ITR filing 2025: The Central Board of Direct Taxes (CBDT) has released a recent circular outlining the updated guidelines for tax deductions from salary as per section 192 of the Income Tax Act, 1961. The circular also incorporated the modifications introduced in the Finance Acts of 2024 and 2023. The CBDT circular, dated February 20, … Read more
The Income Tax department periodically updates tax return forms to gather additional information from taxpayers. In December 2023, ITR forms 1 and 4 were revised for Assessment Year 2024-25 to align with changes introduced by the Finance Act 2023 amendments. These modifications and reporting requirements were implemented by the Central Board of Direct Taxes (CBDT). … Read more
ITR filing AY 2024-25: The Income Tax department time to time introduces changes in tax return forms seeking some additional details from taxpayers. Like in December 2023, the Income Tax department tweaked ITR forms 1 and 4 notified for Assessment Year 2024-25. The Central Board of Direct Taxes (CBDT) has introduced many additional reporting requirements and … Read more
ITR filing for FY2024: The Income Tax Return filing time has kickstarted for AY 2024-25 and FY2024 and will end on July 31, 2024. The deadline is for taxpayers, including individuals, bodies of individuals, or associations of persons. There are different ITR forms meant for different sections of taxpayers. This is largely based on the … Read more
Since the Centre made the New Tax Regime the default tax system in 2023, there has been many reports on which tax system is better and what to choose. The government introduced a new tax regime, known as Section 115BAC, as an alternative to the old tax regime. This new regime was optional and started … Read more
New Tax Regime: The Centre introduced the New Tax Regime under Section 115BAC as a new optional alternative to the Old Tax Regime from April 1, 2020 (FY 2020-21) for individuals and the Hindu undivided family (HUF). But after three years, Union Finance Minister Nirmala Sitharaman during the Union Budget 2023 announced that the New … Read more