00:00Just like every year, this year is also coming to an end and now there is only one day left
00:07in the new year.
00:08In the new year, the bell of tension of the taxpayers filing the ITR will also start ringing
00:15because in 2024, the Income Tax Department has changed some rules related to tax.
00:20So if you are going to file an RTR in 2025, then you should know about these rules from
00:26the beginning so that when the last date of ITR filing starts coming close to the tick,
00:31then you do not have to worry.
00:33In 2024, there have been very significant changes in the income tax law, which were
00:38presented in July 2024 due to the union budget.
00:41As soon as the elections took place between April and June 2024, this budget was presented
00:46in mid-year, that is, it came in July.
00:49The effect of these changes is the financial year 2024-2025 income tax calculation and
00:54income tax return i.e. ITR filing in July 2025.
00:59Let's know about those changes that can increase the tension of the taxpayers.
01:04So there are a total of 15 changes, so you must watch this video till the end so that
01:08you do not have to face any trouble.
01:10The first is that there has been a change in the tax labs.
01:13So the government has changed the income tax lab under the new tax regime and
01:18the taxpayers can save up to Rs.17,500 for the financial year 2024-2025.
01:24The second is that the standard deduction has been increased.
01:27In the new tax regime, the limit of standard deduction has been increased from Rs.50,000
01:31to Rs.75,000.
01:33In addition, this limit has been increased from Rs.15,000 to Rs.25,000 for family pension
01:38holders.
01:40You can also see the changes in the income tax labs on the screen.
01:44In addition, there has been a deduction on NPS contribution.
01:48Now, under the new tax regime, a deduction of up to 14% can be claimed on NPS contribution.
01:55Earlier, this limit used to be 10%.
01:57This claim can be made under Section 80CCD2 of the Income Tax.
02:02The next is that the new levels of LTCG and STCG have been implemented in this budget.
02:08So, short-term capital gain tax i.e. STCG, equity and equity-oriented mutual funds will
02:14be taxed from 20%.
02:16In the long-term capital gain i.e. LTCG, 12.5% tax will be imposed on all assets.
02:22In addition, there has been a change in the holding option.
02:25To define capital gain in the form of long-term or short-term, the holding periods have been
02:30limited to two categories.
02:32The first is for listed assets, which is of 12 months.
02:35And for unlimited securities, the holding period is of 24 months.
02:39In addition, the TDS rate has also been rationalized.
02:43On some income, TDS rates have already been simplified.
02:47For example, 2% payment has been made on insurance policy.
02:50This was implemented on 1 October 2024.
02:53Apart from this, 2% payment on rent was also implemented on 1 October.
02:57Payment by e-commerce operators is 0.1%.
03:00Apart from this, the seventh change is the claim of TDS-TCS credit.
03:04Employees can now deduct the TDS deducted from the new IS source or expenses
03:09and reduce the TDS deducted from their salary.
03:14The next is the credit benefit of TCS.
03:16Parents can take the credit of TCS imposed on their children's foreign education.
03:22This new rule will be applicable from 1 January 2025.
03:27Now, the ninth rule in this list is that the share buyback will be taxed.
03:31On the amount obtained from the share buyback,
03:33the individual will be taxed according to the slab rates.
03:37This new law has been implemented since 1 October 2024.
03:41According to the new law, there is a possibility of increasing the tax burden on the income of individuals
03:46whose income is taxed by 30% tax slab rate.
03:50However, individuals whose income is taxed less than 20%
03:54have the full possibility of benefiting from this.
03:58They will have to pay less tax on the sale of the shares.
04:03By 3 September 2024, the company that has bought the shares
04:08has paid a dividend distribution tax of 20% on the purchase of the shares.
04:15It has also paid a surcharge of 12% and a cess of 4%.
04:19The next is the TCS on luxury goods.
04:22TCS will be imposed on the purchase of luxury goods worth more than Rs 10 lakh.
04:27This new rule will also be applicable from 1 January 2025.
04:31This means that if you are planning to buy luxury goods,
04:34this tax will be directly imposed on your pocket.
04:37The next is the amendment on the sale of property in TDS.
04:40TDS will be taxed on the purchase of property worth more than Rs 50 lakh.
04:45However, the share of any seller should be less than Rs 50 lakh.
04:49The next is the TDS on RBI floating rate bonds.
04:52TDS will be taxed on income worth more than Rs 10,000 per month.
04:57This will be applicable from 1 October 2024.
05:00The next is the Vivaad se Vishwaas Yojana 2.0.
05:04This scheme has been presented to solve the issues
05:07between the tax payers and the income tax department
05:10which has been applicable from 1 October 2024.
05:13The next is the absence of the Aadhaar Namankan number.
05:16The Aadhaar Namankan number can no longer be used
05:19in the income tax return and PAN application.
05:23It was made mandatory in 2017,
05:26but the government has removed it again in the full budget of 2024.
05:31The next is the amendment on the opening of old ITRs.
05:35In cases of income worth more than Rs 50 lakh,
05:38the income tax department can open old ITRs for only 5 years,
05:42which used to be 10 years earlier.
05:45There have been about 15 changes related to the income tax
05:48that have been made in 2024,
05:51which will now affect you for the lifetime,
05:54especially for 2025.
05:56What do you think about this?
05:58Do tell us in the comments.
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