As per the usual schedule, employers issue Form 16 around mid-June, i.e before June 15. For FY 2023-24 (assessment year 2024-25), Form 16 should be issued by June 15, 2024.
TDS on salary, income tax refund: A salaried is required to choose tax regime twice - one for tax deducted on salary by employer and secondly while filing ITR.
Financial Literacy News: The new financial year, 2024-25 has begun starting from April 1. However, the income tax laws from the previous year, FY 2023-24, remain in effect for FY 2024-25 because the government has not made any changes. Potential changes may be announced in the upcoming budget after elections, but until then, the old laws remain.
The ITR-1, ITR-2 and ITR-4, commonly used by taxpayers are available on the e-filing portal from 1st April, 2024 onwards for taxpayers to file their returns.
ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers. ITR-2 is filed by people having income from residential property).
Financial Literacy News: As the financial year 2024-25 has begun on April 1, it is important to be aware of income tax rules. Even if changes are announced in the Union Budget or during the year, they usually take effect from the start of the new financial year. This year, there were no changes announced for FY 2024-25 in the interim budget, so the income tax rules from the previous year remain unchanged.
ITR filing forms for FY 2023-24: As of April 1, 2024, the online ITR forms have been enabled. This means that taxpayers who are eligible to file their tax returns using these forms can now proceed to file their ITR for the financial year 2023-2024.