home About About Us Our Team Services Audit & Assurance Banking & Finance Direct Taxation Indirect Taxation Financial Consultancy Corporate Laws Management Consultancy Project Funding Government Investment Incentive Industries Blog Knowledge Bank Calculators GST Calculator Tax Calculator TDS Calculator Calculate Net Profit Calculate Net Worth Effective Capital HRA NSC EMI Auto Loan Calculator Home Loan Calculator Get No. Of Installment RERA Calculator Developers Calculator Home Buyer Delay Interest Home Buyer Refund Bulletins RBI SEBI Notification Circular Income Tax Service Tax Central Sales Tax Excise Matters Customs Company Law Labour Laws FEMA The LLP Act 2008 Accounting Standard (INDAS) Others GST VAT Delhi VAT Maharastra VAT Gujarat VAT Telangana VAT Tamil Nadu VAT IGST UTGST Compensation Cess IBC Regulation Utilities Rates of TDS TDS Rates for N.R.I us 195 Rates of Income Tax Depreciation Rates Companies Act Depreciation Rates Income Tax Act ROC Filing Fees (Cos Act, 2013) ROC Fee Structure (Cos Act, 2013) Cost Inflation Index IFSC Codes MICR Codes Rates of NSC Interest Gold and Silver Rates Rates of Stamp Duty LLP Fees National Industries Classification HSN Rate List Deduction u/s 80TTA Vs 80TTB Links Quick Links Important Links GST/VAT Links Ease Of Doing Business Acts Direct Tax Income Tax Act Wealth Tax Act Income Declaration Scheme 2016 Indirect Tax Service Tax(Finance Act, 1994) Central Sales Tax Act, 1956 The Central Excise Act, 1944 Customs Act, 1962 Entry Tax Act Corporate Laws Companies Act, 2013 Companies Act, 1956 LLP ACT SEBI Act, 1992 VAT Laws Delhi Value Added Tax Act, 2004 MVAT Act, 2002 West Bengal VAT Act, 2003 Tamilnadu VAT ACT, 2006 Karnataka Value Added Tax Act, 2003 Gujarat Value Added Tax Act, 2003 UP VAT Act, 2008 Rajasthan Value Added Tax Act, 2003 Punjab Value Added Tax Act Haryana Value Added Tax Act Telangana VAT Act 2005 Andhra Pradesh VAT Act, 2005 Bihar Value Added Tax Act, 2005 Other Statutes ESI Act, 1948 PF Act, 1952 Profession Tax Act The Indian Partnership Act, 1932 Societies Registration Act, 1860 Competition Act, 2002 Reserve Bank of India Act, 1934 MRTP Act, 1969 Equalisation Levy Act, 2016 Right To Information Act, 2005 FEMA, 1999 Maharashtra RERA RERA, 2016 Insolvency & Bankruptcy Code, 2016 Benami Property Act 1988 GST Laws IGST Act , 2017 CGST Tax Act, 2017 UTGST Act, 2017 GST (Compensation to States) Act Rules Direct Tax Rules Income Tax Rules Wealth Tax Rules 1957 Income Declaration Scheme Rules 2016 Indirect Tax Rules GST Valuation Rules , 2016 Service Tax Rules CST (Delhi) Rules, 2005 CST (Maharashtra) Rules Customs Valuation Rules Cenvat Credit Rules, 2017 Entry Tax Rules Corporate Laws Rules Companies Rules, 2014 LLP Rules, 2009 LLP Winding up Rules, 2012 Cos Unpaid Dividend Rules, 1978 VAT Laws Rules Delhi VAT Rules, 2005 Maharashtra VAT Rules, 2005 West Bengal VAT Rules, 2005 Tamilnadu VAT Rules, 2007 Karnataka VAT Rules, 2005 Gujarat VAT Rules, 2006 Uttar Pradesh VAT Rules, 2008 Rajasthan VAT Rules, 2006 Punjab VAT Rules Haryana VAT Rules, 2003 Telangana VAT Rules 2005 Andhra Pradesh VAT Rules, 2005 Bihar Value Added Tax Rules, 2005 Other Statutes Profession Tax Rules NBFC Deposits Directions, 1998 NBFC & Misc NBC (Advt) Rules, 1977 NBFC Auditor Report Directions, 2008 Delhi Labour Welfare Fund Rules, 1997 Cost records and audit Rules, 2014 Baggage Rules, 2016 Equalisation Levy Rules, 2016 NCLT And NCLAT Rules Insolvency & Bankruptcy Rules Benami Property Rules, 2016 GST Rules CGST Rules, 2017 IGST Rules 2017 Forms Income Tax Forms ROC Forms (Cos Act, 2013) ROC Forms (Cos Act, 1956) Income Declaration Forms Wealth Tax Forms Service Tax Forms Companies Unpaid Dividend Forms NBFCs Forms LLP Winding up FEMA Forms LLP Forms CGST Forms GST Forms Accounts and Records Advance Ruling Appeals and Revision Assessment and Audit Composition Demands and Recovery Input Tax Credit Inspection, Search and Seizure Offences and Penalties Payment of Tax Refund Registration Returns Transitional Provisions Value of Supply News Query Careers Admin Login Email Login Time Sheet Contact Us

Blog

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.

Connect with us-
M/s Naresh Batra & Associates
Email- nareshbatra.associates@gmail.com
Call/WA- 6394870762
website-www.canba.org

31220 Times Visited