Income Tax Return Form (ITR) for Assessment Year 2023-24 (income earned in FY 2022-23) has already been issued. Under the new rules, persons against whom tax authorities have conducted search or seizure operations can also file Revised ITR under Section 1C based on self-assessment of undisclosed assets in Form ITR-1.

Apart from this, the CBDT had also made some changes in the ITR-1 form last February with regard to the disclosures to be made under section 1(139). Under this section, people with annual taxable income of less than 2.5 lakhs voluntarily submit the ITR form. Under the new change, such individuals will not be required to furnish further details in their ITR forms even if the value of their fixed deposits has crossed Rs 1 crore.

ITR Form for FY 2022-23

Most taxpayers file ITR-1 and ITR-4 forms to report their income. These forms cater to the needs of most small and medium taxpayers.

ITR-1 can be filled by a person whose annual income does not exceed 50 lakhs, whose income comes through salary, owns a house and has other sources of income including interest. On the other hand, ITR-4 can be filled by individuals, Hindu Undivided Families and firms, whose annual income does not exceed 50 lakhs and this income comes from business or profession.

ITR-2 is filed by a person whose income comes from residential property and whose annual income is more than Rs 50 lakh. ITR-3 is filed by professionals. While ITR-5 and ITR-6 are used by LLPs and Businesses respectively.

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The Income Tax Department has not released the online ITR forms yet, but it has released the offline ITR-1 and ITR-4 forms for the assessment year 2023-24.

In the offline mode, taxpayers first download the ITR form and then fill it and upload it on the income tax department’s portal. On the other hand, in the online form, taxpayers can fill their income related information directly on the income tax website itself.

Who is eligible to file ITR-4 form?

ITR-4 can be filed by individuals, Hindu Undivided Families and firms (other than LLPs) who have-

• Income should not exceed ₹ 50 lakh in a financial year
• Income from business and profession, which is computed on the basis of an estimate under section 44AD, 44ADA or 44AE
• Income from salary/pension, one house, income from agriculture (up to Rs.5,000):
• Income from salary/pension, one house property, agricultural income (up to ₹ 5000/-)
• Other sources (does not include income from lotteries and horse races)

Interest from savings account

• Interest on Deposit (Bank/Post Office/Co-operative Society)
• Interest from income tax refund
• Family Pension

Interest received on enhanced compensation

Any other interest income (eg, interest from unsecured loan etc.)

What are the documents required to file ITR-4?

You need to keep the following documents ready for filing ITR-4:

• Form 16
• Form 26AS and AIS
• Form 16A
• Bank statement
• Housing Loan Interest Certificate
• Donation receipt
• Rent Agreement
• Rent receipts
• Payment receipt of premium for any investment – LIC, ULIP etc.

You can also visit the official website of Income Tax Department (https://www.incometax.gov.in/iec/foportal/help/e-filing-itr4-form-sugam-faq) for more details.

 Union Finance Minister Nirmala Sitharman announced in the Union Budget 2023 that the new income tax regime will become the default for all taxpayers beginning from April 1, 2023. Not just that, the FM announced a slew of changes in this year’s budget speech fulfilling a longstanding demand of taxpayers, particularly the salaried class. Among the major changes announced were the increase in the tax rebate limit, changes in income tax slabs, raising the standard deduction limit for senior citizens, higher capital gain taxes under Section 24 of the Income Tax Act and a few more provisions related to winnings from online games, TDS, conversion of Gold to Electronic Gold Receipt.

Sitharaman’s move to make the new income tax regime default doesn’t mean the old income tax regime will be phased out. It simply means a taxpayer will have to opt for the old regime from the default new tax regime.

Let’s discuss these 6 major income tax rule changes in detail:

Income Tax: Tax rebate limit raised  

Under the new tax regime, the rebate income is increased from Rs 5 lakh to Rs 7 lakh.

Income Tax: Changes in income tax slabs

FM Sitharaman has introduced new changes in the tax slab.

New tax rates:

• 0-3 lakh – nil
• 3-6 lakh – 5%
• 6-9 lakh- 10%
• 9-12 lakh – 15%
• 12-15 lakh – 20%
• above 15 lakh- 30%

Income Tax: Standard deduction for senior citizens

Under the new regime, senior citizens will have a standard deduction of Rs 50,000 for pensioners as well including family pensioners. Each salaried person with an income of Rs 15.5 lakh or more will benefit by Rs 52,500. 

Salaried employees can calculate standard deductions for FY 2023?

Section 16(ia) of the Income Tax Act, 1961 (hereinafter referred to as ‘the IT Act’) provides that every salaried taxpayer could claim a flat deduction of upto Rs. 50,000. Further, even taxpayers deriving pension income would be eligible to claim such standard deduction. The quantum of such deduction would be restricted to lower of the salary/ pension amount or Rs. 50,000.

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FD Rate: Bumper return on FD, only 750 days will get 9% interest here.

ATM Transaction: Keep this light in mind while withdrawing cash from ATM, otherwise your account will be empty!

Fixed Deposit Rates: Now this bank has increased the interest rate on fixed deposits, know how much you will get now

It is pertinent to note that such standard deduction was allowed as a deduction only to those taxpayers opting for old tax regime. However, the Budget 2023 has now proposed to allow such standard deduction for taxpayers opting for the proposed new tax regime u/s 115BAC of the IT Act in Financial Year 2023-24.

Particulars	Taxpayer receiving Salary	Taxpayer receiving Pension
Gross Salary/ Pension	10,00,000	7,50,000
Less: Allowances exempt u/s 10
House Rent Allowance	(1,20,000)	–
Leave Travel Allowance	(80,000)	–
Net Salary	8,00,000	7,50,000
Less: Deductions u/s 16
Standard Deduction u/s 16(ia)	(50,000)	(50,000)
Professional Tax u/s 16(iii)	(2,500)	–
Income Taxable under the ‘Salary’ Head	7,47,500	7,00,000

Every taxpayer, while furnishing his tax return in ITR 1/ ITR 2 can claim the benefit of standard deduction. The quantum of standard deduction is auto-populated in the Income tax online return/ utility once the amount of gross salary/ pension is rightly entered by the taxpayers. However, the taxpayers should confirm whether the said deduction is rightly computed from Point iv (a) Standard deduction u/s 16(ia) of Part B – Gross Total Income schedule.

Income Tax: Higher capital gain taxes under Section 24   

Under Income Tax Act Section 24, homeowners can claim a deduction of Rs 2 lakh on the home interest if the family reside. The cost of acquisition and the cost of improvement shall not include the amount of interest claimed under Section 24. So, the capital gain on the sale of the property will be higher and double deductions claimed by the taxpayer will be eliminated.

Income Tax: Tax on net winnings from online games

30 per cent tax will be deducted from winnings online games. The amount will be deducted at source from the winnings.

Income Tax: Reduction in TDS  

Taxpayers who have opted for the new tax income regime will see no TDS deduction due to an additional rebate provided under section 87A of the Income-Tax Act,1961 (ITA).

Income Tax: Conversion of Gold to Electronic Gold Receipt 

Physical gold conversion into EGR and vice versa by a SEBI-registered Vault Manager will be done free of any capital gain tax. 

The IT Department has recently launched an AIS Application (to view Annual Information Statements) for taxpayers aiming to provide each transaction information taxpayers and accept their feedback. The application aims to provide detailed information about each transaction to taxpayers.

Income Tax Exemptions: If you also want to get tax exemption, then this news is of your benefit. Actually, today we are going to tell you about 6 types of exemptions in this news, how you can get them in New Tax Regime. Let us understand in the news below some ways of saving with the opinion of experts…

New ITR Form: CBDT has issued a new ITR form for filing returns for the current financial year. This time a lot of changes have been made and many more information has been sought from taxpayers. Earlier, the ITR form used to come usually by May-June, due to which a huge crowd of return filers used to gather in July.

New ITR Form: The Modi government has given many facilities to income taxpayers in this budget and has also increased monitoring in some places. Many changes have been made in the new Income Tax Return Form issued by the Central Board of Direct Taxes (CBDT).

In this, many more information related to cryptocurrency to stock market will have to be disclosed. Overall, now the Income Tax Department will keep an eye on your every expenditure and investment and a slight mistake can be huge. However, there has not been much change for individual taxpayers in the new form.

FD Rate: Bumper return on FD, only 750 days will get 9% interest here.

Pension Increased For Senior Citizens: Pension will rise by Rs. 3,000 per month! Additionally, tax exemption will be offered.

This time the Central Board of Direct Taxes notified the income tax return form very early, so that later taxpayers do not have to face the rush in filling ITR. Earlier, the ITR form used to come usually by May-June, due to which a huge crowd of returnees gathered in July and technical difficulties had to be faced.

This time, due to the early arrival of the form, taxpayers can fill the return from April 1, as soon as the financial year ends. CBDT has fixed the last date for filing returns as July 31, 2023 only.

Now these revelations will have to be done (5 points)

• In The New ITR Form, Intraday Trading In The Stock Market Will Have To Be Shown Separately, Which Will Include Your Total Turnover And Profit From It.
• Donation Given To A Trust Has Been Exempted Under Section 80G Of Income Tax, So Now The Donor Will Have To Enter A Unique Number.
• If The Deducted TCS Is Related To Any Other Person, To Whom You Have To Transfer, Then Now It Has To Be Shown In The Return Form As Well.
• Traders Will Now Have To Give Information About The Selected Regime, So That It Can Be Prevented From Going Back To The New Regime.
• If You Invest In Crypto, Then The Profit Or Loss Due To This Will Also Have To Be Told In The Return.

Special rule for partner firm also (5 points)

• In The New Return Form, If A Partnership Firm Has Added A New Partner Or The Old One Has Retired, Then It Will Also Have To Be Informed And The Date Of Change Will Also Have To Be Mentioned.
• If You Have Taken Advance From Relatives Or Friends, Then Its Information Will Also Be Included In Your Income Tax Return Form.
• The Information About The Investments Made In The Past Of A Trust Will Also Be Included In The Return Form.
• It Has Also Become Necessary To Disclose The Secret Donation Received By The Trust. Tax Will Be Levied On This Amount In Excess Of The Prescribed Amount.
• Political Parties Receiving Donations Will Now Have To Disclose The Recognition Received From The Election Commission In The Return Form As Well.

Tax on digital assets (3 points)

• Apart From Crypto, If You Buy Or Sell NFT Or Other Virtual Assets, Then That Information Will Also Have To Be Given In ITR.
• Taxpayers Who Had Earlier Adopted The New Regime Will Now Have To Give This Information In The ITR.
• Those Who Have Invested Money In Foreign Markets Or With Institutional Investors Will Also Have To Show It In ITR.

Income Tax News: The Income Tax Department now has the ability to introduce new regulations to determine the accurate market price of shares of unlisted companies. can publish updated assessment guidelines in accordance with the Income Tax Act. Investments in startups recognized by the DPIIT that satisfy the required standards, however, will not be subject to taxation.

Income Tax Slab: Budget 2023-24 was presented on 1 February by Finance Minister Nirmala Sitharaman. Many important announcements were made by Nirmala Sitharaman in this budget. At the same time, relief was also given to income taxpayers in the budget. The government increased the income tax slab to Rs 7 lakh.

Due to which now those having an annual income of seven lakh rupees will not have to pay any tax. However, this can be possible due to the rebate given by the government. This exemption is available under Section 87A of the Income Tax Act. In 2013-2014, tax rebate was introduced under Section 87A through the Government of India. Presenting the Union Budget 2023-24 on February 1, 2023, Finance Minister Nirmala Sitharaman has announced a change in this income tax exemption under the new income tax regime. Let’s know about it…(ads1)

What is Income Tax Rebate?

Simply put, income tax rebate is a form of refund on your income. The Income Tax (IT) Department provides this refund or exemption under certain circumstances. Taxpayers are liable to get income tax rebate when they have paid tax in excess of the amount payable to the Income Tax Department in a financial year. To avail income tax exemption, you must ensure that you calculate your tax liability correctly and file your income tax return within the stipulated time.

What is section 87A?

Under the provisions of section 87A of the Income Tax Act, a resident Indian individual whose total income for the financial year does not exceed the prescribed limit, is provided a rebate of 100% on the income tax payable. Till the financial year 2022-23, the income limit for claiming exemption under section 87A was Rs 5 lakh. This means that for the financial year 2022-23, a person whose income was up to Rs 5 lakh was not required to pay any income tax.

Tax Exemption

The maximum income limit for claiming exemption under section 87A has been amended from time to time. In the Union Budget 2019, the government increased the maximum limit of net taxable income to Rs 5 lakh for claiming exemption under section 87A. At the same time, in the Union Budget 2023, Finance Minister Nirmala Sitharaman announced that the rebate under Section 87A will be increased from Rs 5 lakh to Rs 7 lakh, which has brought a big sigh of relief for India’s growing middle class population.(ads2)

Tax Slab

In the new tax regime, the exemption limit has now been increased to Rs 7 lakh. Thus, in the new tax system, people with income up to Rs 7 lakh will not have to pay any tax. This means that from FY 2023-24 an individual taxpayer who is a resident of India will now be entitled to claim income tax rebate of 100% of the income tax payable on total income above Rs 7 lakh.

 Pan Card Update News: There is a big shock for crores of people having PAN card. If you also use PAN card, then necessary notification has been issued by the government. This will affect 13 crore people.

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Pan Card Latest News: There is a big setback for crores of people having PAN card. If you also use PAN card, then necessary notification has been issued by the government. According to the notification, PAN cards of more than 13 crore people can be canceled by the government. CBDT has told that out of 61 crore PAN card users, 48 ​​crore people have so far linked it with their Aadhaar card. At the same time, 13 crore people have still not linked their PAN card with Aadhaar.

CBDT gave information

Giving information, the CBDT has told that if this is not done by March 31, then they will not be able to get benefits in business and tax related activities. Central Board of Direct Taxes (CBDT) Chairperson Nitin Gupta has given this information in a conversation with the media. He said that several crore PANs have not been linked to Aadhaar even now, but this work is also expected to be completed by the end of March 31.

Pan card will be useless

Let us tell you that the central government has made it mandatory to link PAN with Aadhaar. For this, setting a deadline of March 31, 2023, it has been said that individual PANs not linked to Aadhaar will be declared inactive after this date. Along with this, the government has said that from the present time to March 31, a fee of Rs 1,000 will have to be paid to link PAN with Aadhaar.

Will not get tax benefit

The CBDT chief has said that several awareness campaigns have been conducted regarding linking of PAN with Aadhaar and we have extended this deadline several times. If Aadhaar is not linked to PAN by the stipulated time, then that holder will not be able to get tax benefits as his PAN itself will not be valid after March.

Finance Minister had announced in the budget

The CBDT has made it clear in a circular issued last year that once the PAN becomes inoperative, the concerned person will have to face all the consequences prescribed under the Income Tax Act. This includes situations like non-filing of income tax returns and non-processing of pending returns. Along with this, he said that the budget announcement to make PAN a common identifier will be beneficial for the business world. Finance Minister Nirmala Sitharaman has announced in the budget that business establishments will now be able to use PAN as a common identifier in the digital systems of government agencies.

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The government has issued a refund of Rs 2.40 lakh crore to the people who filed Income Tax Refund (ITR) between April 1, 2022 and January 10, 2023. This is 58.74 percent more than the same period a year ago. It is often seen that people have to face a lot of difficulties in knowing the status of their refund. Let us know the step by step process to check the refund status.

Step by Step Process to Check ITR Refund Status

Step 1– First of all go to the homepage of the e-filing portal. After this click on the status of Income Tax Return (ITR) .

Step 2– After clicking on the income tax return status, a new page will open in front of you. There you will have to enter your Acknowledgment Number and Mobile Number and click on Continue.

Step 3– After this a 6 digit One Time Password (OTP) will come on your mobile number. You have to enter it and click on submit. Please tell that this OTP will be valid only for 15 minutes.

Step 4– On successful completion of the process, the ITR status will be displayed on your screen .(ads2)

This is how you can check the status without login to the website

Step 1– First of all go to the homepage of the e-filing portal.

Step 2– Click on Income Tax Return (ITR) Status.

Step 3– On the ITR status page, enter your acknowledgment number and valid mobile number and click on continue.

Step 4– On successful completion of the process, the ITR status will be displayed on your screen.

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Income Tax: If your salary package is 10 lakh rupees and you pay a large part of your earnings in the form of tax, then be careful. Perhaps you would think that there is no way to save tax, in such a situation, if it is right to pay tax, then you are wrong. Not only this, even if your salary package is 10.5 lakh rupees, even then you will not have to pay 1 rupee as tax. Let’s know the complete maths…

On a salary of 10.5 lakhs, you fall in the slab of 30 percent tax. Because 30 percent income tax is liable on annual income above 10 lakhs.

This is the complete maths

1. If your salary is 10.5 lakh rupees, then first of all subtract 50 thousand given by the government as standard deduction. In this way your taxable income is now Rs 10 lakh.

2. Now you can claim Rs 1.5 lakh under 80C. In this, you can claim children’s tuition fee, PPF, LIC, EPF, Mutual Fund (ELSS), principal of home loan etc. In this way, your taxable income here has been reduced to Rs 8.5 lakh.

3. You have to invest 50 thousand under National Pension System (NPS) under 80CCD(1B) to make tax zero (0) on salary of 10.5 lakhs. In this way your taxable salary has come down to Rs 8 lakh.

Related Article :Income tax slab will be change this year check tax slab standard deduction slab

4. Now under Section 24B of Income Tax, you can claim tax exemption on home loan interest of Rs 2 lakh. In this way, now your taxable income has come down to Rs 6 lakh.

5. Under Section 80D of Income Tax, you can claim a premium of 25 thousand rupees medical health insurance for your family (wife and children). Apart from this, senior citizens can claim 50 thousand for health insurance premium paid for parents. After claiming total health insurance premium of 75 thousand, your taxable income has come down to 5.25 lakhs.

6. Now you have to donate 25 thousand rupees to any organization or trust to bring your taxable income to 5 lakhs. You can claim it under Section 80G of Income Tax. On donating 25 thousand, your taxable income came down to Rs 5 lakh.(ads2)

You will have to pay zero tax

Now your taxable income has been reduced to Rs 5 lakh. On the income of 2.5 to 5 lakh rupees, at the rate of 5 percent, your tax becomes Rs 12,500. But there is an exemption from the government on this. In this case your tax liability becomes zero.