ITR Login: Income tax return has to be filed by every person whose income is taxable. In such a situation, whenever people file income tax return, they must take care of some important things. People can also get some benefit through them. Let’s know about it…
Income Tax Return: As the income of people increases, people have to file income tax return as well. In such a situation, according to the income of the people, tax is levied according to the income tax slab. Also, income tax return has to be filed under two tax regimes in the country. The first is the old tax regime and the second is the new tax regime. Both the tax regimes have their own specialties. In such a situation, people should take care of some important things, so that there is no loss when filing income tax return next year.
income tax return
In Budget 2023, it was announced by the country’s Finance Minister Nirmala Sitharaman that under the new tax regime, the annual income of up to Rs 7 lakh will be tax-free for those filing income tax returns in the country. In such a situation, those people whose income is 7 lakh rupees annually, if they file income tax return under the new tax regime, they will not have to pay any tax.
Benefits of old tax regime
On the other hand, people whose income is more than Rs 7 lakh and they want to save tax, then they can take advantage of the old tax regime. Actually, from the old tax regime, taxpayers can save tax through investment, medical, home loan, donation etc. In such a situation, it is up to the taxpayers to decide under which tax regime they have to file ITR if their income is more than Rs 7 lakh per annum.
Start investing now
If your income is taxable and you have not invested money in any tax saving scheme, then while filing income tax return, tax will also be deducted on your taxable income by the government. Along with this, if you file ITR from the old tax regime, then you can also take advantage of tax savings through different methods mentioned in the Income Tax Act. In such a situation, if you want to save tax under the old tax regime next year, then start investing in the tax saving scheme from now itself.
