There are no major changes in the ITR forms notified by the government. The income tax return forms will differ for taxpayers depending on their source of income. This year, the government notified the forms almost two months earlier than usual. Usually, the forms are notified at the end of March or the beginning of April. Do note that government has notified separate ITR forms for FY 2022-23 (AY 2023-24) instead of common ITR form which was expected.

If someone wants to switch to the new tax regime for the financial year 2022-23, then filing of original income tax return by 31 July 2023 is mandatory.

Focus on tax efficiency rather than tax exemptions while planning investments.

As your income goes up, there are fewer avenues left to save tax that is proportional to the rise in income. While the new tax regime hardly offers any deduction, you have plenty of deduction options under the old tax regime to bring down your taxable income and pay lower tax. If you can claim enough deductions you will be better off with old tax regime.

The new tax regime is mostly better for people who are unable to claim various deductions and exemptions under the old tax regime. But, if you are qualified to claim some deductions, how do you decide if the old or new tax regime is better for you? The answer will depend on your income level and the amount of deduction that you can use

The new tax regime offers a higher tax exemption, raises the threshold for tax rebate and reduces the surcharge for the super rich. Find out if you should go for it.

How many people earning Rs.7-9 lakh can save Rs.2 lakh in a year? Most people at these earning levels can save about Rs.50,000 -75,000 a year. For them, the trade-off will be to either save tax by investing a bit or save tax by switching to the new regime! And that will be a disaster.

MLD is a type of debt instrument where the return is not fixed and is based on the performance of an underlying index or security. This underlying security could be the bellwether index like Nifty50 or even government bond yields.

Sending money to meet living expenses of students abroad will attract 20% TCS.