The rebate limit has also been increased under the new tax regime where for incomes up to ₹7 lakhs, the applicable rebate limit is now ₹25,000.
Income Tax Returns are filed annually depending on a person's annual income. However, sometimes a mismatch occurs between the information provided by a person in the I-T return. Let's take a look at how one can resolve this issue.
As per the change, for policies issued on or after April 1, 2023, the tax exemption on maturity benefits under Section 10(10D) might be relevant in the event that the total premium paid by an individual depends on Rs 5 lakh a year.
85 percent people opted for the Old Regime while 15 percent were in favour of the new one.
A penalty of Rs 5,000 if the refund is completed after the due date specified in section 139(1). However, if the total amount received does not exceed 5 lakhs, the penalty will be Rs 1,000.
The majority of people frequently view the process of filing income tax returns as time-consuming and cumbersome. That is the motivation behind why many choose to skip documenting returns.
ITR filing: Fortunately the tax department gives a choice to alter/change the bank and individual subtleties after filing the tax returns, that implies these mistakes can be amended.
ITR filing: July 31 is the due date to document personal government forms for the assessment year 2023–24 (relating to FY23), so the perfect opportunity to begin the process is when you get your Form 16.
Form 16 is a record of Tax Deduction at Source (TDS), and it conveys the subtleties of complete expenses paid in a monetary year by a salaried citizen. The TDS certificate that an employer issues at the conclusion of a financial year is known as Form 16.
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