Big news! ITR Filling New Form Released! For income tax, CBDT distributed the ITR form three months ahead of time

 Big news! ITR Filling New Form Released! For income tax, CBDT distributed the ITR form three months ahead of time

Big news! ITR Filling New Form Released! For income tax, CBDT distributed the ITR form three months ahead of time

ITR Form: Shortly after the 2023 Budget, in February 2023, the Income Tax Department informed taxpayers that ITR forms were available for the fiscal year 2022–2023 (AY 2023–24). This year, three months prior to the current financial year's deadline of March 31st, ITR forms were sent out.

Income Tax Return: This information will be helpful to you if you also submit an Income Tax Return (ITR) each year. Information on ITR forms ITR-1 and ITR-4 for the fiscal year 2023–24 (AY 2024–25) has been released by the Central Board of Direct Taxes (CBDT). The deadline for CBDT to file returns is set for July 31, 2024. This time, CBDT has informed the ITR form seven months in advance of the deadline, assuming no modifications are made to the deadline. The Income Tax Department sent out this notice on December 22, 2023.

ITR form notification three months prior to March 31st

ITR forms for the fiscal year 2022–23 (AY 2023–24) were previously announced by the Income Tax Department in February 2023, shortly after the 2023 Budget. This year, three months prior to the current financial year's deadline of March 31st, ITR forms were sent out. Experts claim that in such a scenario, taxpayers won't be able to get accurate information on their entire income prior to the end of the fiscal year. Individuals whose total income from all sources does not exceed Rs 50 lakh are eligible to submit an ITR-1. Your income comes from a variety of sources, such as your wage, property income, interest, dividends, and other sources, as well as revenue from farming and other sources.

will only be permitted to file under the previous tax system.

ITR-1 may not always be used by the taxpayer. a shareholder in unlisted equity shares or a director of a firm. Aside from this, when income tax has been postponed on an ESOP or where TDS has been applied on an individual's cash withdrawal under section 194N. Anybody wishing to submit an ITR for the 2023–24 fiscal year (AU 2024–25) must choose the previous tax regime.

A new tax system has been automatically put into place.

The 2023 budget automatically introduced the new tax structure. Thus, unless an individual chooses to opt out of the new tax system, the new tax regime will be used to compute their tax on the online ITR form. There is no tax refund option like HRA, LTA, Section 80C, 80D, etc. under the new tax system. For the salaried class, you may deduct a normal amount of Rs 50,000. The employer's NPS payment is also eligible for a deduction under Section 80CCD (2) of the new tax scheme.

Knowledge of advance taxes

A campaign to inform taxpayers about the payment of advance income tax is being conducted by the Income Tax Department. On any individual's anticipated income for the fiscal year, advance income tax is paid. Businesses also have to pay advance tax. If an individual's income tax burden (after deducting TDS) above Rs 10,000 in a given fiscal year, they must pay advance income tax, regardless of whether they work for a company or freelance.