Taxpayers whose business or professional income is subject to audit have different compliance timelines.
Taxpayers can revise an already filed return until March 31, 2027.
For businesses, an audit is generally required when turnover exceeds ₹1 crore in a financial year.
Form 16 only records your salary details and any tax deducted at source by your employer.
One of the biggest changes is the expansion of eligibility for ITR-1 and ITR-4.