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 ...
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Old Tax Regime Gross Taxable Income16,20,000 Deduction2,30,000 Total Taxable Income13,90,000 Income tax slabTaxable incomeTax rateTax (in ₹) Up to 2.5 lakhs000 2.5-5 lakh250,0005%12,500 5-10 lakh5,00,00020%1,00,000 Above 10 lakh3,90,00030%1,17,000 ...
Get to know the rebate on Income is not exceed upto 5 lakh under IT section 87A. Also, we have specified who is eligible for this rebate.
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.
Sum up the tax liabilities for each slab to unveil your total income tax liability. 7. Consider Rebates and Surcharge Apply any applicable rebates or surcharges based on your unique circumstances, such as the Section 87A rebate for those with a taxable income up to Rs. 7 lakh. ...
Get the knowledge about penalties for late income tax return filing. The tax defaulters have to pay up to INR 10,000 and much more to the IT department.
Penalty for non-filing of an income tax return According toSection 234Fof the Income Tax Act, a late filing fine of ₹5,000 will be levied on individuals who do not file a return before the due date. However, for individuals with gross income less than ₹5 lakh, the maximum penalty...
49 lakh cases of income tax refunds are pending with the revenue departmentraj kumar makkadPrint this
Professionals: Mandatory if gross receipts exceed Rs 10 lakh during the financial year. Income Tax Return Forms in India In India, the process of ITR e filing is streamlined through various forms, each designed to cater to different types of taxpayers. Here's a comprehensive overview of these ...