Navigating the Old Tax Regime: A Guide to Income Tax Return Filing in Kota (AY 2024-25)
Income Tax Return Filing in Kota
With the new financial year kicking off, filing your income tax return can seem like a daunting task. Here at Registration Service, Kota’s trusted team of Chartered Accountants (CAs), we’re here to simplify the process for you. This blog focuses on the old tax regime for Assessment Year (AY) 2024-25, including tax slab charts for all age groups, empowering you for a smooth income tax return filing experience in Kota.
Understanding the Tax Regimes: Old vs. New
India offers two options for filing income tax returns: the old tax regime and the new tax regime. Choosing the right regime depends on your individual circumstances, particularly the deductions you can claim. We recommend consulting a tax expert at Registration Service to determine which regime best suits your needs.
Demystifying the Old Tax Regime
The old tax regime allows you to claim various deductions and exemptions under different sections of the Income Tax Act, 1961. These deductions can significantly reduce your taxable income, thereby lowering your tax liability. However, unlike the new regime, it doesn’t offer standardized deductions.
Tax Slab Chart for AY 2024-25 (Old Regime):
Here’s the income tax slab information for Individuals below 60 years old and Hindu Undivided Families (HUF) under the old tax regime for Assessment Year (AY) 2024-25:
| Age Group | Basic Exemption Limit | Tax Slab | Tax Rate |
| Below 60 Years | ₹ 2,50,000 | Up to ₹2,50,000 | Nil |
| ₹2,50,001 – ₹5,00,000 | 5% | ||
| ₹5,00,001 – ₹10,00,000 | 20% | ||
| Above ₹10,00,000 | 30% |
–The income tax slabs for individuals below 60 years and HUF are the same under the old tax regime.
–This information applies only to the old tax regime. There’s a separate set of slabs for the new tax regime.
–Remember, the old regime allows for various deductions and exemptions, but lacks standardized deductions offered by the new regime.
–An additional 4% health and education cess is applicable on the tax amount after considering the exemption limit. This cess is levied on the income tax payable, not on the total income itself.
How is Health and Education Cess Calculated?
1. Calculate your taxable income after claiming all eligible deductions under the chosen tax regime (old or new).
2. Apply the applicable tax slab based on your age group and taxable income (refer to the income tax slab charts for FY 2023-24 or FY 2024-25 depending on the context). This will give you the basic tax amount payable.
3. Add the 4% health and education cess on the basic tax amount calculated in step 2. This represents the additional cess you need to pay.
For example, let’s consider someone below 60 years old with a taxable income of ₹4, 00,000 in FY 2023-24 (AY 2024-25):
Exemption Limit: ₹2,50,000 (assuming the old tax regime)
Taxable Income: ₹4,00,000 – ₹2,50,000 = ₹1,50,000
Tax Slab Applicable: 5% (as the taxable income falls between ₹2,50,001 – ₹5,00,000)
Basic Tax Amount: ₹1,50,000 * 5/100 = ₹7,500
Health and Education Cess: ₹7,500 * 4/100 = ₹300
Total Tax Payable: ₹7,500 (basic tax) + ₹300 (cess) = ₹7,800
Here’s the income tax slab information for Individuals aged between 60 years and 80 years under the old tax regime for Assessment Year (AY) 2024-25:
| Age Group | Basic Exemption Limit | Tax Slab | Tax Rate |
| 60 Years to 79 Years | ₹ 3,00,000 | Up to ₹3,00,000 | Nil |
| ₹3,00,001 – ₹5,00,000 | 5% | ||
| ₹5,00,001 – ₹10,00,000 | 20% | ||
| Above ₹10,00,000 | 30% |
–Senior citizens aged 60 to 79 years enjoy a higher basic exemption limit compared to individuals below 60 years old under both the old and new tax regimes.
–The old regime allows for claiming various deductions under different sections of the Income Tax Act, 1961. However, it doesn’t offer standardized deductions.
–The new regime offers a simplified tax structure with standardized deductions, but the exemption limit is lower compared to the old regime for senior citizens.
–An additional 4% health and education cess is applicable on the tax amount after considering the exemption limit. This cess is levied on the income tax payable, not on the total income itself.
How is Health and Education Cess Calculated?
1. Calculate your taxable income after claiming all eligible deductions under the chosen tax regime (old or new).
2. Apply the applicable tax slab based on your age group and taxable income (refer to the income tax slab charts for FY 2023-24 or FY 2024-25 depending on the context). This will give you the basic tax amount payable.
3. Add the 4% health and education cess on the basic tax amount calculated in step 2. This represents the additional cess you need to pay.
For example, let’s consider someone below 60 years old with a taxable income of ₹4, 00,000 in FY 2023-24 (AY 2024-25):
Exemption Limit: ₹2,50,000 (assuming the old tax regime)
Taxable Income: ₹4,00,000 – ₹2,50,000 = ₹1,50,000
Tax Slab Applicable: 5% (as the taxable income falls between ₹2,50,001 – ₹5,00,000)
Basic Tax Amount: ₹1,50,000 * 5/100 = ₹7,500
Health and Education Cess: ₹7,500 * 4/100 = ₹300
Total Tax Payable: ₹7,500 (basic tax) + ₹300 (cess) = ₹7,800
Here’s the income tax slab information for individuals aged 80 years and above under the old tax regime for Assessment Year (AY) 2024-25
| Age Group | Basic Exemption Limit | Tax Slab | Tax Rate |
| 80 Years and Above | ₹ 5,00,000 | Up to ₹5,00,000 | Nil |
| ₹5,00,001 – ₹10,00,000 | 20% | ||
| Above ₹10,00,000 | 30% |
–Super senior citizens (above 80 years old) enjoy the highest basic exemption limit under both the old and new tax regimes.
–Similar to senior citizens (60-79 years old), the old regime allows for claiming various deductions, while the new regime offers standardized deductions but a lower exemption limit.
–An additional 4% health and education cess is applicable on the tax amount after considering the exemption limit. This cess is levied on the income tax payable, not on the total income itself.
How is Health and Education Cess Calculated?
Calculate your taxable income after claiming all eligible deductions under the chosen tax regime (old or new).
Apply the applicable tax slab based on your age group and taxable income (refer to the income tax slab charts for FY 2023-24 or FY 2024-25 depending on the context). This will give you the basic tax amount payable.
Add the 4% health and education cess on the basic tax amount calculated in step 2. This represents the additional cess you need to pay.
For example, let’s consider someone below 60 years old with a taxable income of ₹4, 00,000 in FY 2023-24 (AY 2024-25):
Exemption Limit: ₹2,50,000 (assuming the old tax regime)
Taxable Income: ₹4,00,000 – ₹2,50,000 = ₹1,50,000
Tax Slab Applicable: 5% (as the taxable income falls between ₹2,50,001 – ₹5,00,000)
Basic Tax Amount: ₹1,50,000 * 5/100 = ₹7,500
Health and Education Cess: ₹7,500 * 4/100 = ₹300
Total Tax Payable: ₹7,500 (basic tax) + ₹300 (cess) = ₹7,800
Maximizing Tax Benefits under the Old Regime:
The old regime provides numerous deductions under various sections of the Income Tax Act that can significantly reduce your tax burden. Here are some common examples:
–Investments under Section 80C (e.g., Public Provident Fund, Equity Linked Savings Schemes)
–Medical insurance premiums under Section 80D
–Home loan interest payment under Section 24(b)
–Donations to charitable institutions under Section 80G
Streamlining Your Income Tax Return Filing in Kota:
At Registration Service, Kota, our team of experienced CAs can guide you through the entire income tax return filing process. We offer comprehensive services, including:
–Analyzing your income and tax deductions to recommend the optimal tax regime (old or new).
–Preparing and filing your income tax return accurately and efficiently.
–E-filing your return for faster processing.
Don’t navigate the complexities of income tax return filing alone!
For a hassle-free and optimized return in Kota, contact Registration Service today. We ensure you comply with all tax regulations and potentially minimize your tax liability.
Registration Service Provides the Following Services in Kota
Private Company Registration, Public company registration, Nidhi Company Registration, (FPO/FPC) Farmer Producer Organisation Registration /Farmer Producer Company Registration, One person company (OPC) Registration, NGO – Section 8 Company Registration, LLP- Limited Liability Partnership Registration, Proprietorship Firm Registration, Partnership Firm Registration, Import Export Code (IEC), MSME Registration, BRN – Business Registration Number, Accounting Service, Income Tax Return, Salaried Return, Business Return, Share Market Return, Project Reports, Individual Audit, Company Audit, Company Compliances, GST Audit, GST Annual Filling, GST Registration, GST Return, PF Registration, PF Return, ESI Registration, ESI Return, Digital Signature certificate (DSC), Trademark Registration, Reply of Examination Report in Trademark Registration.
Registration service provides the income tax return service in the following cities of Rajasthan:
Income Tax Return In Ajmer
Income Tax Return In Alwar
Income Tax Return In Anoopgarh
Income Tax Return In Balotra
Income Tax Return In Banswara
Income Tax Return In Baran
Income Tax Return In Barmer
Income Tax Return In Beawar
Income Tax Return In Bharatpur
Income Tax Return In Bhilwara
Income Tax Return In Bikaner
Income Tax Return In Bundi
Income Tax Return In Chittorgarh
Income Tax Return In Churu
Income Tax Return In Dausa
Income Tax Return In Deeg
Income Tax Return In Dholpur
Income Tax Return In Didwana Kuchaman
Income Tax Return In Dudu
Income Tax Return In Dungarpur
Income Tax Return In Ganganagar
Income Tax Return In Gangapurcity
Income Tax Return In Hanumangarh
Income Tax Return In Jaipur
Income Tax Return In Jaisalmer
Income Tax Return In Jalore
Income Tax Return In Jhalawar
Income Tax Return In Jhunjhunu
Income Tax Return In Jodhpur
Income Tax Return In Karauli
Income Tax Return In Kekri
Income Tax Return In Khairthal-Tijara
Income Tax Return In Kota
Income Tax Return In Kotputli-Behror
Income Tax Return In Nagaur
Income Tax Return In Neem Ka Thana
Income Tax Return In Pali
Income Tax Return In Phalodi
Income Tax Return In Pratapgarh
Income Tax Return In Rajsamand
Income Tax Return in Ramganj Mandi
Income Tax Return In Salumbar
Income Tax Return In Sanchor
Income Tax Return In Sawai Madhopur
Income Tax Return In Shahpura
Income Tax Return In Sikar
Income Tax Return In Sirohi
Income Tax Return In Tonk
Income Tax Return In Udaipur