RPT Vittvanijy Corp LLP

29/03/2026

01/02/2025

Much awaited budget for middle class

Welcomes moves….

bill

1. Basic Tax Exemption limit extended till 12 Lakhs
2. In major relief for middle class, Nirmala Sitharaman announced that no income tax would be payable up to income of Rs 12 lakh.

3. The new income tax slabs for salaried taxpayaer look like now:
Rs 0-4 lakh — Nil
Rs 4-8 lakh — 5%
Rs 8-12 lakh — 10%
Rs 16-20 lakh — 20%
Rs 20-24 lakh — 25%
Above Rs 24 lakh — 30%

4. Union Finance Minister Nirmala Sitharaman, in a major Budget announcement, said that the annual limit for TDS on rent has been raised from Rs 2.40 lakh to Rs 6 lakh, benefiting small taxpayers receiving smaller payments.

5. Limit for tax deduction on interest for senior citizens to be doubled from ₹50,000 to ₹1 lakh

6. Annual limit for TDS on rent to be increased from ₹2.40 lakh to ₹6 lakh

7. Threshold to collect tax at source on remittances under RBI’s Liberalized Remittance Scheme to be raised from ₹7 lakh to ₹10 lakh

8. Union Finance Minister Nirmala Sitharaman announced that the government proposes to introduce a new Income Tax Bill next week.

9. Higher TDS limit to apply only in case of Non PAN cases

10. Time limit for filling Updated return extended to 4 years from the present 2 years for any AY

11. 2 Self occupied properties can be claimed as deduction from House property without any conditions

12. Startup benefit extended till 31-3-2030

26/11/2024

29/12/2023

27/06/2023

We awarded a practical exposure appreciation certificate to a dedicated student of pragyan public school ... wish him for a bright future ahead ....

# Income Tax # Accounting # Reporting # skill Training...

01/04/2023

01/04/2023

*Big Relief in GST*

1. GST registration cancelled on or before 31st December 2022 can now be revoked, by filling an application before 30th June 2023.

2. Late fee for filling of Annual return for FY 2017-18 to 2021-22 is capped at 20000/- if filling before 30/06/2023

3. Late fee for filling of Final Return GSTR 10 is capped at ₹1000/- if filled before 30/06/23.

01/02/2023

Income tax aspect simplifies in budget 2023

01/02/2023

Major Direct tax proposals (from speech)

👉 1. Rollout of next gen ITR form
👉 2. New limit for 44AD & ADA : 3 crore & 75 Lacs
👉 3. Expense deduction to MSME to be allowed on payment basis
👉 4. New cooperatives manufacturing tax @ 15% if upto 31.03.24
👉 5. Higher loan limit /cash deposit Rs 2 lacs for PAC society -RDB
👉 6. Startups:
a) Date of incorporation for. startup extended to 31.03.24
b) Extension of CF losses 7 yrs in case of change in shareholders

👉 7. Selective scrutiny + More CIT to dispose off small appeals

👉 8. Extension of tax benefits for IFSC

👉 9. Personal Income tax
a) Tax rebate limit extended to 7 lacs (new regime)

b) change in tax slabs & new tax rates

0-3 L : Nil
3-6 L : 5%
6L-9L : 10%
9L-12L: 15%
12-15 L : 20%
15L +: 30%

c) Salaried class & pensioners(incl family pensioners) :
Standard deduction extended

d) Highest surcharge reduced from 37% to 25%
Now MMTR : 39%

e) Leave encashment exemption (pvt) increased from 3Lacs to 25 Lacs

f) New tax regime is now default tax regime -Old tax regime will continue.

All GST & INCOME TAX Updates : Amendments, Discussion, Circulars, Announcement & Many More..... at One Place.