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Winman CA-ERP AY 2024-25 Updates

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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32 views2 pages

Winman CA-ERP AY 2024-25 Updates

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.

Uploaded by

SIVAKUMAR
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

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

Common questions

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Section 115BAC's role in the software update is pivotal as it sets the framework for the default tax regime, aligning tax computations with government policy changes including rebate adjustments and marginal relief, thereby impacting taxpayer decisions regarding opting between new and old regime based on calculated benefits .

The software update added provisions to disclose 'Winnings from Online games taxable u/s 115BBJ' in the 'Lotteries, Games, Bettings' table, indicating a specific focus on enhancing compliance in reporting winnings from these activities .

The update enhances compliance by including a feature in the '43B disallowance' table under 'Business/Profession' to address 'Payment to micro/small enterprise after the time limit under the MSMED Act', emphasizing on timely payment obligations and associated penalties .

The AY 2024-25 software update establishes the new default tax regime u/s 115BAC. Additionally, the income rebate u/s 87A has been increased to 7 lakh, with the benefit of marginal relief available where income exceeds this threshold. Moreover, the tax rate table has been adjusted with specific rates allocated based on total income brackets .

The update involved minor improvements in the software design and working to enhance the user-friendliness, although specific features are not detailed, the emphasis is on improved navigation and ease of use .

The exemptions under sections 54 and 54F are now restricted to a limit of 10 crore according to the recent software updates .

Under the new update, the surcharge rate has been set to 25% for total incomes exceeding a specified amount under section 115BAC and a 10% surcharge regardless of income limit for certain co-operative societies. For presumptive businesses, the turnover limits for sections 44AD and 44ADA have increased to 3 crore and 75 lakh respectively, provided cash receipts do not exceed 5% of total receipts .

The inclusion of items such as dividend income from units in International Financial Services Centres introduces complexity but also transparency in handling different types of income at special rates, affecting users by requiring more detailed disclosure and potentially impacting tax computations based on special DTAA rates .

The updated software introduces taxation of dividend income from units in International Financial Services Centres under 'Income taxable at special rates' and 'DTAA income' tables, as stipulated by 115A(1)(a)(i).

The update introduced a new asset type 'Market linked debenture / Units of specified mutual fund - Sec. 50AA' under the 'Shares / Debentures / Units / Bonds' category in the Short-Term Capital Gains tables .

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