The tax proposals are for next AY this means this should be applicable for this AY that is 25-26. Remember the assessment year begins from April 2025 and ends at December for the previous financial year. So for income earned from FY 24-25 i.e. for April 24 to March 25 you have file tax from April 25 to Dec 25. Usually govt. keeps a deadline July 31 to file tax but as per law you can file till December 31 but then you will not get an exemptions and have to pay penalty and interest. Beyond Dec then you will have file tax in the next assessment year. But these tax proposals are applicable for this year that is from April when people will file taxes. I think Mr. Garg needs to clarify this.
The tax proposals are for next AY this means this should be applicable for this AY that is 25-26. Remember the assessment year begins from April 2025 and ends at December for the previous financial year. So for income earned from FY 24-25 i.e. for April 24 to March 25 you have file tax from April 25 to Dec 25. Usually govt. keeps a deadline July 31 to file tax but as per law you can file till December 31 but then you will not get an exemptions and have to pay penalty and interest. Beyond Dec then you will have file tax in the next assessment year. But these tax proposals are applicable for this year that is from April when people will file taxes.
I think Mr. Garg needs to clarify this.