The review may also attempt to balance the new and old tax regimes and potentially aim for a unified tax regime for individual taxpayers.

West Bengal CM Mamata Banerjee requested Union Finance Minister Nirmala Sitharaman to review the “anti-people taxation policies” and withdraw GST on life and health insurance premiums.

As of July 22, 2024, some four crore people had filed income tax returns (ITR), and chartered accountants and tax-filing websites played a major role in helping them do so.

The Income Tax Act exempts special allowance for salaried people under section 10 (14).

Section 80U of the Income Tax Act of 1961 allows differently-abled people to claim tax deductions based on the severity of their disabilities and medical proof.

Income sources dealt with under Section 56 of the Income Tax Act include dividends, one-time payments, advance payments, severance packages, and revenue from renting machinery.

Money, land, etc., received as gifts from people are taxable in the hands of the receiver, and the Income Tax Act sets the rules for exceptions, eligibility and other considerations.

An inherited property is not subjected to tax at the time of inheritance, but it is taxable during sale under the Indian Succession Act 1925.

Both sections 80CCC and 80C of the Income-tax Act, 1961, allow deductions from the annual income, but the aggregate of the deductions cannot exceed Rs 1.5 lakh.

Section 139 (8A) of the Income-tax Act, 1961, allows taxpayers to correct previously filed income tax returns (ITRs) to the Income Tax Department.