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  • New Tax Rates

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    SIVAKUMAR
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    The document summarizes the key changes made in the Winman CA-ERP software for the Assessment Year 2024-25. Some of the major changes include: 1) Taxation under section 115BAC has been made the default tax regime and tax rates have been changed. 2) Surcharge rates have been changed for those taxed under section 115BAC. 3) A new tax regime under section 115BAE has been introduced for certain cooperative societies. 4) The income limit for rebate under section 87A has been increased and marginal relief is available. 5) The turnover limits for presumptive taxation under sections 44AD and 44ADA have been increased.

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    New income tax Rates

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    The document summarizes the key changes made in the Winman CA-ERP software for the Assessment Year 2024-25. Some of the major changes include: 1) Taxation under section 115BAC has been made the default tax regime and tax rates have been changed. 2) Surcharge rates have been changed for those taxed under section 115BAC. 3) A new tax regime under section 115BAE has been introduced for certain cooperative societies. 4) The income limit for rebate under section 87A has been increased and marginal relief is available. 5) The turnover limits for presumptive taxation under sections 44AD and 44ADA have been increased.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    7 views2 pages

    New Tax Rates

    Uploaded by

    SIVAKUMAR
    The document summarizes the key changes made in the Winman CA-ERP software for the Assessment Year 2024-25. Some of the major changes include: 1) Taxation under section 115BAC has been made the default tax regime and tax rates have been changed. 2) Surcharge rates have been changed for those taxed under section 115BAC. 3) A new tax regime under section 115BAE has been introduced for certain cooperative societies. 4) The income limit for rebate under section 87A has been increased and marginal relief is available. 5) The turnover limits for presumptive taxation under sections 44AD and 44ADA have been increased.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 2

    Winman CA-ERP

    New feature
    Improvements

    Minor improvements are made in the software.

    New Features
    Feature - Previous Release
    AY 2024-25 computation (as on 23-Nov-23)

    AY 24-25 version is now released and software is updated incorporating all the necessary changes.

    Key Changes:

    Taxation u/s 115BAC is made If Total income is up to Rs. 300,000 - 0%


    default Tax regime and tax rates
    rate are Rs.3,00,001 to Rs.6,00,000
    Rs. - 5%
    Rs.6,00,001 to Rs.9,00,000
    Rs. - 10%
    changed:
    Rs.9,00,001 to Rs.12,00,000
    Rs. - 15%
    Rs.12,00,001 to Rs.15,00,000
    Rs - 20%
    Above Rs.15,00,000 - 30%
    Surcharge rate changes In case of taxation u/s 115BAC,, if Total income (excluding
    dividend income/ income u/s 111A, 112 & 112A) exceeds Rs. 2
    crore, Surcharge rate is 25%.
    New Tax regime u/s 115BAE Applicable for co-operative society regd. on or after 1-Apr-23
    1 &
    commenced manufacturing within 31-Mar--24.
    Tax rate: 15%
    Surcharge: 10% irrespective of Income limit
    This option can be selected in ‘Tax rate’ row in ‘IT Computation’
    window.
    Rebate u/s 87A In case of taxation u/s 115BAC, increased the income limit for
    Rebate u/s 87A to Rs. 7 lakh and amount of rebate up to Rs.25,000.
    Further, benefit of marginal relief is also available where income
    exceeds Rs.7 lakh.
    Presumptive business u/s 44AD / Turnover limit increased to amount mentioned below, if Receipts in
    44ADA Cash & non-a/c payee modes do not exceed 5% of Total Receipts:
    - u/s 44AD - Rs.3 crore
    - u/s 44ADA - Rs. 75 lakh
    STCG - New asset type New list item 'Market linked debenture / Units of specified mutual
    fund - Sec. 50AA' is given under the asset type 'Shares / Debentures
    / Units / Bonds' in STCG tables.
    Other features:

    Option to disclose ‘Winnings from Online games taxable u/s 115BBJ’ is given in 'Winnings:
    Lotteries, Games, Bettings' table.
    New list item ‘115A(1)(a)(
    115A(1)(a)(i) - Dividend income from unit in Intl. Financial Services Centre’
    Centre is added
    in 'Income taxable at special rates' and 'DTAA income' tables.
    The exemption u/s 54 & 54F is restricted to Rs. 10 crore.
    New list item 'Payment to micro/ small enterprise after the time limit under MSMED Act' is added in
    ‘43B disallowance’ table under the head Business/Profession.
    In 'Taxable income u/s 58, 59 & 56(2)(ix), (xii), (xiii)' table, below two rows are given:
    given
    - Sum received from Business trust u/s 56(2)(xii)
    - Sum received under life insurance policy u/s 56(2)(xiii)

    Other minor improvements are also made in the software


    oftware design & working to enhance the user-friendliness.
    user

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