Benefits of Filing ITR on Time Introduction Filing your Income Tax Return (ITR) on time is not just a legal obligation but also a financially wise decision. By filing your ITR on time, you can avail yourself of various benefits and avoid unnecessary penalties. Let’s explore some of the key advantages of filing your ITR […]
Tag: itr filing
INCOME TAX RETURN FILING
Income tax is a tax forced by the Central Government on the income of a person. Every citizen is responsible for Income tax filing. The IT department examines these income declarations, and if any sum has been paid in error, the excess is refunded to the assessee’s bank account. To avoid penalties, all entities must […]
Income Tax Fundamentals for the Assessment FY- 20-21
What is income according to the Income Tax Act? The term “income” has a very broad and inclusive meaning that is defined in Section 2(24) of the Income Tax Act; we will try to understand it broadly without going into too much detail. Income from Salary: This is the amount you receive from your employer each month. […]
What is Advance Tax and Due Dates for Advance Tax Payment
What is Advance Tax? Section (208) of the Income tax act, 1961 defines “Advance Tax” which means any tax that is paid before the end of the financial year. An assessee earning an income of more than Rs. 10,000 and above in a financial year is liable to pay advance income tax. Rather than receiving […]
You may land up in Jail for non-filing of ITR
The central Board of Direct Taxes (CBDT) has extended the ‘Due Date’ for filing of Income Tax Return from 31st July, 2019 to 31stAugust, 2019! Interest and Penalty for failing to file ITR within due date Those category of individuals with income below the exemption limit are not required to file the ITR irrespective of what […]
Are you a salaried Taxpayer? You need to be alert with recent changes in Form 16!!
These changes have been introduced in form 16 to keep it on the same line with the changes that came in Income Tax return Forms as notified by CBDT for AY 2019-20.
How Should You Pay Income Tax?
The Government of India levies income tax on all income as per the provisions of the Income Tax Act, 1961. The Government of India has several mechanisms through which it collects income tax from taxpayers like Advance Tax, Self-assessment tax, Tax deducted at source (TDS) and Tax collected at source (TCS). Advance tax: Income tax […]