Every person with taxable income is eligible for ITR filing. If someone has taxable income but fails to submit taxes, they may run into a lot of issues. Some adjustments will also need to be made while submitting an income tax return. Only after these adjustments may an income tax return be filed. People must, however, also attend to one other crucial matter at this time.
Revenue Tax
Finance Minister Nirmala Sitharaman made a number of significant announcements when delivering the Budget 2023. The income tax slab underwent modifications as well. The Finance Minister also made a significant announcement at the same time. This announcement should be shared with everyone, otherwise, issues may arise.
Financial Statement
When ITR filing, employees must actually decide whether to use the old or new tax system. Finance Minister Nirmala Sitharaman declared that the Center is making the new income tax regime a default tax regime in her address introducing the Union Budget for 2023–2024. The benefits of the previous tax system will still be available to citizens, he added.
In such a case, during ITR filing you will need to carefully consider
whether you should file an income tax return under the new tax regime or under the previous tax regime. Switching to the previous tax regime will be challenging if you begin filing income tax returns under the new system. This choice must be carefully made in a circumstance like that, keeping your needs in mind.
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