For businesses, an audit is generally required when turnover exceeds ₹1 crore in a financial year.
One of the biggest changes is the expansion of eligibility for ITR-1 and ITR-4.
The upgraded platform brings a unified space for all TDS and TCS services.
The widely used Form 16 has now been replaced by Form 130.
In several cases, the Reserve Bank of India deducted Tax Deducted at Source (TDS) only when the bonds matured.