INCOME TAX UPDATES : Old vs New Tax Regime

INCOME TAX UPDATES : Old vs New Tax Regime

Which regime is beneficial for AY 2024-25?

NEW VS OLD TAX REGIME after Budget2023 announcement for diff salaried incomes 

Comparison of exemption/deductions available under the old tax regime and new tax regime of Section 115BAC for AY 2024-25

Assumption- 80C investment 1.5 lac ( even other than Home loan) & 80D Mediclaim 25000 is claimed

What are basic conditions to optin for New Tax Regime in Assessment Year 2024-25

Sum-Up 

1. New regime is default setting- You have to file form for opt old one

2. For ppl having housing loan – Always Old regime is beneficial

3. For ppl having NO housing loan – New regime is beneficial – It doesn’t make diff whether You are paying 80C+80D full

4. Buis. ppl will have slight higher tax than above working as they wont get standard deduction of 50000

Income Tax Updates:

Case Laws: Madras High Court:

CIT, Chennai vs. M/S Tamilnadu Industrial Investment Corporation Ltd.

Entitlement to deduction of provision made in respect of doubtful and loss assets u/s 36(1) (viia) (c) – Assessee did not have any positive profits to set it off from – scope of amendment – claim of the Assessee allowed – the proper method of interpreting the proviso is to give life to the proviso and the intention behind the insertion of the proviso:

ITAT Delhi:

ACIT, Central Circle- 30, New Delhi Vs. Ankush Saluja, Archana Saluja And Saluja Construction Co. Ltd.

Assessment u/s 153A – Addition u/s 68 – nowhere it is the case of Revenue that the aforesaid additions made in the Assessment Order were based on any incriminating material found in the course of search U/s 132 of I.T. Act. – No additions can be made

ITAT Delhi:

M/S Sony India pvt Ltd Vs. The ADDL. C.I.T, Range – 9, New Delhi

Transfer pricing – ALP – Since the operating profit margin of the appellant company is better than those of the comparable, it can be safely concluded that the Assessee has been suitably remunerated and no further adjustment is required to bench mark the AMP expenses.

ITAT Ahmadabad:

ITO, Ward-3 (3) (1) Surat. Vs. Shri Ghanshyambhai Laljibhai Lukhi

Addition on account of suppression of production – Rate of net profit – For determination of total production, all products and raw-material cannot be clubbed together to arrive at standard or a uniform quantity, because the Assesse is manufacturing different products having different recipe with common raw-material.