is an updated return that allows you to file/update any of your previous returnswithin 24 monthsof the year in which the original return was to be filed/was filed. ITR U is introduced to improve tax compliance by taxpayers without involving litigations. This was announced in the Budget 2022...
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....
Penalty if Miss the Income Tax Return Filing DeadlineAs per revised rules under section 234F of the IT Act from 1st April 2017 notifies that an individual is liable to pay a maximum INR 10,000 penalty after missing the 31st July deadline of ITR filing. In case an individual total income...
As is apparent from the above article, you have to pay TDS on FD interest income. If you are eligible for waivers on FD TDS, ensure that you submit the relevant 15G/H form at the beginning of your FD tenure. In doing so, the bank will not levy any tax on your interest income. I...
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, ...
interest u/s 234A,but if any tax is due then you have to pay interest under section 234B, 234C. Please pay Self Assessment Tax using Challan 280, Update the tax paid in ITR and then revise the return. As explained in our articleSelf Assessment Tax, Pay Tax using Challan 280, ...
If you’re looking for mutual fund tax benefits, this is the scheme you want. Money invested in an ELSS is deductible up to ₹1.5 lakh u/s 80C of the Income Tax Act, 1961. Notice that section 80C itself has a cap of ₹1.5 lakhs. If you’re already claiming deductions for other...
For your possible co-maker here in the Philippines, kindly refer to the requirements below: IF EMPLOYED: Certificate of Employment stating length of service and monthly salary Income Tax Return or ITR (if any) Special Power of Attorney (Bank Form) ...
A few people think that when TDS is deducted from FD or savings accounts, then they do not need to mention it in ITR. However, this is not true and it brings a difference in the income tax rate. Therefore, you must furnish complete details of interest while filing the returns. Income ...
Congressional Budget Office that show the top 1% of income earners in the U.S. pay 29.5% of all federal taxes, and argues that U.S. Republican presidential candidate Mitt Romney should forcefully advocate for lower tax rates.EBSCO_bspWall Street Journal Eastern Edition...