The Income Tax Department has announced a significant update to the Income Tax Portal, incorporating the latest provisions of the Income Tax Act as amended by the Finance Act 2024. This update aims to streamline the tax filing process, ensuring that taxpayers can seamlessly comply with the new regulations.
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The Budget 2024, being of interim nature, introduced no major changes to the Income Tax Act. However the 53rd Goods and Services Tax Council Meeting has made significant proposals in the Indirect Tax Regime.
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The Income Tax Department has urged taxpayers to visit the updated portal to familiarise themselves with the new provisions. The department has also released detailed guidelines and FAQs to assist users in navigating the changes.
Read FAQs Here: Income Tax Department | FAQs
Taxpayers are encouraged to review their financial information and ensure compliance with the latest regulations ahead of the upcoming tax filing deadlines.
The Income Tax Returns ( ITR ) forms have undergone new changes for the Assessment Year (AY) 2024-25. With regards to the amendments brought in the Finance Act, the ITR forms have changed accordingly.
Read More: ITR Filing 2024: New Requirements and Changes in Income Tax Return Forms for AY 2024-25
The major changes are the new tax regime became the default, disclosure on online game winnings, disclosure of donations to political parties, disclosure of medical treatments and assistance provided to persons with disability, disclosure on contributions to Agniveer Corpus Fund and many more.
However, taxpayers and middle-income earners have high expectations for the upcoming budget 2024, which will be the first full budget after the new government has come into power.
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