IT returns
2 months ago
By mistake for financial year 2024-2025 i declared my IT investment with proofs which was old tax regime for salary 6,28,000 rupees, IT deduced in TDS for January, But now I changed to New tax regime in end of January 2024 , How to file IT returns for that
A.Dear client,
The amount of tax you owe will be displayed on the I-T department website when you file your income tax return (ITR). However, the first question you are asked when filing income tax online, or when filing an ITR offline, is which tax regime to use: the old or the new one. Under the new regime, there will be a tax rebate if the taxable income is up to 7 lakhs under Section 87 of the new tax regime. The rebate limit remains at ₹ 5 lakh for individuals who choose to pay tax under the old regime. A rebate is the refund of income tax. You can discontinue the old tax regime and file for a new ITR with the new tax regime. But this is only accessible for salaried professionals. In a circular published on April 13, 2020, the Central Board of Direct Taxes (CBDT) informed taxpayers who have "business income," or revenue derived from a business, that they would only be eligible for this choice once.
Thank you
The amount of tax you owe will be displayed on the I-T department website when you file your income tax return (ITR). However, the first question you are asked when filing income tax online, or when filing an ITR offline, is which tax regime to use: the old or the new one. Under the new regime, there will be a tax rebate if the taxable income is up to 7 lakhs under Section 87 of the new tax regime. The rebate limit remains at ₹ 5 lakh for individuals who choose to pay tax under the old regime. A rebate is the refund of income tax. You can discontinue the old tax regime and file for a new ITR with the new tax regime. But this is only accessible for salaried professionals. In a circular published on April 13, 2020, the Central Board of Direct Taxes (CBDT) informed taxpayers who have "business income," or revenue derived from a business, that they would only be eligible for this choice once.
Thank you
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A.Dear Client,
An unintentional mistake in the IT Return may be rectified by filing a revised return. For better clarification and steps, you need to visit a Chartered Accountant or an I T Consultant to resolve the issue in the right way.
An unintentional mistake in the IT Return may be rectified by filing a revised return. For better clarification and steps, you need to visit a Chartered Accountant or an I T Consultant to resolve the issue in the right way.
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