FINANCE

Default Regime is New Regime for ITR Filing Form 10IEA Filing Requirements  ITR 1 - No Requirements to File Form 10IEA to Opt for old regime or re-entering to New Regime (No Switching Restrictions) ITR 2 - No Requirements to File Form 10IEA to Opt for old regime or re-entering to New Regime (No Switching Restrictions) ITR 3 - Form 10IEA Filing mandatory when opting for old regime and if opting again for New Regime in subsequent Year  (if opted old regime for one year and then opted for new regime in subsequent year then not eligible to opt old regime again means one time Switching option is there (Need to file Form 10IEA maximum 2 times only, First when you opt for old regime and Second when you opt for new regime in subsequent year and leaving old regime) (If Form 10IEA already filed for old regime for particular year then cant opt new regime in such year and vice-versa) ITR 4 - Form 10IEA Filing mandatory when opting for old regime and if opting again for New Regime in subse...

Finally the ITR Filing Season Started from Today as all the ITR Forms for Individuals Released by Income Tax Department Income From Salary : Taxable as per Slab Rates (75,000 Standard Deduction in New Tax Regime) Income From House Property: 30% Standard Deduction then Taxable at Slab Rates Income From Business and Profession: Taxable at Slab Rates  Income From Capital Gain: Short Term Capital Gain before 23rd July 2024 taxable at 15% Short Term Capital Gain on or after 23rd July 2024 taxable at 20% Long Term Capital Gain before 23rd July 2024 taxable at 10%  Long Term Capital Gain on or after 23rd July 2024 taxable at 12.5% (Exempt upto 1,25,000) Income From Other Source: Taxable at Slab Rates Income from winning or online gaming or VDA: Taxable at special rates Slab Rates under New Tax Regime: Income Slab : Tax Rate Up to ₹ 3,00,000 : Nil ₹ 3,00,001 - ₹ 7,00,000 : 5% ₹ 7,00,001 - ₹ 10,00,000 : 10% ₹ 10,00,001 - ₹ 12,00,000 : 15% ₹ 12,00,001 - ₹ 15,00,000 : 20% Above ₹ 15,00,0...

  . Documents from Indian Directors and Shareholders PAN Card (mandatory for Indian nationals) Aadhaar Card Passport-size Photograph Identity Proof (any one of: Voter ID, Passport, Driving License) Address Proof (any one of: Bank Statement, Utility Bill, Mobile Bill — not older than 2 months) Email ID and Mobile Number 2. Documents from Foreign Nationals / NRIs Passport (mandatory) Address Proof (e.g., utility bill, bank statement) Passport-size Photograph All documents must be notarized or attested by the Indian Embassy , depending on the country of residence. 3. Proof of Registered Office Address Utility Bill (Electricity, Gas, or Telephone — not older than 2 months) Rent Agreement (if rented) NOC from Property Owner Sale Deed or Property Deed (if owneD)