The Income Tax Department has notified ITR forms 1 and 4 for the assessment year 2024-25, allowing individuals and entities with an annual total income of up to ₹50 lakh to file their returns
Finance Minister Nirmala Sitharaman highlighted the surge of ITR filings in India and added that it highlights the significant formalisation of the country's economy.
If you had chosen the new tax regime for the Financial Year 2022-23, the taxpayers would not be eligible for most deductions. However, if you had opted for the old tax regime, then you will have to submit proofs for eligible investments and expenses to ensure the employer deducts lower tax (TDS) on salary., Personal Finance News, Times Now
Tax experts say the biggest advantage is that ITR filing helps when you apply for a loan in future. For any home loan, car loan, etc, most lenders seek proof of tax returns of the previous three years
ITR Filing 2023: Taxpayers who receive the notice u/s 143(1) from Central Processing Unit (CPC) can apply for rectification requests on the e-Filing portal. aaa