File by the Due Date:The due date for filing ITR is July 31st for individuals and October 31st for businesses requiring audit. File your ITR on or before the due date to avoid late filing fees and penalties Understand the Consequences of Late Filing:If you miss the ITR filing due date, ...
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Before filing the return, the due tax must be paid. The tax can be paid online or through challan 280 by depositing in bank with cheque or cash. Step 2: Late Return Filing If the taxpayer has missed the due date of filing the Income tax return, the same can still be submitted as ...
This ITR Filing is for Individuals or HUF who have income from PGBP but have opted for presumptive income scheme #5. ITR 5 This return is for Firms, LLPs, Body of Individuals (BOI) and Association of Persons (AOP) #6. ITR 6
Penalty for non-filing of an income tax return 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 ...
Revised return can be filed only if the original return was filed within due date, Original return is filed under section 139(1). If a return is filed after the due date,calledbelated return, then it cannot be revised. Till when can one revise a return? Time period of filing the revise...
Due Date filing of belated ITR for AY 2021-22 is31st March 2022. According Section 234F and provisions made under the Income Tax Act, 1961, the penalty forbelated ITR could be up to Rs 5,000/-. Kindly note that, in case wheretotal incomeof the Taxpayer is not more than Rs 5 lakh...
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...
Condonation of Delay in Filing ITR Section 119(2)(b) Central Board of Direct Taxes has given the powers to income tax authorities to accept the income tax return for a financial year even after the expiry of due date of the same by using its powers as laid down under section 119(2)(...
El Salvador has officially passed the bill that makes bitcoin legal tender in the country, the first in the world. President of El Salvador stated that "cheap and clean" Volcano energy to be used for Bitcoin mining. Due date of filing ITR extended for AY 2021-22 ...