Learn how to file Income Tax Returns ( ITR ) for FY 2022-23 (AY 2023-24) and FY 2023-24 (AY 2024-25). We covers tax concepts on Salary, interest, Capital Gains, House Property, Business and Profession and GST.
In 2023, the highest average amount of disposable income for any age group occurred in the 35 to 44-year-old group, while the age group with the lowest average disposable income were those aged 85 and over.
50,000/- as Penalty for late filing of returns and Penal Interest on tax submitted late. The company has claimed above amount in its books as GST Paid, the AO has disallowed above expenditure and added the same in the income of company. Whether act of AO is tenable under provisions of...
Late Filing Fees u/s 234F If you file a belated return, you may have to end up paying a late filing fee of upto INR 5,000. However, it will only be applicable if your income is above the basic exemption limit. Inability to carry forward losses You can set off your losses against ...
Do I need to show Exempt Income in my tax return? Even though these are tax-free, all exempt incomes must be mentioned in the tax return. Ignore this at your peril. For AY 2019-20(FY 2018-19) in ITR-1, tax-exempt incomes have to be reported in the tab, ‘Computation of income ...
PENALTY U/S 234F (FEES) FOR LATE FILING OF ITR Under this section, the fee (penalty) is levied if the Income-tax return is not filed within the due date. It is likely to be increased from 1st April 2018 onward as per Section 234F of the Income Tax Act. Provisions ... INCOME T...
INCOME TAX FY 2020 – 21 Income Tax Slabs: There isNO separate tax slab for men and women. Earlier women used to have slight benefit over men in terms of lower taxes! The tax slabs are determined on age of person. As of today there are 3 slab rates ...