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ITR Filing 2024: Switching Back to the Old Tax Regime – What You Need to Know

Monika Shanmugam
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ITR Filing 2024: Switching Back to the Old Tax Regime – What You Need to Know

Since the new tax regime (NTR) was introduced in Budget 2020, it has gained prominence with lower tax rates compared to the old tax regime. In Budget 2023, the NTR became the default for FY 2023-24, meaning if no choice is made, the NTR is automatically applied. To opt for the old tax regime, taxpayers must explicitly opt out of the NTR.

In April, some media outlets incorrectly reported that the NTR became the default regime from this financial year. The Finance Ministry later clarified that there was no change effective from April 1, 2024.

How to Opt Out of the New Regime?

Individuals, HUFs, and AOPs must submit Form 10-IEA to opt out of the NTR and pay taxes under the old regime. Form 10-IEA is a declaration for those filing ITR-3, ITR-4, or ITR-5 with business income. Taxpayers without business or professional income can simply tick the ‘opting out of new regime’ box in the ITR form without submitting Form 10-IEA. Those filing returns in ITR-1 or 2 are not required to submit Form 10-IEA.

How Often Can You Switch Between the Two Regimes?

Taxpayers with Business Income

Taxpayers with business or professional income cannot switch between the two regimes every year. Once they opt out of the NTR, they have only one chance to switch back. After switching back to the NTR, they cannot choose the old regime again.

Taxpayers with Non-Business Income

Taxpayers with non-business income can switch between the new and old tax regimes each year at their discretion.

Opted Out of the New Regime Last Year?

It’s important to note that the NTR is the default regime this year. Any choice made last year does not carry over. To opt for the old tax regime this year, submit Form 10-IEA or tick the ‘opt out of new regime’ box.

For more information on how to manage your tax regime choices, consult your tax professional or visit the Income Tax department’s official website.

Deadline Alert: Over 4 Crore Income Tax Returns Filed Till July 22; Last Date July 31

Monika Shanmugam
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Deadline Alert: Over 4 Crore Income Tax Returns Filed Till July 22; Last Date July 31

The final bell for Income Tax Return (ITR) filing for 2024 is about to ring, with just a week left until the deadline of July 31, 2024. The Income Tax department announced on Tuesday that over 4 crore ITRs have been filed until July 22 for the accounting year 2024-25.

This year, the milestone was reached two days earlier compared to the last accounting year, 2023-2024, which saw such numbers by July 24. ‘Our gratitude to taxpayers & tax professionals for helping us reach the milestone of 4 crore Income Tax Returns (ITRs)!’ the IT department stated.

The department highlighted the achievement on social media platform X, noting, ‘Over 4 crore ITRs for AY 2024-25 have already been filed till July 22 this year as compared to July 24 last year.’

Income Tax Return Filing 2024

As the ITR filing deadline approaches, many taxpayers are encountering technical glitches. The IT department urges taxpayers to file their returns well in advance to avoid last-minute issues. ‘We urge all those who haven’t filed ITR for AY 2024-25 to file their ITR at the earliest to avoid last-minute rush,’ the department advised on X.

Common problems include login failures, unresponsive pages, and timeouts. Some taxpayers reported that their filings were only reflected in records after multiple submissions.

How to File ITR

Filing your ITR is not just a legal requirement; it offers several benefits, such as claiming refunds and easing loan applications. Certain government schemes and scholarship programs may also require ITRs as proof of eligibility.

If you haven’t filed your ITR yet, you can do so easily. Click here for a step-by-step guide.

For taxpayers with multiple income sources, ITR filing can be daunting, but timely submission ensures compliance and access to various financial benefits.

FII Flows: What Do the Trends Indicate? Markets Brace for a Rollercoaster Ahead of Budget

Monika Shanmugam
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FII Flows: What Do the Trends Indicate? Markets Brace for a Rollercoaster Ahead of Budget

On February 01, 2023, the Finance Minister presented the full budget, ending the markets on a mixed note. Domestic indices rose during the session.

In the past six months, foreign institutional investors (FIIs) have withdrawn substantial funds. Since the last interim budget by Nirmala Sitharaman, FIIs have sold over ₹ 63,400 crore in the equity cash segment.

From February 2023 to July 22, 2024, FIIs pulled out more than ₹ 74,240 crore from equities. In May 2024, FIIs became the highest net sellers, offloading securities worth ₹ 42,214 crore, taking a short bet on Indian markets. Meanwhile, domestic institutional investors (DIIs) bought ₹ 55,733 crore in May 2024.

In April 2024, FIIs were net sellers of ₹ 35,692 crore, while DIIs were net buyers of ₹ 44,186 crore.

DII Flow

DIIs have injected over ₹ 2 lakh crore since the last budget until the interim budget in February 2024. Between February 2023 and July 22, 2024, DIIs purchased over ₹ 3.84 lakh crore.

Sensex and Nifty Levels to Watch

In the interim budget presented by Nirmala Sitharaman, domestic equity indices closed negatively. The BSE Sensex dipped 107 points, or 0.15%, to 71,645, while the Nifty 50 fell 28 points, or 0.13%, to 21,697.45.

On February 01, 2023, Indian equity indices ended the budget session mixed. The 30-stock index rose 158 points, or 0.27%, to 59,708. Meanwhile, Nifty dropped 46 points, or 0.26%, to 17,616.30.

MSMEs Advocate for CLCSS Benefits for the Bicycle Industry

Akash G Varadaraj
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MSMEs Advocate for CLCSS Benefits for the Bicycle Industry

A delegation of industrialists presented their demands to Sanjeev Chawla, the assistant development commissioner-cum-director of the MSME-Development and Facilitation Office (MSME-DFO). They requested benefits under the credit-linked capital subsidy scheme (CLCSS) and the technology upgradation fund scheme for the bicycle industry, subsidies under the freight equalisation policy, a dedicated bank for micro, small, and medium enterprises (MSMEs), and an increase in the participation limit under the procurement and marketing support (PMS) scheme.

Led by the Federation of Industrial and Commercial Organization (FICO), the delegation urged Sanjeev Chawla to advocate for their demands with the central government. They also submitted a memorandum outlining these demands, which they consider crucial for the growth of MSMEs.

Gurmeet Singh Kular, president of the federation, stated, ‘We demand that CLCSS be made permanent with the finance limit extended to ₹5 crore, in line with the revised MSME definition. Additionally, the 15% subsidy should be increased to 25% to support the sector. He highlighted that the bicycle industry is pivotal to the state, making India the world’s second-largest manufacturer after China. However, China significantly out produces India, with 320 million bicycles annually compared to India’s 32 million. FICO emphasised the need for a technology upgradation fund scheme for the bicycle industry, proposing a 10% subsidy on capital investments up to ₹40 crore.

Rajeev Jain, the federation’s general secretary, advocated for a freight subsidy for North Indian MSME exporters due to their distance from seaports and central India’s iron and steel plants. This, he said, would help them compete with businesses closer to seaports.

He also called for a dedicated banking system for the MSME sector, providing loans and credit at an annual interest rate not exceeding 8%, with simplified procedures and documentation. Additionally, he suggested increasing the PMS scheme’s participation limit from 60 to 200 to further support manufacturers.

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Nadda Instructs FSSAI to Waive Registration Fees for Street Food Vendors

Akash G Varadaraj
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Nadda Instructs FSSAI to Waive Registration Fees for Street Food Vendors

On Saturday, Union Health Minister Jagat Prakash Nadda instructed food regulator FSSAI to waive the ₹100 registration fees for street food vendors. He also emphasised the need to create street food hubs across the country. Nadda chaired a training and awareness program for around 1,350 street food vendors conducted by the Food Safety and Standards Authority of India (FSSAI) at Vigyan Bhawan in New Delhi.

To encourage vendor registrations, Nadda directed the FSSAI to waive the ₹100 registration fee, which is currently charged annually to petty food business operators, including street food vendors, with turnovers up to ₹12 lakh. FSSAI is providing certificates and ‘Street Safe’ rapid testing kits to all participating vendors.

Nadda urged vendors to apply their training practically to ensure traditional street food remains safe. He believes that maintaining safe practices and cleanliness will help vendors grow their businesses. The government aims to increase business opportunities for street food vendors while providing safe food to consumers.

FSSAI certificates will boost vendor businesses by enhancing reliability and trust among consumers, Nadda added. He highlighted the importance of both training and re-orientation programs for street food vendors and encouraged them to utilise the PM Street Vendor’s AtmaNirbhar Nidhi (PM-SVANidhi) program.

Nadda also reiterated the Prime Minister’s commitment to building 100 street food hubs in various districts across the country. During the event, he launched a Standard Operating Procedure (SOP) for street food vendors, outlining critical hygiene and safety practices, and inaugurated a dedicated portal for vendors to share success stories and access food safety resources.

Minister of State for Health Anupriya Patel emphasized the cultural significance of street food in India and the importance of maintaining hygiene and cleanliness. Apurva Chandra, Union Health Secretary, announced that FSSAI plans to train one lakh street food vendors through its FoSTaC program next year, aiming to improve food safety standards and public health. This initiative builds on the successful training of over 18 lakh food handlers since 2017.

FSSAI CEO G Kamala Vardhana Rao, Executive Director U S Dhyani, and senior officials from the Union Health Ministry attended the event. National Association of Street Vendors India (NASVI) founder Arbind Singh praised FSSAI’s initiative but urged for similar programs nationwide.

With the recent waiver of the ₹100 registration fees for street food vendors by Union Health Minister Jagat Prakash Nadda, now is the perfect time to ensure your food business is compliant and certified. Vakilsearch offers comprehensive FSSAI registration services to help you navigate the process seamlessly. By obtaining FSSAI certification, you can enhance your business’s credibility and access essential resources like ‘Street Safe’ rapid testing kits. Our expert team will guide you through every step, ensuring you meet all safety standards and regulatory requirements efficiently.

ITR Filing 2024: Reasons Taxpayers are Requesting an Extension of the July 31 Deadline

Akash G Varadaraj
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ITR Filing 2024: Reasons Taxpayers are Requesting an Extension of the July 31 Deadline

 22 July 2024 – With the July 31 deadline for filing Income Tax Returns (ITR) for Assessment Year 2024-25 looming, taxpayers are facing significant hurdles. A surge in filings has caused persistent issues with the Income Tax Department’s e-filing portal, prompting widespread calls for an extension.

Many taxpayers and tax professionals report delays and technical glitches, hampering their ability to meet the current deadline. The frequent disruptions have led to growing requests to push the deadline to  31 August 2024, to ensure everyone can file their returns on time without unnecessary stress.

The ITR filing deadline remains a critical date, and with the ongoing portal issues, the demand for an extension is louder than ever.

With the approaching July 31 deadline for Income Tax Returns (ITR) for Assessment Year 2024-25, Vakilsearch offers expert support to navigate the complexities of filing. Their comprehensive tax filing services ensure accuracy and timeliness, helping you avoid issues with the e-filing portal and meet your deadlines with ease. Let Vakilsearch handle your tax filings efficiently, so you can focus on what matters most.

Terrorists Attacked Army Camp in J&K’s Rajouri

Akash G Varadaraj
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Terrorists Attacked Army Camp in J&K’s Rajouri

 In a tense early morning operation, terrorists attacked an Army picket in the remote village of Rajouri, prompting a swift response from security forces. The Directorate of Public Relations Jammu reported that the attack, which began around 3 am at a security post in Gundha, Rajouri, triggered an immediate firefight.

Security personnel swiftly retaliated, leading to a brief exchange of gunfire. The White Knight Corps confirmed, ‘Terrorists attacked the house of a VDC at Gunda, Rajouri at 0310h. A nearby Army column reacted and a firefight ensued. Operations are continuing.’

Authorities have intensified security measures in the region, with a cordon and search operation launched following the attack. The situation is being closely monitored to prevent any further escalation of violence.

The incident underscores the persistent threat of terrorism in the Jammu region, which has seen a recent uptick in attacks. Just last week, the Indian Army responded to suspicious movements near the Line of Control in Sunderbani, Rajouri. In another incident, two soldiers were injured during an encounter in Kastigarh, Doda district.

The surge in violence comes in the wake of several other attacks, including a recent assault on an army convoy in Kathua and encounters in Doda and Udhampur districts. The Northern Army Commander, Lt Gen MV Suchindra Kumar, paid homage to the soldiers who lost their lives in the line of duty, emphasising the Army’s commitment to maintaining peace in the region. The situation remains fluid as security forces continue their operations to ensure the safety of residents and personnel in Jammu and Kashmir.

 

CM Stalin Requests Funds for Development in the Union Budget 2024-25

Akash G Varadaraj
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CM Stalin Requests Funds for Development in the Union Budget 2024-25

Tamil Nadu Chief Minister M.K. Stalin has called for various development funds for the state in the Union Budget 2024-25. In a post on the social media platform X, CM Stalin stated, ‘In the upcoming Budget 2024, the people of Tamil Nadu are anticipating the release of three years of pending funds for the Chennai Metro Rail, approval for the express flyover between Tambaram and Chengalpattu, a reduction in income tax—a long-standing expectation of the middle class for the past decade—approval for the Coimbatore and Madurai metro rail projects, allocation of funds for pending projects under old and new railway schemes in Tamil Nadu, and an increase in the slab rate for houses under rural and urban housing development schemes.’

Earlier this year, in February, he wrote a letter to Prime Minister Narendra Modi, urging the expedited approval of Phase II of the Chennai Metro Rail Limited (CMRL) Project.

In his letter, Stalin noted, ‘I would like to draw your attention to the inordinate delay in the approval for Phase II of the Chennai Metro Rail (CMRL) project and request that you expedite the process. Phase I of the CMRL Project has been successfully implemented as a 50:50 joint venture between the Union Government and the Government of Tamil Nadu. Based on its success, we have approved Phase II under the same model, comprising three more corridors covering 119 km, at a cost of ₹63,246 crore. The same was recommended to the Union Ministry of Housing and Urban Affairs (MOHUA) for approval in January 2019.’

The Ministry of Housing and Urban Affairs (MOHUA) and NITI Aayog have endorsed the eagerly anticipated Phase II of the Chennai Metro Rail Limited (CMRL) project. The Tamil Nadu Chief Minister has expressed concerns over the delay in Central Government approval, which is affecting the timely execution of Phase II.

In addition to the Chennai metro rail project, he has also requested approval for the Coimbatore and Madurai metro rail projects and fund allocation for pending railway schemes in the state. Union Finance Minister Nirmala Sitharaman is set to present her seventh Union Budget. The Monsoon Session of Parliament will commence on July 22.

Last month, the Finance Minister met with the finance ministers of states and UTs in New Delhi to discuss their expectations from the Union Budget. Additionally, the minister met with various stakeholders of the economy, including representatives from trade unions, the education and health sectors, employment and skilling, MSMEs, trade and services, industry, economists, the financial sector and capital markets, as well as representatives from the infrastructure, energy, and urban sectors.

Tamil Nadu Chief Minister M.K. Stalin has outlined key demands for the Union Budget 2024-25, emphasising the need for the release of three years’ pending funds for the Chennai Metro Rail, approval of the Tambaram-Chengalpattu express flyover, and reductions in income tax. Stalin also seeks funding for the Coimbatore and Madurai metro rail projects, completion of pending railway schemes, and increased slab rates for housing under rural and urban schemes. His recent letter to Prime Minister Narendra Modi highlighted delays in approving Phase II of the Chennai Metro Rail project, which has received backing from MOHUA and NITI Aayog. As Union Finance Minister Nirmala Sitharaman prepares to present the budget, these issues are expected to be central in the upcoming discussions.

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OpenAI Working on Strawberry: AI Capable of Research & Planning?

Akash G Varadaraj
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OpenAI Working on Strawberry: AI Capable of Research & Planning?

OpenAI is reportedly developing a groundbreaking AI model under the code name ‘Strawberry,’ aimed at revolutionising AI with advanced reasoning and research capabilities. This new project, an evolution of the previously known Project Q*, promises to significantly enhance AI’s ability to perform autonomous internet research, complex problem-solving, and deep analysis.

The development of Strawberry comes amid increasing competition in the AI sector, with major tech companies investing heavily in new models. Unlike current Large Language Models (LLMs), which excel in summarising text and generating prose but falter in multi-step logic and common sense tasks, Strawberry is designed to tackle these challenges. OpenAI envisions Strawberry enabling AI to plan ahead, conduct comprehensive research, and execute tasks requiring extended reasoning.

According to an OpenAI spokesperson, ‘We want our AI models to see and understand the world more like we do.’ The Strawberry models aim to handle complex scientific inquiries, aid in medical research, and contribute to advanced problem-solving across various fields. Potential applications include drug discovery, mathematical problem-solving, personalised education, and strategic business planning.

While specifics about Strawberry’s features and release date remain under wraps, the project is expected to push the boundaries of AI capabilities, potentially leading to significant advancements in multiple sectors. However, it also raises concerns about AI’s impact on jobs, ethical issues, and the vast resources required for its operation.

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Vodafone Idea Approves ₹615 Crore Equity Shares to Nokia and Ericsson

Akash G Varadaraj
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Vodafone Idea Approves ₹615 Crore Equity Shares to Nokia and Ericsson

Vodafone Idea has approved the allotment of over 40 crore Equity Shares at ₹14.80 each, including a ₹4.80 premium, totaling ₹615 crore. This move significantly boosts the company’s paid-up equity share capital to ₹68,454 crore.

On Thursday, Vodafone Idea’s Capital Raising Committee sanctioned the preferential allotment, with around 25 crore shares going to Nokia Solutions and Networks India Pvt. and over 15 crore shares to Ericsson India Pvt. This strategic move aligns with SEBI regulations and aims to strengthen Vodafone Idea’s financial position.

The company, a joint venture between the UK’s Vodafone Group and India’s Aditya Birla Group, continues to serve millions of telecom customers across India. Despite this capital boost, Vodafone Idea’s shares closed 3.04% lower at ₹16.28 on the BSE, in contrast to a 0.78% gain in the Sensex.

Vodafone Idea’s recent allotment of over 40 crore equity shares, raising ₹615 crore, marks a significant financial move. To ensure seamless regulatory compliance and strategic execution, partnering with Vakilsearch can be invaluable. Our expert legal team offers comprehensive services, from navigating SEBI regulations to managing documentation and risk mitigation. With Vakilsearch, you can achieve regulatory assurance and strategic support, ensuring flawless execution of their financial strategies. 

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