An amendment from the Income Tax Department permits taxpayers to file amended or late ITRs in order to receive the 87A tax refund for FY 2023–2024. This action, which complies with an order from the Bombay High Court, provides relief to qualifying taxpayers who make ₹5,00,000 or less a year. The distinctions between the rebate limitations under the previous and current tax regimes are also highlighted in the update. Discover how to make your rebate claim and make sure you're in compliance with this updated framework.

The CBDT has released Income Tax Return Forms well ahead of time for the Assessment Year 2024-25.

In a surprising and welcome move, the CBDT, acting as an early Santa Claus this year, introduced changes to the ITR Forms 1 and 4 for the Assessment Year 2024-25.