This process for filing income tax returns will begin soon. Also the financial year 2022-2023 will end on March 31st. In this situation, there are a lot of tasks that must be completed before March 31 to ensure that they are able to benefit. A variety of tax exemptions are also available for filing tax returns. To benefit from these exemptions, certain tasks must be completed before the 31st of March.
Tax on income
Presently, tax is being filed under 2 tax regimes. The first one is the older tax system, and the second one is the latest one. If someone is tax-filing under the old tax system there are also exemptions when making taxes on income. To avail of the exemptions, it’s required that the investments from those exemptions are being used must have been made prior to the 31st of March, 2023.
The deadline for tax savings investment for income tax
FY2022-23 is March 31, 2023. Tax planning lets you cut taxes and save money. The government has also stated that if tax exemption is available under the tax system that was in place before these investments must be made before March 31st, 2023. In the end, it is recommended to avail of the tax savings options to reduce taxes.
Slab for Income Tax
So, if you are not investing to benefit from Section 80C or the Income Tax Act, you must make it happen prior to the 31st of March. Only investments that are made in the current fiscal year will qualify to be tax-exempt. If an investment is made after the 31st of March 2023, the tax benefits are not included in the income tax returns for FY2022-23.
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