Hansini Buch's Blog

We are in the last week of March and it is high time to estimate your income tax liability and to check whether any planning is required or not. Though lastminute tax planning is not advisable, if due to any reason, you are not able to do any tax saving investment till date and 31 st March is approaching, here are some quick tips, which can help you: (1) First of all you should consult a Chartered Accountant at the earliest. He will be able to check your current financials and will be able to guide you about your estimated tax liability and tax saving tips. (2)  Check which tax regime is beneficial for you…. old or new. The old tax regime has a fewer tax slabs and high tax rates with all the deductions and exemptions available. While the new tax regime has more tax slabs, with comparatively lower tax rates, without claiming any exemptions / deductions. To understand the difference between the old tax regime and new tax regime and to know which one should you opt for, please refer ...

Being the last month of the financial year, March is very crucial for tax planning and investments. This is the time when you should revisit your financials…your bank account statements, incomes, expenses, investments and other financial transactions. Here are some quick reference points you should check and consider before the end of the financial year i.e. 31 st of March. (1) From the FY 2023-24 (AY 2024-25), new tax regime shall be the default tax regime. It means, if old tax regime is beneficial for you and you want to file your ITR for AY 2024-25 under the old tax regime, then you will have to specifically opt for the same before filing the ITR, otherwise new tax regime will be applicable to you by default. Please note that if you skip the due date of filing the return, then you will have no choice of tax regime and you will have to compulsorily file the ITR in new tax regime only. To understand the difference between the old tax regime and new tax regime and to know which one sh...