Income Tax Changes

To facilitate taxpayers and to improve the ease of filing, no significant changes have been made to the ITR forms in comparison to the last year's ITR Forms, the Income Tax department said.

In the last full Budget before Prime Minister Narendra Modi seeks a third term, the government Wednesday unveiled a slew of measures aimed at appeasing India's middle class.

Finance Minister Nirmala Sitharaman on Wednesday said the government has made the new income tax regime more attractive for taxpayers and has thus brought about 'substantial changes' in its structure for the benefit of the middle class.

Budget 2023: Prime Minister Narendra Modi wooed hundreds of millions of middle class voters and women with incentives such as tax rebates and savings plans to ensure their backing in national elections next year.

Budget 2023: Finance Minister Nirmala Sitharaman has increased the rebate limit for individual taxpayers from Rs 5 lakh to Rs 7 lakh a year.

Nothing changes if you choose the Old Tax Regime, which has exemptions for investments; New regime is now the default scheme unless you opt for Old

Changes in capital gains tax in India are expected in the next budget, an income tax official from India's finance ministry said today.

The government also intends to eventually "do away with income tax exemptions" and "look at ways to strengthen the system", say sources

The Income Tax department has reduced the time limit for e-verification or hard copy submission of the ITR-V, post-filing taxpayer returns, from 120 days to 30 days, beginning August 1.

The government has said that it is not going to extend the deadline to file income tax return beyond July 31.

These significant changes in the income tax rules came into effect on July 1 this year

Depositing more than Rs 20 lakh a year, one will now need to present their PAN details as well as their Aadhaar card mandatorily.

There are some exemptions announced by the Central Board of Direct Taxes, which include discounts being offered by sellers.

Income tax is levied on the basis of a slab system. This means, different tax rates are prescribed for different ranges of income.

The Union Budget had brought in the provision of TDS to check tax revenue leakage by inserting a new section, 194R, in the Income Tax Act, 1961.

To facilitate taxpayers and to improve the ease of filing, no significant changes have been made to the ITR forms in comparison to the last year's ITR Forms, the Income Tax department said.

In the last full Budget before Prime Minister Narendra Modi seeks a third term, the government Wednesday unveiled a slew of measures aimed at appeasing India's middle class.

Finance Minister Nirmala Sitharaman on Wednesday said the government has made the new income tax regime more attractive for taxpayers and has thus brought about 'substantial changes' in its structure for the benefit of the middle class.

Budget 2023: Prime Minister Narendra Modi wooed hundreds of millions of middle class voters and women with incentives such as tax rebates and savings plans to ensure their backing in national elections next year.

Budget 2023: Finance Minister Nirmala Sitharaman has increased the rebate limit for individual taxpayers from Rs 5 lakh to Rs 7 lakh a year.

Nothing changes if you choose the Old Tax Regime, which has exemptions for investments; New regime is now the default scheme unless you opt for Old

Changes in capital gains tax in India are expected in the next budget, an income tax official from India's finance ministry said today.

The government also intends to eventually "do away with income tax exemptions" and "look at ways to strengthen the system", say sources

The Income Tax department has reduced the time limit for e-verification or hard copy submission of the ITR-V, post-filing taxpayer returns, from 120 days to 30 days, beginning August 1.

The government has said that it is not going to extend the deadline to file income tax return beyond July 31.

These significant changes in the income tax rules came into effect on July 1 this year

Depositing more than Rs 20 lakh a year, one will now need to present their PAN details as well as their Aadhaar card mandatorily.

There are some exemptions announced by the Central Board of Direct Taxes, which include discounts being offered by sellers.

Income tax is levied on the basis of a slab system. This means, different tax rates are prescribed for different ranges of income.

The Union Budget had brought in the provision of TDS to check tax revenue leakage by inserting a new section, 194R, in the Income Tax Act, 1961.