This change will happen in the new financial year, know the new rule, expert gave information

Ronit Kawale
Ronit Kawale - Senior Editor
4 Min Read
This change will happen in the new financial year, know the new rule, expert gave information

Lakheshwar Yadav/Janjgir Champa:- The new financial year will start from April 1, in which there are going to be changes in many rules related to the bank, which is important for you to know. Many times, due to lack of information, there is loss in payment related transactions. Let us know from Chartered Accountant Mayank Aggarwal what is happening this financial year.

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Regarding the financial year 2024-25, Chartered Accountant of Janjgir Mayank Agarwal told PressNews24 that the new financial year is going to start on April 1. There has been a change in income tax. At present there are 02 schemes in Income Tax, Old and New Scheme. Earlier, by default in the old scheme, if one had to switch to the new scheme, the form had to be filled. Now this rule has been reversed that as per the by default facility will remain in the new scheme. If a businessman wants to go to the old scheme, he will have to submit a form. After that, ITR can be filed under the old scheme.

File your return by this date
CA Mayank Aggarwal said that 31st July is the last date for filing ITR. If you file returns by 31st July, you will have the option to go to any scheme, old or new. If you file ITR with penalty after July 31, then this option will not be available to you at that time. You will be able to file returns only under the new scheme, you will not be able to file returns under the old scheme.

What is the difference between new and old scheme?
CA Mayank Aggarwal further told PressNews24 that the basic difference between the old and new schemes is that in the old scheme, exemption is available in home loan, LIC, NSC, PPF etc. under 80C. But if you claim this exemption, the tax rate is higher. This exemption is not available in the new scheme, but the tax rate has been reduced. With this, the employee taking salary has this facility. They can go to those old and new schemes in which the tax is less. Businessman has to fill the form to go to the old and new scheme.

This year, another change has happened that under Section 43B, if you buy goods from any service provider or any manufacturer, then it is necessary to make payment within 45 days. If payment is not made within 45 days, that amount will be added to our income and income tax will also have to be paid on it.

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Is KYC necessary in Fastag?
According to the rules of NHAI (National Highway Authority of India), to pay tax in toll plaza, it is mandatory for all four wheeler vehicles and heavy vehicles to have Fastag, for which KYC is mandatory. If you have not got the KYC done for the Fastag installed in your vehicle, then get it done immediately, because if the KYC of the Fastag is not done, the Fastag may become inactive after April 01, due to which you will have to pay double the charge while passing through the toll plaza.

Tags: Chhattisgarh news, FASTag, ITR filing, Local18

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