Tax-free income: Under both Old and New Tax regimes, a certain amount of annual income above the respective basic exemption limits are free from any taxes.
The aim is to widen the taxpayer base by 10 per cent to about 86 million in FY24.
Choosing the correct ITR form is crucial while filing the Income Tax Return. Using the wrong ITR form can result in a defective filing, and the tax authorities will send a notice to file a revised ITR
The ruling came in respect to a number of appeals filed by the revenue department, which were dismissed by the apex court.
ITR filing AY 2023-24: Here is the step-by-step guide for filing the Revised ITR.
Taxpayers having business or profession income, who wish to avail the benefits of the new tax regime, must submit Form 10IE before the due date of filing ITR. Filing this form online on the income tax e-filing portal is easy and must be done before the deadline.
Knowing key dates related to tax can help taxpayers stay compliant with tax laws, avoid financial and legal consequences.
The interest earned on Post Office MIS & SCSS accounts are taxable.
The IT department is also investigating independent tax professionals who may have assisted with these transactions.
e-filing ITR start date 2023 (AY 2023-24): The Income Tax Return (ITR) e-filing for Assessment Year 2023-24 (FY 2022-23) is expected to start soon.
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