For the fiscal year 2022-23, a total of 8.61 crore income tax returns were filed. Approximately six crore income tax returns were filed for the 2023–24 fiscal year, according to Revenue Secretary Sanjay Malhotra’s statement. Of these, seventy percent were filed under the new simplified tax regime, which offers lower tax rates.
Malhotra spoke to the PHD Chamber of Commerce and Industry following the budget about worries regarding the implementation of the new tax system. “70% of the six crore returns that were filed for the previous year were under the new income tax regime,” he said. The goal of this change is to make things simpler and lighten the load on compliance.”
There were 8.61 crore income tax returns filed for the fiscal year 2022–2023.
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The Budget’s thorough revision of income tax regulations intends to significantly streamline the tax system. Malhotra continued, “We will draft proposals and then invite suggestions.”
India presently has two personal income tax regimes: the new system, which has lower tax rates and fewer deductions, and the classic regime, which gives higher tax rates but permits a variety of exclusions and deductions.
Documents required for income tax return filing
Ensure you have these essential documents handy:
- Form 16
- Form 16A
- Form 26AS
- Capital gains statements
- Proof of tax-saving investments
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Step-by-step guide to filing ITR onlne:
- Go to the portal for income tax e-filing.
- Enter your PAN, password, and captcha code to log in.
- Choose ‘Income Tax Return’ from the ‘e-File’ option after navigating there.
- Depending on your income, select the relevant ITR form (ITR-1 or ITR-2 if you have Form 16).
- Choose the 2023–24 Assessment Year (AY).
- After verifying all the info you supplied, submit the form.
- After submitting, use Aadhaar OTP or any applicable method to e-verify your return.
- Upload your return and confirm it.
- In the meantime, the Central Board of Direct Taxes (CBDT) has been requested by the All-India Federation of Tax Practitioners (AIFTP) to extend the deadline for filing income tax returns by one month. The new deadline, which is August 31 for the assessment year 2024–25, is being requested.
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