5. Avoid penalties and late filing fees 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. ...
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.
#6.After tax payment, file the income tax return and share ITR-V via email Documents Required For Income Tax Return Filing #1.PAN Card #2.Bank Statement #3.Form 16 & 16A #4.Digital Signature Certificate PACKAGES Salary 999 Plus taxes ...
The applicability of using accounting software having audit trail has been deferred again and now shall be applicable from financial year commencing on or after the 1st day of April, 2023. Due date of filing Tax Audit report and ITR extended ...
In the case of income exceeding the limits that are exempt from being taxed, you are mandatorily required to file a tax return according to the tax slabs in effect at the time. Moreover, filing an ITR after the due date could result in a penalty or even prevent you from getting a loan...
The 31st of October is the due date for filing the ITR 6 for AY 2023-24. ITR 7 Form is meant for all Charitable /Religious trusts u/s 139 (4A), Political party u/s 139 (4B), Scientific research institutions u/s 139 (4C), University or Colleges or Institutions or Khadi and ...
After e-filing Sending ITR-V If you don’t e Verify then you have to do On-line filing can be done with or without digital signature.But, for those filing it without using the digital signature, it is mandatory to submit the ITR-V form generated on-line, to the income tax officials...
Also, even after filing the declaration, if the bank deducts tax at a higher rate by mistake or by whatsoever reasons, in that case too the senior citizen will have to file a return of income to claim a refund. In this way, it has very limited benefits....
ITR filing for AY 2024-25 is open! Get a stress-free filing experience. Contact us today! Get a Quote Posted by:Team TaxReturnWala July 17, 2023 Categories:Accounting Receiving a tax refund is a welcome relief for taxpayers, but did you know that you may be eligible to earn interest on...
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT), held that Capital gain exemption could not be refused when an investment is made within the due date of filing Income Tax Returns (ITR). The taxpayer, Munish Babaji Sawant sold a residential f