Income Tax News: Taxpayers Can Still Avail Benefits Under New Tax Regime After ITR Filing Deadline, Check Details

Income Tax News: The deadline to file Income Tax Returns (ITRs) is drawing near, and many taxpayers have already finished this important duty. It's important to remember that July 31, 2024, is the deadline for filing an ITR. However, the Income Tax Department may impose significant fines if a person files their ITR after this date.

Benefits Under the New Tax Regime Post July 31

Even after July 31, taxpayers have the option to avail benefits under the New Tax Regime:

Benefits of the New Tax Regime

Under the New Tax Regime, several benefits are available:

• Standard Deduction: Taxpayers can avail a tax deduction of up to Rs 50,000.
• Corporate NPS (80CCD(2)): Employees of private companies can invest up to 10% of their basic salary and dearness allowance in the National Pension System (NPS) and claim a tax exemption.
• Agnipath Scheme (80CCH): Contributions made by the employee or the government to the Agniveer Corpus Fund are tax-free.

Important Points to Consider

• July 31 Deadline: The last date for filing ITR is July 31, 2024. Filing after this date may attract significant penalties from the Income Tax Department.
• Availability of New Tax Regime: Taxpayers filing after July 31 will still have the option to choose the New Tax Regime.

Your tax liability may be greatly affected by selecting the right tax regime . Prior to making a decision, it is advisable to evaluate your financial status and, if necessary, seek advice from a tax professional.