Income Tax Return: The government has expanded the scope of income tax filing. With this move, new people have also come under the ambit of income tax and they too will have to file ITR. These new rules went into effect on April 21.
Income Tax Return: The government has expanded the scope of income tax filing. With this move, new people have also come under the ambit of income tax and they too will have to file ITR. These new rules went into effect on April 21.
Attempting to bring more people into the tax net,
As a result of government changes, an increasing number of people have come under the tax net. According to media reports, if your sales, turnover, or income in your business is more than Rs 60 lakh, then you will have to file an income tax return.
Similarly, professionals with an annual income of more than Rs 10 lakh will also have to file income tax returns.
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In such a situation, a savings account will also have to be filed. As per ITR
According to the report, if the amount deposited in the savings account of the bank is Rs 50 lakh or more in 1 year, then such depositors will also have to file an income tax return.
Night has been given to the elderly
Even if the amount of TDS and TCS exceeds Rs 25,000 in a year, you still have to file your income tax return. The elderly have benefited from this. The TDS and TCS limit has been fixed at Rs 50,000 for taxpayers who are 60 years of age and above.
More people will be able to come under income tax The government believes that these changes made in the tax bracket will increase the scope of income tax filing and More and more people will be able to file income taxes.
