ReadyLedger™️

Revised TDS rates from October 1, 2024

Kind Attention Taxpayers! Do mark your calendar and remember to pay your first instalment of Advance Tax by 15th of June, 2024. #Advancetax

Kind Attention Taxpayers! ✅Having a validated bank account is essential for receiving of refunds. ✅An already validated bank account will require re-validation after updation of account details consequent to change in branch, IFSC, Merger of bank, etc. For Updating existing bank a/c: Pl visit https://lnkd.in/eZVckSz ➡️Login ➡️ Profile ➡️ Choose Bank Account ➡️ Revalidate ➡️Update Bank Account Details such as a/c No., IFSC, a/c type ➡️Validate. For Adding a new bank a/c: Pl visit https://lnkd.in/eZVckSz ➡️ Login ➡️ Profile ➡️ My Bank Account ➡️ Add Bank Account ➡️Validate.

Why Many Salaried Employees Received Notices for AY 2023-24? 

New vs old tax regime for TDS on salary: Choosing wrong tax regime in April can lead to higher tax.

GSTN recently issued a new advisory to mandate generating GST e invoices from 1st April 2024.

For tax update follow the WhatsApp channel https://lnkd.in/g_7PBQk3

It has come to notice that misleading information related to new tax regime is being spread on some social media platforms. It is therefore clarified that: 👉 There is no new change which is coming in from 01.04.2024. 👉 The new tax regime under section 115BAC(1A) was introduced in the Finance Act 2023, as compared to the existing old regime (without exemptions) (SEE TABLE BELOW) 👉 New tax regime is applicable for persons other than companies and firms, is applicable as a default regime from the Financial Year 2023-24 and the Assessment Year corresponding to this is AY 2024-25. |👉 Under the new tax regime, the tax rates are significantly lower, though the benefit of various exemptions and deductions (other than standard deduction of Rs. 50,000 from salary and Rs. 15,000 from family pension) is not available, as in the old regime. 👉 New tax regime is the default tax regime, however, tax payers can choose the tax regime (old or new) that they think is beneficial to them. 👉 Option for opting out from the new tax regime is available till filing of return for the AY 2024-25. Eligible persons without any business income will have the option to choose the regime for each financial year. So, they can choose new tax regime in one financial year and old tax regime in another year and vice versa.

How to switch from new tax regime to old tax regime for FY23-24