The CBDT has extended the due date of filing ITR for the auditable entities for the A.Y. 2022-23 to 7th November, 2022 to give effect to consequential extension in the due date of filing audit report till 7th October, 2022. Time limit for e-verification of ITR reduced to 30 days from...
7. Reduction in time limit for filing ITR Now, original/revised ITR for a Financial Year u/s 139 can only be filed maximum up to 31st December of the relevant AY with late fees, if applicable. However, due to Covid 19 pandemic, for AY 2021-22, the last date...
An individual below 60 years of age, who has a total income of Rs 2.5 lakhs or more in a financial year isliableto file an income tax return. For a senior citizen (aged 60 years or more) and for a very senior citizen (aged 80 years or more) this income limit gets increased to Rs...
Before 31st July 2024 (Non-audit) and 31st Oct 2024 (Audit cases) ₹ 0 ₹ 0 After Due Date But Before 31st December ₹ 1,000 ₹ 5,000 Note: From AY 2021-22, there is no concept of an INR 10,000 penalty. Now the maximum penalty under section 234F is INR 5000 only. Redu...
2/2024 related to the time limit for verification of return of income after uploading. Read PDF The CBDT announced a significant change in the tax filing process to benefit taxpayers. Starting from the first day of April, taxpayers can file their ITRs for AY 2024-25, which is relevant to...
31/2023 dated 24th May 2023 has notified INR 25,00,000/- as exemption limit U/s 10(10AA) with regard to Leave Encashment ... INCOME TAX Avoid Mistakes While submitting ITR’s For AY24 RJA 27 May, 2023 Avoid Mistakes While submitting ITR’s For AY24 Despite the fact that ITR e...
(d) No audit is required if turnover is up to Rs.1 crore and taxable income is below exemption limit From the reading of provisions of the sec 44AD(5), it is concluded that there are two conditions of sec 44AD(5) of the...
10 Indonesian Pocket Tax Book 2022 PwC Indonesia Corporate Income Tax Limitation on interest deduction The acceptable methods to limit the interest deduction are those commonly used internationally, such as Percentage of EBITDA (Earning Before Interest, Taxes, Depreciation, and Amortisation), Debt-to-...
Extension in time limit for completion of specified compliances such as completion of assessment, appeal. Low er rate of interest for the first fifteen days of delay in payment of GST (for medium and large businesses) for the months of March to May 2021. Late fee w aiver for delayed ...
Total income is more than the basic exemption limit and, The taxpayer has opted out of the presumptive taxation scheme in any of the previous 5 financial years What has changed after the new guidance note issued by ICAI? The conditions for Tax Audit remain the same. However, what has chang...