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The Income Tax Act, 1961, and the Income Tax Rules, 1962, require citizens to file their tax returns with the Income Tax Department at the end of every financial year and this form is a part of the filing process as specified by the Government of India. The due date for filing return with the Income Tax Department of India is 31 July every year.
The New Tax Regime is a scheme of Income tax in India first proposed in Union Budget 2020–21. [1] Subsequent Budget of FY2021-22 did not see any major announcements in this regime. [2] During the Budget 2022–23, reports emerged that New Tax Regime was getting poor response [3] and Government is considering to make it more attractive among ...
After three years from introduction, Indian Government reduced both the slab count & tax rates under New Tax Regime in Budget 2023, after reports of poor adoption to new tax regime by tax payers. Tax brackets. For the assessment year 2016–17, individuals earning up to ₹ 2.5 lakh (US$3,100) were exempt from income tax.
11 Steps To Ensure a Smooth Tax Return Filing. Collect all tax-related documents: Always collect all key documents. This includes all W-2 and 1099 forms and supporting paperwork for tax deductions ...
Jan. 16, 2024. If you pay your taxes quarterly this was the due date for your estimated tax payments for the 4th quarter. This includes income you earned from Sept. 1 through Dec. 31, 2023. Jan ...
The nation’s tax filing season begins Monday, as the Internal Revenue Service starts accepting and processing 2023 federal tax returns. Taxpayers have until April 15 to file without an extension ...
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