In India, a person’s tax liability must exceed the exemption level of Rs 2.5 Lakhs within a fiscal year before an income tax return (ITR) must be filed. If an individual’s gross income is less than the exemption level, he or she is not required to submit a NIL tax return. Nonetheless, for a variety …
Your responsibility as a taxpayer doesn’t really end with timely payment of taxes. In reality, there are additional standards that you must accomplish. One such obligation is the Income Tax Filing. Even if you pay all of the taxes on time, not complying with income tax return filing might result in avoidable problems with the …
Income tax Filing and Returns: what You Need to Know Read More »
Highlights of Budget 2023 for Direct Taxation: Revisions in the Tax System: The new tax regime has taken the place of the old tax regime and serves as the standard for tax calculation and collection. Taxpayers have the option to continue using the old tax regime. The tax slabs for the fiscal year 2023-24 (the …
BUDGET 2023- TAX SLABS FOR THE FINANCIAL YEAR 2023-24 Read More »
Crypto currencies have been the subject of talk over the past few years and more so with the wild price fluctuations at regular intervals. It is neither illegal nor declared as legal by Indian Government. Investors were confused on the taxation of gains or losses on trading in crypto currencies and waited for long for …
Finance Act,2022 has introduced a new form ITR-U (updated return) which allows tax payers to file updated income tax returns for earlier years in the following circumstances. Income Tax return has already been filed but few incomes have not been reported No income tax return was filed. Earlier there was no option to file return …
File Your Income Tax Return for F.Y 2019-20 & 2020-21 Read More »
If you have missed to file the income tax return or F.Y.2021-22 before the due date then you need to file belated income tax return under sec.139(4) of Income Tax Act,1961 before 31st December,2022. This is the last chance to file tax returns failing which action may be initiated by the Income Tax Department by …
ITR Filing: Deadline to File Income Tax Returns for AY 2022-23 Read More »
