Many income tax rules will change from April 1
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income tax: Now only two days are left for the end of the financial year 2023-24. You will also be able to file your income tax return from April 1st. The Income Tax Department has also issued an offline form for this. You can also download these forms from the Income Tax website. However, there is going to be a big change in the rules related to income tax from the first of next month. Apart from this, the interim budget was presented by Finance Minister Nirmala Sitharaman in February. That means the budget till elections and government formation. The full budget is to be presented by the government during the Parliament session in July. It is understood that the government may make some changes in the tax provisions. However, right now we are giving you information about such rules which are going to change from April 1st.
New tax regime will be default
If you still file your income tax return in the full tax regime, then you need to be careful while filing the return. Now every year you will have to choose your own tax regime. Otherwise it will automatically shift to the new tax regime.
You will get the benefit of standard deduction
Even if you move to the new tax regime, you will still get the benefit of standard deduction. This means that you will get a discount of Rs 50 thousand. By doing this your income will become tax free up to Rs 7.5 lakh.
Also Read: You can also invest in gold through ETF, get returns up to 14 percent in one year
Tax exemption limit also changed
Now the tax exemption limit has increased in the new tax regime. Income taxpayer’s property worth up to Rs 3 lakh will be tax free instead of Rs 2.5 lakh. The exemption available under Section 87A of Income Tax has been increased from Rs 5 lakh to Rs 7 lakh. However, in the old tax regime, Nil Tax Limit is still up to Rs 2.5 lakh and tax exemption is up to Rs 5 lakh.
change in form
Two forms are issued by the Income Tax Department. ITR-1 is known as Sahaj and ITR-4 as Sugam. A little change has been made in this also. Now the return filer will have to disclose all his bank accounts of the last year along with the account type. The new system has been made the default. Tax payers of ITR-4 will have to file Form 10-IEA to opt out of the new system.
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