Income Tax Assessment Year-2025/26 Easy Explanation In Gujarati Pdf
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The Financial Year (FY) 2024-25 in India corresponds to the Assessment Year (AY) 2025-26. During this period, the Income Tax Department has implemented several changes to the tax structure to provide relief to taxpayers and stimulate economic growth. Here's an overview of the key updates:
1. Revised Income Tax Slabs:
The government has revised the income tax slabs under the new tax regime to benefit taxpayers more. The updated tax rates are as follows:
For Individuals Below 60 Years:
Income Range (₹) Tax Rate Up to ₹3,00,000 Nil ₹3,00,001 to ₹6,00,000 5% ₹6,00,001 to ₹9,00,000 10% ₹9,00,001 to ₹12,00,000 15% ₹12,00,001 to ₹15,00,000 20% Above ₹15,00,000 30%
Income Range (₹) Tax Rate Up to ₹3,00,000 Nil ₹3,00,001 to ₹6,00,000 5% ₹6,00,001 to ₹9,00,000 10% ₹9,00,001 to ₹12,00,000 15% ₹12,00,001 to ₹15,00,000 20% Above ₹15,00,000 30%
Income Range (₹) Tax Rate Up to ₹5,00,000 Nil ₹5,00,001 to ₹10,00,000 20% Above ₹10,00,000 30%
For Senior Citizens (60 years and above but below 80 years):
For Super Senior Citizens (80 years and above):
These revisions aim to reduce the tax burden on individuals, especially those in the lower and middle-income brackets.
2. Increased Standard Deduction:
The standard deduction for salaried individuals has been increased from ₹50,000 to ₹75,000. This means that individuals can now deduct ₹75,000 from their taxable income, effectively reducing their tax liability.
3. Tax Deducted at Source (TDS) Revisions:
The government has proposed a reduction in the rate of Tax Deducted at Source (TDS) for various types of payments. Specifically, the TDS rate for insurance commission, life insurance policy payments, rent payments, and commission or brokerage payments is proposed to be decreased from 5% to 2%. Additionally, the TDS rate on payments made by e-commerce operators to e-commerce participants for the sale of goods or services is set to be reduced from 1% to 0.1%. These changes aim to simplify TDS compliance and provide relief to taxpayers.
4. Capital Gains Tax Adjustments:
The capital gains tax structure has also undergone changes:
Short-Term Capital Gains (STCG): The tax rate on short-term capital gains from shares, mutual funds, and real estate has been increased from 15% to 20%.
Long-Term Capital Gains (LTCG): The tax rate on long-term capital gains has been set at 12.5%. The exemption limit for long-term capital gains has been raised from ₹1 lakh to ₹1.25 lakh.
5. Abolition of Angel Tax:
The government has abolished the "angel tax," a levy that was introduced in the Finance Act of 2012. This tax applied to investments received by unlisted companies that exceeded the fair market value of their shares, often affecting start-ups and early-stage companies. The removal of this tax is expected to benefit startups and encourage investment in the entrepreneurial sector.
6. Tax Filing Deadlines:
The due dates for filing income tax returns for the Financial Year 2024-25 (Assessment Year 2025-26) are as follows:
Individuals, Hindu Undivided Families (HUF), Body of Individuals (BOI), Association of Persons (AOP): 31st July of the Assessment Year.
Assesses requiring transfer pricing report under section 92E: 30th November of the Assessment Year.
Assesses whose books of account are required to be audited: 31st October of the Assessment Year.
It's important to adhere to these deadlines to avoid penalties and interest on late filing.
7. Tax Rebate under Section 87A:
Under Section 87A, resident individuals with a total income of up to ₹5 lakh are eligible for a tax rebate of up to ₹12,500, effectively making their tax liability nil. However, this rebate is not available to non-resident Indians (NRIs).
8. Health and Education Cess:
A Health and Education Cess is applied to the total tax payable, including surcharge, if any. This cess funds health and education initiatives in the country.
9. Tax Deduction for Home Loan Interest:
Under Section 24(b), a deduction of up to ₹2 lakh is available
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Income Tax Guideline In Gujarati
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