Axpertz Online Connect LLP

15/05/2025

🔹 Post 3: Legal Trouble & Notices
🧾 Income tax file annually – Why it’s important for salaried person

⚠️ Skipping your return?
The Income Tax Department can issue a notice or even prosecute for non-filing.

📩 Stay safe. Be compliant. File your ITR before the due date.

✅

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https://play.google.com/store/apps/details?id=com.axps.taxhelp&hl=en&pli=1

15/05/2025

🔹 Post 1: Late Fees & Penalties
🧾 Income tax file annually – Why it’s important for salaried person

💥 Didn’t file your return?
You could be fined up to ₹5,000 under Section 234F!

⏳ Don’t wait till the deadline. File your ITR and avoid unnecessary penalties.



-Download Now-
https://play.google.com/store/apps/details?id=com.axps.taxhelp&hl=en&pli=1

20/02/2025

30/01/2025

What Is Direct Tax Code And How It Is Different From Income Tax Act, 1961

What Is Direct Tax Code?
The Direct Tax Code (DTC) is a proposed reform to the Income Tax Act, 1961. It will serve as a simplified set of tax laws that will streamline and standardise the process, making it user-friendly for all taxpayers.

The DTC's main goal is to make it easier for everyone to file their tax returns. Seeking more people to contribute to its tax revenue, the government believes easing the process may encourage their participation.

25/01/2025

Will Budget 2025 begin the end of old tax regime? SBI Research proposes to bring all in the new regime

SUMMARY

Budget 2025 tax regime and rate cut expectations: SBI research has proposed to bring all in the new tax regime. It has also suggested reducing the tax rate to 15% in the ₹10-15 lakh income bucket and setting a flat 15% tax rate on all bank deposits.
Budget 2025 tax change expectations: The Government of India may remove all exemptions under the old tax regime and bring all under the new tax regime, SBI Research has proposed in a report ahead of Finance Minister Nirmala Sitharaman's budget speech on February 1, 2025.
The report, however, suggests to retain and enhance the National Pension System (NPS) limit from ₹50,000 to ₹1 lakh and medical insurance exemption under section 80D to ₹50,000 from ₹25,000.

Further, SBI research has suggested reducing the tax rate to 15% in the ₹10-15 lakh income bucket and setting a flat 15% tax rate on all bank deposits.
"We estimate GoI can ensure better tax compliance and bolster consumption through enhancing disposable income, by moving all and one under the New Tax regime," Dr Soumya Kanti Ghosh, Group Chief Economic Adviser, SBI, said in the report.

Changes proposed by SBI Research
The report has proposed the following tax-relief measures for the government to adopt in the upcoming budget:

Remove all exemptions and bring all under the new tax regime, but retain and enhance the NPS limit from ₹50,000 to ₹1 lakh and enhance medical insurance exemption to ₹50,000 from ₹25,000

Retain peak rate at 30% for income above ₹15 lakh but reduce rate to 15% from 20% in ₹10-15 lakh income bracket.

Introduce a flat 15% tax on bank deposits across all maturities. Further, such income should be added to other income and delinked from the highest income bucket.

Increase the tax exemption limit for savings account deposits to ₹20,000.

"We propose this option for the Government and Consumers with the revenue loss at Rs 50,000 crores / 0.14% of GDP," SBI research said.