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15 income tax rule changes in 2024 that will impact your ITR filing in 2025
ITR filing: Most of the income tax changes announced in July 2024 will affect tax deductions and exemptions that can be claimed while filing an income tax return (ITR) in July 2025. ET Wealth Online has listed 15 income tax changes in 2024 and how they will affect you when you file your income tax return next year.
The year 2024 saw income tax changes in the middle of the year. This happened because the government presented the Union Budget 2024 in July due to General elections held between April and June, 2024. As the budget was presented in the middle of the year, many taxpayers may have forgotten the income tax law changes that were announced in July 2024. Most of the income tax changes announced in July 2024 are effective from the current financial year 2024-25. These changes will also impact the deductions and exemptions that can be claimed while filing an income tax return (ITR) in July 2025.
ET Wealth online list outs 15 income tax changes that happened in 2024 and their impact on tax calculations for financial year 2024-25 and ITR filing in 2025.
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