The Income Tax Department has issued a strict warning to taxpayers. The strict warning is regarding failing to declare foreign assets can lead to a hefty penalty of ₹10 lakh. As the ITR deadline is near, taxpayers with overseas investments or accounts must comply with the disclosure rules ...
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.
Income tax helps the government generate a steady source of income which is eventually used for the development of the nation. Even though income tax is paid every month from the monthly earnings, it is calculated on an annual basis. The amount of income tax an individual has to pay depends...
As per Section 139 of the Income Tax Act, every person whose annual income is above ₹2,50,000 is obligated to file an income tax return.We understand that filing an income tax return can be a challenging task, but doing so will be beneficial. You can claim certain refunds on tax ...
What is Income Tax? To put it simply, income tax can be defined as a tax charged on the annual earnings of any eligible citizen of the country. The amount of tax charged from each taxpayer depends on the income earned by the individual over a financial year. The calculation of tax appli...
Let us take an example to see the difference between the old and new tax regimes. Nehal works in Mumbai and gets a basic monthly salary of ₹1 lakh. Her employer offers an HRA of ₹50,000, a special monthly allowance of ₹20,000 per month, and a yearly LTA of ₹30,000. Sh...
25000 in income tax is due on a total income of Rs. 7 lakh. According to the new proposed amendment, everybody with an annual taxable income of up to Rs 7 lakhs is now qualified for a Rs 25000 income tax rebate. How Does the Rebate Work in Real Life? Ordinarily, Individuals are ...
The income tax department notified the taxpayers of the late filing of tax returns for A.Y. 2024-25, along with a penalty of INR 5000 However, if the taxpayer’s total income does not exceed Rs 5 lakh, then the maximum penalty levied for delay will not exceed Rs 1000....
56 lakh to Rs. 10 thousand in case of delay in payment of tax collected by the Supplier Bimal Jain 04 December 2023 at 10:25 The Hon'ble Allahabad High Court in the case of Clear Secured Services Private Limited v. Commissioner, State Tax GST UP, [Writ Tax No. 5 of 2023 dated ...
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