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During the Budget 2022–23, reports emerged that New Tax Regime was getting poor response [3] and Government is considering to make it more attractive among the taxpayers. [ 4 ] The latest changes were presented in the Union Budget 2023-24 which brought five significant changes in the earlier existing (FY 2022–23) income tax policy.
The Income Tax Act, 1961, and the Income Tax Rules, 1962, require citizens to file their tax returns with the Income Tax Department at the end of every financial year and this form is a part of the filing process as specified by the Government of India. The due date for filing return with the Income Tax Department of India is 31 July every year.
Income tax is a key source of government funding. The Income Tax Department is the central government's largest revenue generator; total tax revenue increased from ₹ 1,392.26 billion (US$16 billion) in 1997–98 to ₹ 5,889.09 billion (US$69 billion) in 2007–08. [3] [4] In 2018–19, direct tax collections reported by the CBDT were about ...
2023–24 [8] Haryana ₹ 183,950 crore (US$22 billion) 2023–24 [9] Himachal Pradesh ₹ 53,413 crore (US$6.3 billion) 2023–24 [10] Jammu and Kashmir ₹ 118,500 crore (US$14 billion) 2023-24 [11] Jharkhand ₹ 116,418 crore (US$14 billion) 2023-24 [12] Karnataka ₹ 327,747 crore (US$38 billion) 2023-24 [13] Kerala ₹ 312,000 crore (US$37 ...
The tax season for tax year 2023 has officially started and you were able to file as early as Jan. 29, 2024. Here are some other important dates: Jan. 1, 2024: The unofficial start of tax season.
The 2023 Union Budget of India was presented by the Minister of Finance of India on February 1, 2023. This was the fourth budget of Narendra Modi-led NDA government's second term, starting from 2020. The Economic Survey for 2022–2023 was released on January 31, 2023 before the budget.
Now the due date of April 15, 2024, is almost here, and filing an extension will give you until Oct. 15, 2024, which could prevent you from rushing through your tax situation and making mistakes ...
24 hours after e-filing a tax year 2023 return. Three or four days after e-filing a tax year 2021 or 2022 return. Four weeks after mailing a paper return. More: Need more time to file taxes in ...