Thecompanies and firmsare mandatorily required to file an income tax return (ITR). However, individuals, HUF, AOP, BOI should file ITR if the income exceeds the basic exemption limit of Rs 2.5 lakh. This limit is different for senior citizens (Rs 3 lakhs) and super senior citizens (Rs 5...
Does an internship stipend require you to file an income tax return (ITR)?The Income Tax Act, 1961, considers a stipend as income, which requires you to file an ITR if your stipend amount is within the taxable income range. If you receive a stipend as a scholarship for educational expense...
As per law, the taxpayers need to file anIncome Tax Return, depending on their income and the sources from which the income arises. After filing the ITR, the individual will get to know about their tax obligation. Income Tax Slabs and Rates for Assessment Year 2022-23 Individuals and HUFs ...
Processing of ITR : Either Processed / Notice The following image shows how to calculate Income Tax. Calculation of income tax Basics of Income Tax Return Income tax in India is charged based on one’s income, more the income more the tax. Tax is on a range of income called the income ...
Filing an ITR is not just a legal requirement but also provides detailed information on your income and taxes paid during the financial year. Failure to file by the due date attracts a late fee of ₹ 500 per month, up to a maximum of ₹ 1,000....
What is ITR? The Income Tax Return or theITRis the form that comprises the entire information about your income and requires you to file the tax to the income tax department. Tax liabilities are calculated based on the income of taxpayers. Taxes that were overpaid by an individual during a ...
An updated ITR,ITR-U, is an updated return that allows you to update/file any of your previous income tax returns under section Section 139(8A) within 24 monthsfrom the end of the relevant assessment year. ITR U is introduced to improve tax compliance by taxpayers without involving litigation...
What happens once I've submitted my tax return form?Posted 6 April 2022 One of the questions most asked when it comes to tax season, is “what happens now that I’ve submitted my income tax return, when do I get my refund?”’ If you’re due a tax refund then you will probably...
Schedule AL is a statement of disclosure of assets and liabilities which the taxpayer shall disclose in the Income Tax Return (ITR). This was introduced from AY 2016-17. Where in the case of an assessee, there is a balance sheet the Schedule AL need not be filed if the applicable condit...
In conclusion, if you find yourself in a situation where you've received an excess income tax refund, it's crucial to take immediate action. Filing a revised ITR and returning the excess amount, along with any penal interest, can help you avoid penalties and legal issues down the...