According to Section 234F of 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 is ₹1,000. If you miss the ITR dead...
Belated ITR Filing:If you miss the ITR filing due date, you can still file a belated return, but you must do so by December 31st of the particular assessment year. For example, if you miss the July 31, 2024, due date for the financial year 2023-24 (assessment year 2024-25), you c...
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Those who were not able to file their returns by the due date, i.e. by 31.12.2021 (extended due date) can still do so but they have to pay penalty fee for late ITR filing. From FY 21 or Assessment Year 2021-22 (AY22), the penalty amount for late filing beyond ITR filing deadl...
This return is for all type of companies such as Public Limited Company, Private Limited Company, OPC, except Section 8 Company 5 Benefits of Filing Income Tax Return Though According to income tax laws, filing the return and updating your ITR status is mandatory for every individual or entity...
ITR 6 is a tax return form for all the companies which are not claiming the exemption u/s 11 (Income from property held for charitable or religious purposes). 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...
Load the Json file on the Income Tax e-filing portal If you are an individual earning salaried income and have not done trading then you have select not audited under section 44AB. Tax audits are generally required for companies and individuals whose total sales, turnover, or gross receipts ...
For example: If a Return of Income for the Financial Year 2015-16 or Assessment Year 2016-17 is filed by the assessee on 28th July 2016 (before the due date of filing of Income Tax Return i.e.5 th Aug 2016), and he later discovers some mistake,he can file a Revised Return of In...
Buying a high life cover:when you want to take a high life cover term insurance then the Insurance companies shall as your Tax returns for 3 consecutive financial years to assess the amount of risk cover to be given to you. It is not possible for one to give receipt from all the source...
5. Codes for filling this Return Form (i) Under the heading 'Filing Status' in the Return Form the relevant box needs to be checked regarding section under which the return is being filed on the basis of following. Sl. No. i. ii. iii iv v vi. vii. viii. ix. How the return is...