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Taxpayers are confused often about choosing an effective income tax regime. For a specific fiscal year income tax department permits the person to choose their preferred income tax regime with the frequency of switches allowed based on the person's profession or particular criteria specified in the tax norms. The two tax regimes are available old tax regime and the new tax regime. Following the union budget 2023, the new tax regime acts as the default option. While submitting proofs and tax return filing the taxpayers should signify their chosen tax regime.  Switching B/W New and Old Tax Regimes If you are keen on tax saving instruments though realize that you are not able to claim the deductions for them as of not notifying your employer of choosing from the old tax regime then there is a solution. Switching between the Old Regime and the New Regime is feasible for the persons permitting their annual tax regime to alternate between the older and the new regimes if specific condi...

The Bengal government, led by CM Mamata Banerjee, has launched a new initiative called the GST Amnesty Scheme. This program is designed to help collect unpaid Goods and Services Tax (GST) from 2017 to 2020. It comes in response to many taxpayers' challenges when the GST system was first introduced. The scheme, introduced by adding Section 128A to the CGST Act , offers a waiver of interest and penalties on specific tax demands raised under Section 73 for the financial years 2017-18, 2018-19, and 2019-20.  To benefit from this scheme, taxpayers must pay the full tax amount by March 31, 2025, and submit their application online through the designated portal by June 30, 2025.  The Directorate of Commercial Taxes is reaching out to around 20,000 taxpayers within the state to address about 34,000 requests for tax payments. They want to help these individuals settle their outstanding tax dues. The Directorate has started outreach programs with various groups, such as trade associatio...