Every individual liable to pay tax in India is required to file Income Tax Return before the due date as specified in the Income tax act, 1961.Due date is different from person to person and is decided by the Government of India.Some people also call it last date of filing income tax return (ITR). But in reality, due date is not the last date.If someone missed the … [Read more...] about Consequences of Late or Non Filing of the Income Tax Return
Late Filing your ITR? Know the Penalties Under Section 234F!
Taxpayers must file their income tax returns (ITR) by July 31 each year. The Income Tax Department gives a 4-month period to prepare and file your income details correctly.If you miss the deadline, you might have to pay a penalty or late fees, and there can be other problems from the delay. Section 234F of the Income Tax Act deals with these penalties for late filing of tax … [Read more...] about Late Filing your ITR? Know the Penalties Under Section 234F!
Advance Tax in India Explained for Beginners Under the New Tax Law (FY 2026-27)
Advance tax is a way of paying income tax during the year, instead of paying everything at the end. Many beginners hear this term for the first time when they start freelancing, running a small business, or earning income beyond salary. In simple words, if your tax for the year is high enough, the government expects you to pay it in parts, in advance.In this guide, we will … [Read more...] about Advance Tax in India Explained for Beginners Under the New Tax Law (FY 2026-27)
Form 15G or 15H – Why, When and How to submit
Form 15G and 15H is a self declaration required to be furnished under section 197A (1) and (1A) of Income tax act 1961, for non deduction of tax on certain receipts like interest on fixed deposits.In certain cases, banks and financial institutions are required to deduct tax (TDS) on interest income as per the provisions of income tax act 1961.For instance, banks in … [Read more...] about Form 15G or 15H – Why, When and How to submit
Tax Deduction for medical and health insurance-Section 80D
Section 80D of the Income tax act, 1961, allows an individual and HUF to claim deduction out of income in respect of medical and health insurance premium.As per Section 80D, an individual irrespective of citizenship and residential status can take benefits of this section. Which means both Indian citizens and foreign citizens can claim section 80D tax deduction.NRIs … [Read more...] about Tax Deduction for medical and health insurance-Section 80D