As per the usual schedule, employers issue Form 16 around mid-June, i.e before June 15. For FY 2023-24 (assessment year 2024-25), Form 16 should be issued by June 15, 2024.
ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers. ITR-2 is filed by people having income from residential property).
The online ITR forms were made available from April 1, 2024. Taxpayers eligible to file their tax returns can now login and fill their ITRs for FY 2023-24 using these ITR forms. The last date to file income tax returns for FY 2023-24 (AY 2024-25) is July 31, 2024.
New Tax Regime vs Old Tax Regime: An important aspect of opting into the new regime was that once opted in, persons having business/professional income could only opt out of the regime once and thereafter, would be prevented from opting back in.
Old Tax Regime vs New Tax regime: The Union government in Budget 2023 made the New Tax Regime a default choice. If a taxpayer does not choose between the old and new tax regimes, then their taxes will be automatically calculated under the new regime.