Income Tax Day, or Aaykar Divas, is celebrated in India every year on July 24. To commemorate the historical evolution of tax administration in India and the ongoing reforms that aim to enhance tax compliance and simplify the process for taxpayers, the PG Department of Commerce & Management of PCM SD College for Women, Jalandhar organized a lecture on various provisions of income tax as discussed in the budget 2024 for the students of B.com (R) Sem – I and B.com (FS) Sem – I.
The discussion was conducted keeping into consideration the income tax changes announced recently by Finance Minister Nirmala Sitharaman in her Union Budget speech as on 23rd July 2024. The students discussed changes including- new income tax slabs for FY 2024-25 and a hike in the standard deduction i.e. from Rs 50,000 to Rs 75,000. Also, various provisions were discussed, the tax slab limit for 5% tax rate was changed from Rs 5 lakh to Rs 7 lakh. The students were given complete knowledge about new income tax regime tax slabs and comparison between the old tax regime and new tax regime.
To improve social security benefits, the budget also focused on creating skilled workforce wherein the top 500 companies were identified to give one year internship to the students, deduction of expenditure by employers towards NPS is proposed to be increased from 10 to 14 per cent of the employee’s salary, Introduction of simplified tax regimes without exemptions and deductions for corporate tax and personal income tax were some issues of discussion.
Total 36 students attended the lecture. The speakers were Mrs. Rachana Ralhan and Ms. Rohini Jairath from the PG Department of Commerce & Management. Students actively participated in the discussion and were keen to know about how income tax has changed under the new budget of 2024. It was a knowledgeable session for students and proved to be fruitful as they were made friendly with various aspects of income tax and budget.
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