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Under the new tax regime tax is exempted up to Rs 3,00,000 and tax rebate is applicable up to Rs 7 lakh under section 87A. The old tax regime allows exemption of up to Rs 2.5 lakh for citizens aged below 60

Budget 2024: No change in tax rates for common man; here are slabs under new and old regime

<h2>Under the new tax regime tax is exempted up to Rs 3,00,000 and tax rebate is applicable up to Rs 7 lakh under section 87A. The old tax regime allows exemption of up to Rs 2.5 lakh for citizens aged below 60</h2>

Budget 2024:&nbsp;Finance Minister Nirmala Sitharaman in her Budget presentation announced that there is no change in the tax rates for both direct and indirect taxes, including import duties.&nbsp;
She said that the number of tax filers has swollen 2.4 times and the direct tax collection has trebled since 2014. Regarding the processing time of tax return, she informed that the days have been reduced to 10 days from 93 days in 2014.
Income Tax Slab Rates
India currently has two tax regimes - Old and New tax regime, allowing taxpayers to choose the regime they want. The Modi government introduced the new tax regime in 2020 and made it default regime in Budget 2023.&nbsp;
Also Read: <a href="https://www.editorji.com/business-news/budget/budget-2024-no-changes-in-tax-rates-for-direct-indirect-taxes-1706770533829">Budget 2024: No changes in tax rates for direct, indirect taxes</a>
While there is only one slab rate under the new tax regime, the old tax regime has 3 different rates. Here are the different slabs.
<h3>Slab rates under new tax regime</h3>
<ul>
<li>Upto Rs 3,00,000&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;-&nbsp; &nbsp; Nil</li>
<li>Rs 3,00,001 to Rs 6,00,000&nbsp; &nbsp; &nbsp;-&nbsp; &nbsp; 5% (tax rebate under Section 87A applicable)</li>
<li>Rs 6,00,001 to Rs 9,00,000&nbsp; &nbsp; &nbsp;-&nbsp; &nbsp; 10% (tax rebate under Section 87A applicable on income&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;up to 7 lakh)</li>
<li>Rs 9,00,001 to Rs 12,00,000&nbsp; &nbsp;-&nbsp; &nbsp; 15%</li>
<li>Rs 12,00,001 to Rs 15,00,000 -&nbsp; &nbsp; &nbsp;20%</li>
<li>&gt;Rs 15,00,000&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; -&nbsp; &nbsp; &nbsp;30%</li>
</ul>
<h3>Slab rates under old tax regime</h3>
The old tax regime is divided into three categories. They include Indian residents aged &lt;60 and all the non-residents, resident senior citizens and resident super senior citizens.
<ul>
<li>Up to Rs 2.5 lakh&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; - Nil</li>
<li>Rs 2,50,001 - Rs 5,00,000&nbsp; &nbsp;- 5%</li>
<li>Rs 5,00,001 - Rs 10,00,000 - 20%</li>
<li>&gt;Rs 10,00,000&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; - 30%</li>
</ul>
The exemption limit for senior citizens aged over 60 but less than 80 years is Rs 3 lakh and citizens over 80 years are exempted Rs 5 lakhs
&nbsp;
&nbsp;
&nbsp;

A look at key expectations from the budget amid global recession fears 

Decoded | Budget 2023: expectations amid a looming recession 

As the day for Budget 2023 inches closer, all eyes are on Nirmala Sitharaman's balancing act between spending and earning. This budget is crucial not only because it's the last full budget of the Modi government before the 2024 elections - but also because it comes amid fears of a looming recession.

Will this budget help with ease of doing business, and can we expect tax reforms? Vikram Chandra breaks down his key expectations from the budget. 

A look at key expectations from the budget amid global recession fears&nbsp;

As the day for Budget 2023 inches closer, all eyes are on Nirmala Sitharaman's balancing act between spending and earning. This budget is crucial not only because it's the last full budget of the Modi government before the 2024 elections - but also because it comes amid fears of a looming recession.
Will this budget help with ease of doing business, and can we expect tax reforms? Vikram Chandra breaks down his key expectations from the budget.&nbsp;

IT major Infosys on Thursday acknowledged that some users continue to experience difficulties in accessing the income tax portal and assured that it is working expeditiously, in collaboration with the Income Tax Department, to further streamline end-user experience.
The Bengaluru-based company, which has drawn flak for glitches continuing months after the launch of the portal in June, said it has seen steady increase in usage over the last few weeks, and more than three crore taxpayers have logged into the portal and successfully completed various transactions.
"Even as the portal makes sustained progress with crores of taxpayers successfully performing transactions, the company acknowledges the difficulties some users continue to experience and is working expeditiously, in collaboration with the I-T Department, to further streamline end-user experience," Infosys said in a statement.
It added that over the last few weeks, the portal has seen steady increase in usage with "taxpayers' concerns being progressively addressed".
So far, over three crore taxpayers have logged into the portal and successfully completed various transactions, it noted.
Infosys said it "recognises" the ongoing challenges faced by some users and has engaged with more than 1,200 taxpayers directly to better understand their concerns.
"The company is focused on rapidly resolving these challenges while working closely with the chartered accountant community to ensure that a comprehensive set of user scenarios are supported and thoroughly tested before deployment.
&ldquo;Infosys remains committed to making rapid progress and has currently dedicated more than 750 resources to this project to complete significant portions of work, in collaboration with officials from the I-T Department," it added.
It further stated that "Infosys takes pride in partnering with the Government of India and continues to work closely with various departments to accelerate the digital evolution of the country's technology capabilities".
Infosys was, in 2019, awarded a contract to develop the next-generation income tax filing system to reduce processing time for returns from 63 days to one day and expedite refunds. The portal went live in June this year.
It had a bumpy start since the day of its launch, with taxpayers and professionals reporting glitches and difficulties in its functioning and many of these issues have continued even after over three months of the portal's launch.
Finance Minister Nirmala Sitharaman, in the meeting with Infosys CEO Salil Parekh, had expressed "deep disappointment" over persisting glitches and had given time till September 15 to resolve all the issues.
In its statement on Thursday, Infosys said during the month of September, more than 15 lakh unique taxpayers have logged into the portal daily on average, and over 1.5 crore returns have been filed till date.
Over 85 per cent of taxpayers who have filed their returns have also completed their e-verification, largely through Aadhaar OTP authentication, it added.
"The portal is facilitating over 2.5 lakh returns filing on a daily basis and ITR 1, 2, 3, 4, 5, and 7 are now available for filing. A majority of the statutory forms have also been made available online. Several critical statutory forms like 15G, 15H, EQ1, 10A, 10E, 10IE, DTVSV, 15CA, 15CB, 35 as well as TDS returns are being filed in large numbers," Infosys said.
More than 11.5 lakh statutory forms and over 8 lakh TDS returns have already been filed, it added.
Infosys, which is India's second largest IT services firm, said taxpayer services such as e-proceedings, response to notices and demands, e-PAN services, DSC registrations, and functionality for legal heir, have also been enabled.
"Over 16.6 lakh e-PANs have been allocated. 4.3 lakh DSC registrations and over 3.44 lakh e-proceeding responses to notices have also been completed," it pointed out.&nbsp;

Infosys tax portal, company acknowledges problems continue beyond FM's deadline

Tareek&nbsp;Pe Tareek! Infosys&nbsp;misses the FM's deadline to fix income tax portal issues, acknowledges tax payers facing issues even 3 months after launch

Tareek Pe Tareek! Infosys misses deadline to fix tax portal

Fourth months and multiple complaints later&nbsp;IT major Infosys on Thursday acknowledged that some users continue to experience difficulties in accessing the income tax portal.
Infosys said it "recognises" the ongoing challenges faced by some users and has engaged with more than 1,200 taxpayers directly to better understand their concerns. The tech major in a filing to the exchanges said "The company acknowledges the difficulties some users continue to experience and is working expeditiously, in collaboration with the I-T Department, to further streamline end-user experience."
It added that over the last few weeks, the portal has seen steady increase in usage with "taxpayers' concerns being progressively addressed".
So far, over three crore taxpayers have logged into the portal and successfully completed various transactions, it noted.
The finance minister had given the company a stern deadline of September 15 to sort out all glitches on the tax platform.&nbsp;

IT major Infosys on Thursday acknowledged that some users continue to experience difficulties in accessing the income tax portal&nbsp;

IT major Infosys on Thursday acknowledged that some users continue to experience difficulties in accessing the income tax portal and assured that it is working expeditiously, in collaboration with the Income Tax Department, to further streamline end-user experience.
The Bengaluru-based company, which has drawn flak for glitches continuing months after the launch of the portal in June, said it has seen steady increase in usage over the last few weeks, and more than three crore taxpayers have logged into the portal and successfully completed various transactions.
Also watch:&nbsp;<a title="LinkedIn Top Indian Startups: Unacademy, Udaan, CRED on top of the 2021 list" href="https://www.editorji.com/story/linkedin-top-indian-startups-unacademy-udaan-cred-on-top-of-the-2021-list-1632380324976">LinkedIn Top Indian Startups: Unacademy, Udaan, CRED on top of the 2021 list</a>
"Even as the portal makes sustained progress with crores of taxpayers successfully performing transactions, the company acknowledges the difficulties some users continue to experience and is working expeditiously, in collaboration with the I-T Department, to further streamline end-user experience," Infosys said in a statement.
It added that over the last few weeks, the portal has seen steady increase in usage with "taxpayers' concerns being progressively addressed".
So far, over three crore taxpayers have logged into the portal and successfully completed various transactions, it noted.
Infosys said it "recognises" the ongoing challenges faced by some users and has engaged with more than 1,200 taxpayers directly to better understand their concerns.
"The company is focused on rapidly resolving these challenges while working closely with the chartered accountant community to ensure that a comprehensive set of user scenarios are supported and thoroughly tested before deployment.
&ldquo;Infosys remains committed to making rapid progress and has currently dedicated more than 750 resources to this project to complete significant portions of work, in collaboration with officials from the I-T Department," it added.
It further stated that "Infosys takes pride in partnering with the Government of India and continues to work closely with various departments to accelerate the digital evolution of the country's technology capabilities".
Infosys was, in 2019, awarded a contract to develop the next-generation income tax filing system to reduce processing time for returns from 63 days to one day and expedite refunds. The portal went live in June this year.
It had a bumpy start since the day of its launch, with taxpayers and professionals reporting glitches and difficulties in its functioning and many of these issues have continued even after over three months of the portal's launch.
Finance Minister Nirmala Sitharaman, in the meeting with Infosys CEO Salil Parekh, had expressed "deep disappointment" over persisting glitches and had given time till September 15 to resolve all the issues.
In its statement on Thursday, Infosys said during the month of September, more than 15 lakh unique taxpayers have logged into the portal daily on average, and over 1.5 crore returns have been filed till date.
Over 85 per cent of taxpayers who have filed their returns have also completed their e-verification, largely through Aadhaar OTP authentication, it added.
"The portal is facilitating over 2.5 lakh returns filing on a daily basis and ITR 1, 2, 3, 4, 5, and 7 are now available for filing. A majority of the statutory forms have also been made available online. Several critical statutory forms like 15G, 15H, EQ1, 10A, 10E, 10IE, DTVSV, 15CA, 15CB, 35 as well as TDS returns are being filed in large numbers," Infosys said.
More than 11.5 lakh statutory forms and over 8 lakh TDS returns have already been filed, it added.
Infosys, which is India's second largest IT services firm, said taxpayer services such as e-proceedings, response to notices and demands, e-PAN services, DSC registrations, and functionality for legal heir, have also been enabled.
"Over 16.6 lakh e-PANs have been allocated. 4.3 lakh DSC registrations and over 3.44 lakh e-proceeding responses to notices have also been completed," it pointed out.&nbsp;

Infosys&nbsp;faces a serious deadline for tax returns, not to file but to get the system running glitch free. On August 23, the Finance Minister gave a stern deadline of September 15 to the Infosys&nbsp;top brass to fix the glitched&nbsp;tax return portal.&nbsp;
Tax payers however as per reports continue to face hurdles in completing returns through the new portal managed by Infosys&nbsp;that was&nbsp;launched in June.&nbsp;However there has been improvement in the system in the last 2 weeks as per tax payers. "A number of technical issues have been addressed and there is a positive trend reflected in the statistics of the various filings on the portal,&rdquo; the Ministry of Finance said in a statement recently.
Infosys was awarded a Rs 4,200-crore contract in 2019 to develop the new e-filing portal.&nbsp;

D-day for Infosys as deadline for glitch free tax portal runs out today

Have you been able to file your returns! 

The govt has already extended&nbsp;the deadline to file returns to December 31, 2021&nbsp;

Infosys&nbsp;faces a serious deadline for tax returns, not to file but to get the system running glitch free. On August 23, the Finance Minister gave a stern deadline of September 15 to the Infosys&nbsp;top brass to fix the glitched&nbsp;tax return portal.&nbsp;
Tax payers however as per reports continue to face hurdles in completing returns through the new portal managed by Infosys&nbsp;that was&nbsp;launched in June.&nbsp; However there has been improvement in the system in the last 2 weeks as per tax payers. "A number of technical issues have been addressed and there is a positive trend reflected in the statistics of the various filings on the portal,&rdquo; the Ministry of Finance said in a statement recently. The govt recently extended the deadline for filing returns to December 31,2021.&nbsp; Infosys was awarded a Rs 4,200-crore contract in 2019 to develop the new e-filing portal.&nbsp;

Income Tax Returns (ITR) will need to be filed by senior citizens over the age of 75 this year as per the notification by the Ministry of Finance.&nbsp;
The relaxation from the budget in tax filing for those above the age of 75&nbsp;will come into effect only from FY 2021-22, i.e., for ITRs to be filed next year. So this year&nbsp; senior citizens who are above the age of 75 years have to still do their&nbsp;ITR filing. Currently, the last date for filing ITR for FY 2020-21 is September 30, 2021.
If a senior citizen misses the ITR filing deadline for FY 2020-21, then he/she will be liable to pay a late filing fee of Rs 5,000 if the the income exceeds Rs 5 lakh.&nbsp;
&nbsp;

ITR Filing alert: Senior citizens over 75 still need to file tax returns this year

ITR&nbsp;filing alert! Senior citizens do not have relaxation in filing this year, follow this deadline or pay Rs 5000 fine.&nbsp;

Income Tax Return Filing Alert

Tax return filing&nbsp;relaxation will come into effect only from FY 2021-22 for senior citizens above the age of 75.&nbsp;

Income Tax Returns (ITR) will need to be filed by senior citizens over the age of 75 this year as per the notification by the Ministry of Finance.&nbsp;
The relaxation from the budget in tax filing for those above the age of 75&nbsp;will come into effect only from FY 2021-22, i.e., for ITRs to be filed next year. So this year&nbsp; senior citizens who are above the age of 75 years have to still do their&nbsp;ITR filing. Currently, the last date for filing ITR for FY 2020-21 is September 30, 2021.
If a senior citizen misses the ITR filing deadline for FY 2020-21, then he/she will be liable to pay a late filing fee of Rs 5,000 if the the income exceeds Rs 5 lakh.&nbsp;
&nbsp;

The deadline for filing Income Tax Returns (ITR) has been extended beyond September 30 as the glitches on the Infosys run e-filing portal continues.

ITR deadline: Income tax return e-filing date extended

The deadline for filing Income Tax Returns (ITR) has been extended beyond September 30 as the glitches on the Infosys run e-filing portal continues

Big relief for taxpayers after Finance Ministry extends tax filing date
Deadline for filing ITR&nbsp;has been extended beyond September 30
Extension after taxpayers reported difficulties in filing tax online
Problems in tax e-filing portal; several glitches, technical issues noticed

The Finance Ministry has extended the deadlines for e-filing of various forms that come under the Income-Tax Act, 1961 after taxpayers reported difficulties in filing these online

The deadline for filing Income Tax Returns (ITR) has been extended beyond September 30 as the glitches on the Infosys run e-filing portal continues.
In a big relief to&nbsp;taxpayers, the Finance Ministry on Sunday extended the deadlines for e-filing of various forms that come under the Income-Tax Act, 1961 after taxpayers reported difficulties in filing these online.
The government had previously extended the deadlines for filing <a href="https://www.editorji.com/story/income-tax-return-filing-date-may-be-extended-further-1630217644534" target="_blank">income tax returns (ITR)</a> earlier this year so as to give taxpayers some form of relief amidst the ongoing pandemic.&nbsp;&nbsp;
Also Read:&nbsp;<a href="https://www.editorji.com/story/income-tax-returns-new-e-filing-portal-launched-1623042740617" target="_blank">Income tax returns: New e-filing portal launched</a>
The Income Tax Department had rolled out a new tax e-filing portal to streamline the online application process. The portal however came with several glitches and technical issues. Since August 21, the portal was said to be inaccessible by the IT Department.

Finance Ministry officials &amp;&nbsp;Infosys&nbsp;team to meet today to iron out glitches in the newly launched income tax e-filing portal, which Infosys has developed for Income Tax department.
The meeting comes just a few days after FM Nirmala Sitharaman took to social media, asking Nandan Nilekani and Infosys to troubleshoot and resolve &ldquo;grievances and glitches"&nbsp;in the e-filing system.&nbsp;
Commissioner of Income Tax stated that "The new portal has been fraught with several technical glitches leading to taxpayer inconvenience." The meeting will take place on June 22&nbsp; and will include stakeholders including ICAI, auditors, consultants and taxpayers.
Infosys was awarded the contract in 2019 to simplify the income tax return filing system.&nbsp;The system went live on June 7 night and ran into glitches at the very start , many troubled taxpayers tweeted their issues tagging the finance minister.

Finance Ministry officials & Infosys team to meet today on e-filing return portal issues

Finance Ministry officials &amp;&nbsp;Infosys&nbsp;team to meet today to iron out glitches in the newly launched income tax e-filing portal, which Infosys has developed for Income Tax department.
The meeting comes just a few days after FM Nirmala Sitharaman took to social media, asking Nandan Nilekani and Infosys to troubleshoot and resolve &ldquo;grievances and glitches"&nbsp;in the e-filing system.&nbsp;
Commissioner of Income Tax stated that "The new portal has been fraught with several technical glitches leading to taxpayer inconvenience." The meeting will take place on June 22&nbsp; and will include stakeholders including ICAI, auditors, consultants and taxpayers.
Infosys was awarded the contract in 2019 to simplify the income tax return filing system.&nbsp;The system went live on June 7 night and ran into glitches at the very start , many troubled taxpayers tweeted their issues tagging the finance minister.

Finance Ministry officials have asked for meeting with Infosys to iron out glitches in the newly launched income tax e-filing portal, which Infosys has developed for Income Tax department.
The meeting comes just a few days after FM Nirmala Sitharaman took to social media, asking Nandan Nilekani and Infosys to troubleshoot the&nbsp;to resolve &ldquo;grievances and glitches"&nbsp;in the e-filing system.&nbsp;
Commissioner of Income Tax stated that "The new portal has been fraught with several technical glitches leading to taxpayer inconvenience. Written representations on the problems' difficulties faced in the portal have also been invited from the stakeholders."The meeting will take place on June 22&nbsp; and will include stakeholders including ICAI, auditors, consultants and taxpayers.
Infosys was awarded the contract in 2019 to simplify the income tax return filing system.&nbsp;The system went live on June 7 night and ran into glitches at the very start , many troubled taxpayers tweeted their issues tagging the finance minister.

Fin Min & Infosys meet to discuss glitches in tax return e-filing portal

Finance Ministry officials summoned&nbsp;Infosys&nbsp;for a meeting to iron out glitches in the newly launched income tax e-filing portal.

Finance Ministry officials have asked for meeting with Infosys to iron out glitches in the newly launched income tax e-filing portal, which Infosys has developed for Income Tax department.
The meeting comes just a few days after FM Nirmala Sitharaman took to social media, asking Nandan Nilekani and Infosys to troubleshoot and resolve &ldquo;grievances and glitches"&nbsp;in the e-filing system.&nbsp;
Commissioner of Income Tax stated that "The new portal has been fraught with several technical glitches leading to taxpayer inconvenience." The meeting will take place on June 22&nbsp; and will include stakeholders including ICAI, auditors, consultants and taxpayers.
Infosys was awarded the contract in 2019 to simplify the income tax return filing system.&nbsp;The system went live on June 7 night and ran into glitches at the very start , many troubled taxpayers tweeted their issues tagging the finance minister.

Hope @Infosys &amp; @NandanNilekani will not let down our taxpayers in the quality of service being provided. With that tweet the Finance Minister turned all the troubleshooting for the new portal for e-filling returns over to the tech pioneer and his company.&nbsp;
Responding to the Finance Minister, Nandan Nilekani&nbsp;tweeted, the new e-filing portal will ease the filing process and enhance end user experience. He added that some technical issues were observed on day one, and Infosys&nbsp;was working to resolve them, and expects the system to stabilise during the week.&nbsp;After much fan fare the&nbsp;portal for e-filing of tax returns went live on June 7 but users across the board said they were unable to access it. The finance minister responded to these grievances as she tagged Infosys&nbsp;and Nilekani&nbsp;stating that she sees grievances and glitches on her timeline.&nbsp;
Infosys&nbsp;won the&nbsp;contract to develop the next-generation income tax filing system to reduce processing time for returns in 2019 from the govt.&nbsp;

Tax e-filing grievance? FM says Nandan Nilekani & Infosys are answerable

Hope @Infosys &amp; @NandanNilekani will not let down our taxpayers in the quality of service being provided. With that tweet the Finance Minister turned all the troubleshooting for the new portal for e-filling returns over to the tech pioneer and his company.&nbsp;
Responding to the Finance Minister, Nandan Nilekani&nbsp;tweeted, the new e-filing portal will ease the filing process and enhance end user experience. He added that some technical issues were observed on day one, and Infosys&nbsp;was working to resolve them, and expects the system to stabilise during the week. &nbsp; After much fan fare the&nbsp;portal for e-filing of tax returns went live on June 7 but users across the board said they were unable to access it. The finance minister responded to these grievances as she tagged Infosys&nbsp;and Nilekani&nbsp;stating that she sees grievances and glitches on her timeline.&nbsp;
Infosys&nbsp;won the&nbsp;contract to develop the next-generation income tax filing system to reduce processing time for returns in 2019 from the govt.&nbsp;

Tax e-filing grievance: FM pins blame on IT firms Users say they were unable to access new website Infosys&nbsp;developed next-generation tax filing system

Hope @Infosys &amp; @NandanNilekani will not let down our taxpayers in the quality of service being provided. With that tweet the Finance Minister turned all the troubleshooting for the new portal for e-filling returns over to the tech pioneer and his company.&nbsp;
Responding to the Finance Minister, Nandan Nilekani&nbsp;tweeted, the new e-filing portal will ease the filing process and enhance end user experience. He added that some technical issues were observed on day one, and Infosys&nbsp;was working to resolve them, and expects the system to stabilise during the week. &nbsp; After much fan fare the&nbsp;portal for e-filing of tax returns went live on June 7 but users across the board said they were unable to access it. The finance minister responded to these grievances as she tagged Infosys&nbsp;and Nilekani&nbsp;stating that she sees grievances and glitches on her timeline.&nbsp;
Infosys&nbsp;won the&nbsp;contract to develop the next-generation income tax filing system to reduce processing time for returns in 2019 from the govt.&nbsp;

tax return filing

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