Income Tax Return filing is mandatory for Taxpayers whose income exceeds the prescribed income limit. ITR Filing process is regulated under the Income Tax Act 1961.
April 11, 2024CA Preeti Punihani (Ex-employee)Income Tax News and Articles, Taxes in India 5 Minutes Read Individuals with income exceeding more than the basic exemption limit are required to file an Income Tax return within the due date and if the person fails or misses the due date then...
After extending the last date for return filing three times this year, finally, the I-T department has rejected requests for further extension of the due date for filing tax returns. The department also said that India has been more generous in providing
It is also the due date for filing the Income Tax return for the AY 2021-22 for all the assess who are liable to get their account audited except corporate and non-corporate parties and for the entities who have made specific domestic and international transactions August 2021 August 7 –Du...
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Any person in India, whose estimated tax liability is more than Rs 10,000 (US$145) in a financial year, after deducting TDS, must pay income tax in advance.
This has been a major concern wherein the Representative assessee cannot be added in the income tax portal of the legal heir/ representative assessee. In few cases, the application or the request to add legal heir has been rejected with the reason that the date of death does not match wit...
Individuals'income tax return (ITR)filing date has already been extended to September 30, 2021, from the previous deadline of July 31, 2021. Distinct kinds of Taxable Incomes in India Following is the list of different kinds of taxable incomes in India. Let’s check: ...
File Returns in 5 Minutes Upload your form 16 & file income tax return yourself in just 5 minutes Avoid late fee of upto Rs. 5000 by filing within the due date Earn upto Rs. 3000 by referring your friends All income sources & ITRs supported ...
The Income Tax Department can impose a penalty of up to ₹5,000 for delayed filing or non-filing of an ITR. An additional penal interest on the unpaid tax liability will also be levied if you're filing return after the due date. ...