Income Tax on pension: Here's what you need to know before filing IT Return
Retirees receiving pension need to file ITR, here's how to do it.
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Retirees receiving pension need to file ITR, here's how to do it.
The Central Board of Direct Taxes (CBDT) has come out with forms for Income Tax returns for this financial year 2023-24 and have an additional feature incorporated in the Income Tax Return forms. A separate schedule for Virtual Digital Assets (VDAs) has been added to report income from digital assets like cryptocurrency etc. Provisions for taxing VDAs were introduced from
ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers.
New ITR forms: The income tax department earlier used to notify ITR forms for the relevant financial year either by March or April
ITR filing: There were over 4.1 crore individual taxpayers who reported an income of up to Rs 5 lakh in AY 2021-22, the Centre told Lok Sabha on February 13.