Time to File IT Returns
The Income Tax (IT) return filing season has commenced. Employees and individuals should file their IT returns via ITR-1 (Sahaj), while professionals not requiring an audit and small business owners should use ITR-4 (Sugam) through the Income Tax Department's 'e-filing' portal. Certain changes have been introduced regarding tax exemption limits, PAN-linked transactions, tax deductions, TDS limits, and penalty rules for the Assessment Year (AY) 2026-27.
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