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 is also changed from ...
In the case of online filing, some data can be imported from the latest ITR or form 26AS.Also, super senior citizens (Age of 80 years or more) are exempted from the online filing of ITR.Offline here means to furnish the return form in paper format....
As per Income tax rules and regulations in India, all Indian citizens have to pay tax to the Indian Government. Individuals, associations, firms, LLPs, all pay income tax in accordance with the Income Tax laws. It is therefore imperative that you file your Income Tax Return (ITR) annually....
Step 5: Make the payment. Save a copy of the payment challan for when you’re filing the ITR for your business.What is Advance Tax Late Payment Interest?If a taxpayer fails to pay the advance tax instalment on time, they are liable to pay an interest penalty under Section 234B and ...
You can file ITR 1 & ITR 4S online (without using the excel ITR file). In this post, I am providing step-by-step guide to file these returns on Income tax efiling website. As the due date for income tax is 31 July, you need to make sure that te returns a
If you miss the due date for filing your ITR, you can still file a belated return, but you may have to pay a late filing fee and interest on any outstanding tax liability. Step-by-Step Process to File IT Returns After Due Date Online ...
The Assessing Officer will contact the taxpayer and provide them with a chance to fix the problem within 15 days if they determine that a return is invalid for reasons such as filing the incorrect ITR, missing information, or an incomplete return. The return will become invalid if the error ...
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Section 115BAC of the Finance Act 2020 introduced a choice between the old and new tax regimes for the ITR forms. Assessee who chooses to pay tax in accordance with the new tax regime needs to submit Form 10IE to the ITR department before filing their ITRs. Also, if the assessee choose...
Hello, April! April is also one of the busiest months here at the Taxumo Headquarters. And, you probably know the reason why… it’s because everyone’s thinking about their ITR. Everyone’s scrambling and asking us how to prepare, file and pay for their Annual Income Tax. With this, ...