The government has decided to reduce the e-invoice limit from Rs. 10 Crores to Rs. 5 Crores from 1st August 2023. This means that any taxpayer who has an aggregate turnover exceeding Rs. 5 Crores in any financial year from 2017-18 to 2022-23 will be required to generate e-invoices from 1st August 2023 onwards. In simpler terms, businesses with turnover above Rs. 5 Crores will be required to generate electronic invoices for their transactions.
Now the Tax season has been started, and before filing ITR one must understand about the Tax Regime for The better tax planning. Before filing ITR one, must calculate and compare Tax and effect on both the resime. Following car, some key points for understanding about the Tax resime Tent, it’s implications. *Key Points to Remember for Tax Regime from AY 2024-25 Onwards* 1. Default Tax Regime: - The default tax regime is the New Tax Regime under Section 115BAC. If you wish to opt for the Old Tax Regime, you must specifically select it in the ITR form. 2. ITR 1 and ITR 2 Filers: - You can choose either the Old or New Regime while filing your ITR. - No need to file Form 10IEA for opting into the Old Tax Regime for AY 24-25 or for opting out of it from AY 25-26 onwards. 3. ITR 3 and ITR 4 Filers: - To select the Old Tax Regime for AY 24-25, you must file Form 10IEA. - If you wish to opt out of the Old Tax Regime from AY ...
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