TS INCOME TAX SOFTWARE FY 2024-25 (AY 2025-26) FROM MEDAKBADI (BY VIJAYAKUMAR KOTA)

 *TS INCOME TAX SOFTWARE FY 2024-25 (AY 2025-26) FROM MEDAKBADI (BY VIJAYAKUMARKOTA)  Updated on 20.01.2025

 *AP INCOME TAX SOFTWARE FY 2024-25 (AY 2025-26)

This software is useful to all Department of Govt Employees in telangana state.

       Important Note for DDO's :   Downloading of Form-16 (TDS/TCS) Certificate from TRACES is mandatory & only such certificates are valid. Non compliance of the same attracts penalty under the income tax Act 1961.

if any corrections in software, comment below in this blogger page.

TDS Return Due Date of FY 2024-25 for Return Filing
Quarter	Period	Last Date of Filing
1st Quarter	1st April to 30th June	31st July 2024
2nd Quarter	1st July to 30th September	31st October 2024
3rd Quarter	1st October to 31st December	31st Jan 2025
4th Quarter	1st January to 31st March	31st May 2025

The income tax rates for FY 2024-25 (AY 2025-26) under the old tax regime.
Income tax slabs for individuals (<60 Years) under old tax regime
Income tax slabs (Rs)	Income tax rates (%)
From 0 to 2,50,000	0
From 2,50,001 to 5,00,000	5
From 5,00,001 to 10,00,000	20
From 10,00,001 and above	30
Income tax slabs for senior citizens (60 to 79 Years) under old tax regime
Income tax slabs (Rs)	Income tax rates (%)
From 0 to 3,00,000	0
From 3,0,001 to 5,00,000	5
From 5,00,001 to 10,00,000	20
From 10,00,001 and above	30
Income tax slabs for super senior citizens(>=80 Years) under old tax regime
Income tax slabs (Rs)	Income tax rates (%)
From 0 to 5,00,000	0
From 5,00,001 to 10,00,000	20
From 10,00,001 and above	30
Income tax slabs under new tax regime for FY 2024-25
Income tax slabs (Rs)	Income tax rate (%)
From 0 to 3,00,000	0
From 3,00,001 to 7,00,000	5
From 7,00,001 to 10,00,000	10
From 10,00,001 to 12,00,000	15
From 12,00,001 to 15,00,000	20
From 15,00,001 and above	30
Note: U/S 87A ,Tax rebate up to Rs.25,000 is applicable if the total income does not exceed Rs 7,00,000
Changes made in the FY 2024-25
a)  Standard deduction limit increased to Rs 75,000 from Rs 50,000 . This standard deduction is available to those individual taxpayers who are receiving income from salary or pension
b) Hike in standard deduction limit for family pensioners to Rs 25,000 from Rs 15,000 -  This standard deduction is applicable to have receiving family pensions.
c)  The employer's contribution to the NPS account Hiked to 14% from 10%. This hike in deduction will help the employees to save more tax in the new tax regime Changes in Taxation on Capital Gains Budget 2024 has made significant changes on the tax implications on the capital gains which are as under: Holding period for determining long-term and short-term has been simplified for all listed securities - a period of 12 months is to be considered, and for other assets period of 24 months should be considered for determining whether the asset is a long-term capital asset or not. Further, no indexation will be available for sale made from 23rd July, 2024 for any long term capital asset. LTCG Tax Rate u/s 112A and 112 have been changed to 12.5% from 23rd July, 2024.  STCG Tax Rate u/s 111A has been increased to 20% from 23rd July, 2024. Further, exemption limit u/s 112A has been increased from Rs. 1 lakh to Rs. 1.25 lakhs. Pension Received by a Family Member Pension received by a family member is taxed under the head ‘income from other sources’ in family member’s income tax return.  If this pension is commuted or is a lump sum payment, it is not taxable in certain cases Uncommuted pension received by a family member is exempt to a certain extent. Rs. 25,000 or 1/3rd of the uncommuted pension received – whichever is less is exempt from tax. (This amount of Rs. 25,000 has been increased from Rs.15,000 with effect from FY 2024-25) For example – If a family member receives a pension of Rs 1,00,000, the exemption available is least of – Rs 25,000 or Rs 33,333 (1/3rd of Rs 1,00,000).  Thus, the taxable family pension will be Rs.75,000 (Rs 1,00,000 – Rs 25,000) 80E Education loan:  The interest you pay on an education loan is entirely tax-free, as you can claim tax deductions against it Time Limit for Claiming Deductions: you can claim deductions under Section 80E for up to eight years. The tenure starts from the year you start paying back the loan's interest or until all the interest has been paid off, whichever is earlier HOME LOAN TOP-UP OFFER TAX BENEFITS : You can avail a maximum deduction of Rs.30,000 on a Home Loan Top-up if you have receipts and documents proving that the Top-up Home Loan has been used for acquisition/ construction/repair/renovation of a residential property. The limit of Rs 30,000 is available for a self-occupied house only. In case repairs and renovations have been done on a let-out property, no deduction can be claimed Switching Back to the Old Tax Regime From the financial year 2023-24, the new income tax regime will be valid as the default tax regime. The frequency of switching between old and new tax regimes depends on the type of your income. If it's professional or business income, you can switch between old and new tax regimes only once during the lifetime. But if the income type is other than professional/business income, you can switch between the old and new tax regimes yearly.       ...Source from internet