ITR2 form is to be filed by the people who do not have income from the profits and gains of their business or profession, and who cannot file an ITR-1. The ITR-2 is filed by the people or Hindu Undivided Families who do not have income from profit or gains of business or profession...
Filing the tax returns requires you to have complete knowledge of the process. For the convenience of the taxpayers, the Income Tax Department categorizes the ITR forms into seven different types:ITR1,ITR2,ITR3,ITR4,ITR5, ITR6, and ITR7. This article comprises of all the information relate...
Belated ITR Filing:If you miss the ITR filing due date, you can still file a belated return, but you must do so by December 31st of the particular assessment year. For example, if you miss the July 31, 2024, due date for the financial year 2023-24 (assessment year 2024-25), you c...
What is Updated ITR return? An updated ITR,ITR-U, is an updated return that allows you to update/file any of your previous income tax returns under section Section 139(8A) within 24 monthsfrom the end of the relevant assessment year. ITR U is introduced to improve tax compliance by taxpa...
Under the newTRAIN law, those who earn less than ₱250,000 annually are exempt from paying income tax returns. So if you fall under this bracket, you don’t have to pay your annual ITR — BUT you still have to file. My annual income is more than ₱250,000 ...
Changes in ITR for FY 2018-19 or AY 2019-20 Online filing of ITR mandatory: In a departure from the previous year, all individuals (except for super senior citizens i.e above 80 years of age) will be required to file their ITRs electronically. The ITR-1 for FY 2018-19 cannot be fi...
As the due date for income tax is 31 July, you need to make sure that te returns are file on time. From April 2018, tax rules have changed and a penalty of upto Rs 10000 will be levied if the return is not filed on time. Also, the ITR revision time limit
How to File ITR without Form 16? Check out the steps on how to file Income Tax Return if you don't have a Form 16. File your Income Tax Return before the due date.
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44AD, 44AE, or 44ADA, it is presumed to have been calculated after accounting for all allowances, depreciation, losses, or deductions as per the Income-tax Act. However, individuals incurring losses after applying the proviso to sub-section 3 of Section 44AE are required to file ITR-5. ...