Income Tax Return: While presenting the Budget 2023, Finance Minister Nirmala Sitharaman had announced several changes regarding income tax. Along with this, many important announcements were also made regarding the new tax regime. At the same time, it was said on behalf of the Finance Minister that from now on the new tax regime will be the default tax regime.
Income Tax: The process of filing income tax return for the financial year 2022-23 has started. People have also started filing their income tax returns. At the same time, people are also filing tax according to their annual income. But this time one important thing should be kept in mind while filing income tax return. Let’s know about it…
New tax regime
In fact, while presenting the Budget 2023, many changes were announced by Finance Minister Nirmala Sitharaman regarding income tax. Along with this, many important announcements were also made regarding the new tax regime. At the same time, it was said on behalf of the Finance Minister that from now on the new tax regime will be the default tax regime.
Income tax return
In such a situation, if a person files income tax return, then he has to keep in mind whether he has to file ITR under New Tax Regime or ITR under Old Tax Regime, otherwise due to a small mistake Difficulties may also have to be raised.
Old tax regime
Actually, if any person chooses to file ITR from the new tax regime, then he will not be able to move to the old tax regime. On the other hand, if someone files tax from the old tax regime, then he will have the option to move to the new tax regime as well. At the same time, investment can be taken advantage of in the old tax regime, but it is not available in the new tax regime.
Take care of tax saving
In such a situation, this time while filing ITR, keep in mind that after all you have to file income tax return under any regime. For this, keep in mind that how much is your income and how you have to save tax.
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