The new financial year has started and going to complete its first month. Various tax changes have become effective. The Government of India is taking different steps to ease Income Tax Returns (ITR) formats. Moreover, the amendment in Goods and Service Tax (GST) returns deadlines is proposed.
The government has given three months extension for tax planning until 30 June 2020. Recently, the Ministry of Finance has clarified that the Financial year 2020-2021 will commence from 1 April 2020.
Below mentioned are the four significant tax changes effective from 1 April 2020.
From this financial year, taxpayers have the option to select between two income tax regimes. Depending on investments and income, you have the opportunity to choose between the old and new income tax regime.
Take note of these tax changes, as these are effective from the first day of this financial year.