Due date: 31 July 2024 (non-audit). Audit cases: 31 Oct 2024. Transfer pricing: 30 Nov 2024. Belated return: up to 31 Dec 2024 with ₹5,000 penalty.
New regime is default from AY 2024-25. Standard deduction ₹75,000 for salaried. Rebate u/s 87A up to ₹7L income. No HRA, 80C, 80D deductions allowed.
194C: Contractor 1%/2%. 194J: Professional 10%. 194I: Rent 10%. 194A: Interest 10%. 194Q: Purchase 0.1%. Higher TDS if PAN-Aadhaar not linked.
Scheme for settling pending direct tax disputes. Appeal withdrawn + settlement tax paid = immunity from prosecution. Lower amount for declarations before 31 Dec 2024.
Section 234A: 1% p.m. late filing. 234B: 1% advance tax shortfall. 234C: 1% deferment. Penalty u/s 271(1)(c) up to 300% of tax for concealment of income.
Standard deduction raised ₹50K→₹75K (new regime). STCG @20%. LTCG exemption ₹1.25L. Angel tax abolished. Buyback tax shifted to shareholders.
| Income Range | Tax Rate | Notes |
|---|---|---|
| Up to ₹3,00,000 | Nil | Basic exemption |
| ₹3,00,001 – ₹7,00,000 | 5% | Rebate u/s 87A if total income ≤ ₹7L |
| ₹7,00,001 – ₹10,00,000 | 10% | — |
| ₹10,00,001 – ₹12,00,000 | 15% | — |
| ₹12,00,001 – ₹15,00,000 | 20% | — |
| Above ₹15,00,000 | 30% | + Surcharge + 4% Health & Education Cess |