AMA: Beginning of the Financial Year

We have all ushered in the new Financial Year. But the coming of the New FY might also bring swith it certain questions

Which Tax Regime to choose?
The Old Tax Regime offers various itemized deductions while the New Tax Regime offers a lowe tax rate. So which of these suits your income situation and financial goals the best?

When to submit Form 12BB?
You need to submit Form 12BB at the beginning of the Financial Year declaring your planned investments to your employer. Based on these declarations, your employer will deduct TDS.

When is the right time to make tax-saving investments?
It is best to start making tax-saving investments from the beginning of the Financial Year. Think through your portfolio, analyse your financial goals and start making investments early on to avoid any last-minute mistakes

When is the due date to file ITR for FY 2021-22?
The due date to file ITR, when Tax Audit is not applicable is 31st July 2022.
In case Tax Audit is applicable, the due date to file ITR for FY 2021-22 is 31st October 2022.

Got any other questions? Shoot’em?