Income Tax Rules: If you also pay income tax every year, then this news is of use to you. Yes, in the year 2024, many income tax rules have been changed by the Government of India. These changes were announced in the budget by the Finance Minister. According to these changes, if you file your income tax return in July 2025, then there may be a difference in how much tax you will have to pay. Now you will get more or less exemption on some things than before. Let us know about these changes in detail-

new tax regime

Due to the changes in the new tax regime, people can save up to Rs 17,500 annually. According to the new rules, now people will have to pay less tax. If your annual income is less than Rs 3 lakh, then you will not have to pay any tax. If the income is between Rs 3 lakh to Rs 7 lakh, then you will have to pay 5% tax. Similarly, the higher your income, the more tax you will have to pay. But due to the new rules, you will have to pay less tax than before. Under the new tax regime, the limit of standard deduction for all employees has been increased from Rs 50,000 to Rs 75,000. Also, for family pensioners, this limit has been increased from Rs 15,000 to Rs 25,000.

Old Tax Regime
If you want to pay tax as per the old tax regime, then the standard deduction limit will remain the same as before. That is, you can calculate tax by deducting Rs 50,000 (for salaried people) or Rs 15,000 (for pensioners) from your total income. Tax rates are different in the old tax regime. There will be no tax on income up to Rs 2.5 lakh. 5% tax will be levied on income from Rs 2.5 to 5 lakh, similarly 20% tax will be levied on income from Rs 5 to 10 lakh. 30% tax will be levied on income above Rs 10 lakh.

Capital Gain Tax
on Short-Term Capital Gain If you held any share or mutual fund for less than a year and made a profit by selling it, earlier you had to pay 15% tax on it. Now you will have to pay 20% tax. Similarly, if you held any share or mutual fund for more than a year and made a profit by selling it, earlier you had to pay 10% tax on it. Now you will have to pay 12.50% tax. Earlier, if you held any share or mutual fund for more than a year and made a profit of up to Rs 1 lakh by selling it, you did not have to pay tax on it. Now you will not pay tax on earning profit up to Rs 1,25,000.

Tax hike in security transactions
Equity derivatives (F&O) are financial instruments based on shares such as options and futures. These are used to make profits from changes in the price of shares. If you trade in futures, you had to pay 0.0125% tax earlier, now you will have to pay 0.02% tax. Tax has been increased on some transactions in the stock market. This may cause some loss to people doing business in the stock market.

Tax on share buyback
Earlier, when a company used to take back its shares, the shareholder did not have to pay any tax on the money received from it. But now the government has changed the rules. Now the shareholder will have to pay tax on the money received from the buyback. This tax will be levied in the same way as tax is levied on dividend. This rule has been implemented from October 1, 2024.

Indexation Benefit
Earlier, if you kept a property for a long time and sold it, then tax was calculated keeping inflation in mind. This made you pay less tax. But now the government has changed this rule. Now in most cases you will have to pay tax without inflation. However, if you sell land or house, then you will have two options. First, pay 12.5% ​​tax, in which inflation will not be taken into account. Second, pay 20% tax, in which inflation will be taken into account.

TDS
(Tax Deducted at Source) When you take money from someone, some tax has to be deducted from that money and given to the government. This is called TDS. TCS (Tax Collected at Source) When you buy some goods, some tax is deducted separately from the price of that goods for the government. This is called TCS. The government has made some changes in the TDS rules. Earlier 5% TDS had to be deducted in some cases, now only 2% has to be deducted. Earlier 20% TDS had to be deducted on withdrawing money from mutual funds, now this will not have to be deducted. E-commerce companies will now have to pay less tax. Earlier they had to pay 1% tax, now only 0.1% tax will have to be paid.

Right to demand tax again:
Earlier, if you paid less tax in a year, then the government could not demand that tax after some time. But now the government has been given the right that it can demand tax from you even after 5 years. But this rule will be applicable only if you have not paid tax on income of more than Rs 50 lakh. If you have not paid tax on income of less than Rs 50 lakh, then the government cannot demand tax from you later.

Vivaad se Vishwas Yojana
The government launched the 'Vivaad se Vishwas Yojana' in the budget of the year 2024. The purpose of this scheme is to end the disputes that people have with the government regarding tax. Under this scheme, if a person is having a dispute with the government regarding tax, then he can give some money to the government. If he does so, the government will waive the penalty and interest imposed on him.