This article will outline some of the important amendments made by Finance Act, 2023 which is applicable for FY 2022-23 (AY 2023-24) which we need to take care of while filing ITR of AY 2023-24.
Digitization has sparked a revolution in the Indian Income Tax Department, providing a multitude of benefits to both taxpayers and the government. With the advent of digitization, the Income Tax Department has made significant progress in modernizing various tax-related processes.
Here are some points to keep in mind while filing a tax return as a freelancer or self-employed individual
One of the most important tax deductions available to us is the rent on the house. This is covered by Section 80GG of the Income Tax Law. This is especially helpful for employees who do not receive a rental housing allowance (HRA) from their employers.
Section-115BAC (Summarised Provisions)
Tax Deducted at Source (TDS) is a mechanism of collecting income tax at the source of income itself. TDS is applicable to various types of payments such as salary, interest, commission, rent, etc.
Old Regime with Deductions and Exemptions, or New Regime with Lower Slab Rates, but Fewer Exemptions
The Income Tax Department has released JSON Schema for ITR 1 and ITR 4 for the Assessment Year 2023-24 (corresponding to the Financial Year 2022-23).
A person is said to be non-resident individual if satisfies any of the following conditions
Cost Inflation Index (CII) is a measure used in India to adjust the inflationary effects on the cost of assets. It is basically an index that reflects the changes in the prices of goods and services over a period of time.