New Tax Regime मे मिलने वाले फायदे AY 2024-25 II New Tax Regime Benefits AY 2024-25 II

Summary

The video script discusses the benefits of the new tax regime in India, explaining how filing ITR under the new regime by July 31, 2024, can be advantageous. It highlights increased basic exemption limits, reduced surcharge for high-income earners, and rebates under section 87A. The script also covers deductions for investments, family pension benefits, and marginal relief for those with income slightly over the limit. It emphasizes the tax benefits for salary earners and pensioners, as well as the importance of understanding the new tax regime's advantages before filing ITR for assessment year 2024-25.

Takeaways

• 😀 The new tax regime offers various benefits for individuals filing their ITR before July 31, 2024, for the assessment year 2024-25.
• 📈 Under the old tax regime, all types of benefits related to salary, HRA, LTA, and other sections like 80C, 80D, 80E, and 80G are available.
• 💼 The new tax regime increases the basic exemption limit from 2.5 lakhs to 3 lakhs, providing tax exemption up to this income without any tax liability.
• 🔑 The tax slab benefits in the new regime are wider, with no tax on income up to 3 lakhs and a 30% tax rate applicable only after crossing an income of 15 lakhs.
• 🚀 A significant benefit introduced in the new tax regime is the rebate under section 87A, which increases the rebate limit and provides a rebate on tax liability up to 25,000 for those with a total income of up to 7 lakhs.
• 🏠 Home loan interest benefits are available up to 2 lakhs under both old and new tax regimes, but the new regime specifies conditions for self-occupied properties.
• 👴 For senior citizens, the new tax regime provides additional benefits such as standard deduction and deductions for family pension, which were previously available only under the old tax regime.
• 🔥 A new section introduced for army personnel, allowing contributions to the Agniveer Corpus Fund under section 80CCC2 to be eligible for benefits.
• 👴👵 The new tax regime also provides a marginal relief benefit, which is applicable when the income crosses 7 lakhs, ensuring that the tax liability does not increase disproportionately.
• 💼 Employer's contribution to NPS under section 80CCD(2) is also a benefit in the new tax regime for those in an employer-employee relationship.
• 👉 It is crucial for taxpayers to understand the benefits available under the new tax regime before deciding to file their ITR under it, especially considering the changes in rebate and deduction limits.

Q & A

What are the benefits of the new tax regime introduced in India?

The new tax regime in India offers benefits such as an increased basic exemption limit, a wider tax slab, reduced surcharge for high-income individuals, and rebate on tax payable under certain conditions.

What is the basic exemption limit under the old and new tax regime?

Under the old tax regime, the basic exemption limit is up to 2.5 lakhs, whereas in the new tax regime, it has been increased to 3 lakhs.

How does the tax liability change under the new tax regime for individuals with income up to 15 lakhs?

For individuals with income up to 15 lakhs, there is no tax liability under the new tax regime, as the basic exemption limit covers their income.

What is the tax rate for individuals whose income crosses 15 lakhs under the new tax regime?

For individuals whose income crosses 15 lakhs, the tax rate is 30% under the new tax regime.

How has the surcharge been reduced for high-income individuals in the new tax regime?

The surcharge for high-income individuals, previously applicable at 37% for income over 5 crores, has been reduced to 25% in the new tax regime.

What is the rebate under section 87A in the new tax regime for individuals with taxable income up to 7 lakhs?

Under section 87A, individuals with taxable income up to 7 lakhs are eligible for a rebate on their tax liability, up to a maximum of 25,000 rupees in the new tax regime.

Are there any benefits for pensioners under the new tax regime?

Yes, pensioners are eligible for benefits under the new tax regime, including standard deduction and rebate under section 87A, provided their total income is within the specified limits.

What is the benefit of filing ITR under the new tax regime for a salaried individual with pension, if their total income is up to 7.5 lakhs?

A salaried individual with pension, filing ITR under the new tax regime and having a total income up to 7.5 lakhs, will not have to pay any tax due to the standard deduction and rebate under section 87A.

How does the new tax regime benefit individuals with family pension?

The new tax regime provides benefits for individuals with family pension, allowing deductions on a portion of the pension amount, subject to certain conditions.

What is the benefit introduced for army personnel under the new tax regime?

A new section has been introduced for army personnel, offering benefits on contributions made to the Agniveer corpus fund, which was not available under the old tax regime.

What is the marginal relief benefit introduced in the new tax regime?

The marginal relief benefit, applicable only in the new tax regime, provides tax relief for individuals whose income marginally crosses certain thresholds, helping them save on tax payments.