Mamtora & Associates
Chartered Accountants

Finance Minister Nirmala Sitharaman in the Budget 2024 had announced withdrawal of past small direct tax demands as under: Demands upto Rs. Period Max Ceiling per Assessee Rs. 25,000/- Upto FY 2009-10 Rs. 1,00,000/- Rs. 10,000/- From FY 2010-11 to FY 2014-15 Rs. 1,00,000/- Direct tax demands include demands pertaining to Income Tax, Wealth Tax & Gift Tax. This is expected to benefit about 1 crore assessees and an estimated Rs. 3,500/- crore of demands will be withdrawn following the announcement.

DIRECT TAX RELATED AMENDMENTS Proviso to Section 87A added to provide following benefits to individual residents w.e.f. 01.04.2024: 100% tax rebate for total income upto Rs. 7 Lakhs under New Tax Regime.  For assessees with total income exceeding 7 Lakhs, instead of 100% tax rebate, Marginal Relief will be provided under New Tax Regime. Basic exemption limit under New Tax Regime increased from earlier Rs. 2.5 lakhs to Rs. 3 Lakhs  Changes in tax slabs under New Tax Regime as under: Total Income Tax Rates Upto Rs. 3 Lakhs Nil Above Rs. 3 Lakhs upto Rs. 6 Lakhs 5% Above Rs. 6 Lakhs upto Rs. 9 Lakhs 10% Above Rs. 9 Lakhs upto Rs. 12 Lakhs 15% Above Rs. 12 Lakhs upto Rs. 15 Lakhs 20% Above Rs. 15 Lakhs 30% Salaried/Pensioners can now claim benefit of Standard Deduction of Rs. 50,000/- under New Tax Regime Family Pensioners can now claim benefit of deduction u/s 57 under New Tax Regime Amount paid/deposited in Agniveer Corpus