Categories: Direct Tax

Changes introduced in ITR Forms for AY 2024-25

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Changes introduced in ITR Forms for AY 2024-25

Why do Income Tax Return Forms have AY’s?

ITR forms include an AY since the revenue for a certain FY is computed and taxed in the evaluation year, which is the following year. Thus, we now have a clear and understandable summary of Financial Year and Assessment Year, along with their definitions and other key points. Understanding the terms used in taxes is a good start because financial literacy is crucial in the modern world.

Changes introduced in Income Tax Return Forms for AY 2024-25

Tags: Income-tax ActITR forms

2 years ago

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