HENCY R SHAH AND ASSOCIATES

New financial year:  N ew rules for investors From April 1, new income tax rates will come into effect. From now on, the new tax regime will be the default regime. Under the new tax regime, people earning up to Rs 7 lakhs per annum don’t have to pay taxes. It is the beginning of the new financial year 2023-24, individuals and investors should note a couple of significant amendments that the Central government would be following now. 1)        New tax regime From April 1, new income tax rates will come into effect. From now on, the new tax regime will be the default regime. People who want to save taxes under the old regime, need to declare it in their forms. Under the new tax regime, the basic exemption limit has been raised to Rs 3 lakh from Rs 2.5 lakh. The tax rebate has been extended on income up to Rs 7 lakh as per Section 87A, as against Rs 5 lakh.   2)        Changes in Income Tax slabs The Union Budget 20...

11 things to do before the new financial year 2023-2024   As the new financial year approaches, you may have already started planning your investments to achieve your financial goals. But before we dive into the new financial year 2023-24, it is necessary to complete certain tasks before 31 st  March 2023 to ensure maximum savings and a good start to the new fiscal year. Taking care of these important things will enable you to save on taxes and prevent yourself from paying certain penalties. So, let’s take a look at the things you need to do before 31 st  March 2023. 1.     Link your PAN with Aadhar The first thing that you need to do is link your PAN with your Aadhar. The last day to do so is 31st March 2023. However, you must do this after paying a penalty of ₹1000. If you do not link your PAN with Aadhar, your PAN will become inoperative from 1st April 2023. You will not be able to do certain things if your PAN becomes inoperative. For exa...