Income Tax Portal Update: Income Tax Department updates latest Income Tax Act after Finance Act 2024 Amendments

The Income Tax Department has updated its portal to reflect amendments from the Finance Act 2024, aiming to simplify tax filing and ensure compliance with new regulations. Despite the interim nature of Budget 2024, no major changes were made to the Income Tax Act, contrasting with significant proposals in the Indirect Tax Regime following the 53rd GST Council Meeting. Taxpayers are urged to visit the updated portal for familiarization, supported by detailed guidelines and FAQs. The Income Tax Returns (ITR) forms for Assessment Year 2024-25 have been revised to align with Finance Act amendments, including defaults to the new tax regime and disclosures like online gaming winnings and donations to political parties. Middle-income earners anticipate the full Budget 2024 for potential impactful changes.