The Income Tax Department has seen a significant increase in the filing of Income Tax Returns (ITRs), reaching a new record of 8.18 crore ITRs for the Assessment Year 2023-2024 by December 31, 2023.

These changes will come into effect from April 1st, 2024. The notification also highlights the importance of checking Form 26AS before filing income tax returns. For complete details, please refer to the notification.

Recognizing the potential for significant reforms in Budget 2024, we at Myitronline advise caution. We anticipate gradual changes to personal income tax brackets, reserving major adjustments for post-election periods.

New Income Tax vs Old Income Tax Slabs: Exploring Changes and Comparisons. As Finance Minister Nirmala Sitharaman prepares to present the interim budget for FY25 on February 1, 2024, we anticipate updates to the income tax structure.