Indore: 'New I-T Tax Regime Made Default From This Year'

Indore: 'New I-T Tax Regime Made Default From This Year'

New tax regime made attractive so that most taxpayers use it

Staff ReporterUpdated: Saturday, May 18, 2024, 07:35 AM IST
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Indore (Madhya Pradesh): This time many important changes have been made in the income tax return (ITR) form. In view ofáthe amendments made in the Income Tax Law in the last yearĺs Budget, a number of new required columns for information have been added to the ITR. The new tax regime has now been made the default from this year. It has also been made quite attractive so that most of the taxpayers would like to pay taxes in the new regime.

CA Maheshwari said it while addressing a seminar here on Friday. The seminar was organized under the joint aegis of Tax Practitioners Association Indore and CA Indore Branch. The subject of the seminar was focused on important changes made in ITR Form. A large number of chartered accountants and tax practitioners were present. Maheshwari said that the necessary amendments have been made in the return form.

For those who want to pay tax under the old tax system, the information to avail exemption has been made more detailed. Individual taxpayers who get audited will no longer require a digital signature to submit their income tax return, they can also verify the return through OTP on Aadhaar number. This year, the requirement of making payment within 45 days to the units registered under MSME has been inserted in the Income Tax Act under Section 43B.

In view of the fact that online games are now being operated on a large scale in India, the government has regulated its taxation by inserting a new section in the law this year and also by adding a schedule in the ITR Form to provide necessary information in this regard. It has been desired. ICAI Regional Council Member CA Kirti Joshi expressed vote of thanks. On this occasion, CA Shailendra Singh Solanki, CA Anand Jain, CA Sunil P Jain, CA Som Singhal, CA Pramod Tapadia, CA Pranay Goyal, CA Ajay Samaria, Advocate Govind Goyal, CA Sanket Mehta, CA Sunil G Khandelwal, CA Swapnil Jain and a large number of members were present.

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