Late fees and penal interest for delaying the filing of income tax returns are governed by the Income Tax Act,1961. Section 234F, which is introduced in the Finance Act, 2017, imposes a late fee for individuals who fail to file their income tax returns by the due date. In addition to late fee, section 234A applies to the interest charged for delayed filing of income … [Read more...] about Late fees and penal Interest for delaying income tax return filing
ITR
Income tax return filing deadlines: Key Due Dates for Taxpayers
You will find both "deadline" and "due date" commonly used in the context of income tax return filing. Income tax deadlines and the term ‘due date’’ refers to the specific dates by which a particular task, obligation, or payment must be completed or submitted. In the context of income tax return (ITR), it’s the date by which taxpayers must file their ITR to avoid penalties, … [Read more...] about Income tax return filing deadlines: Key Due Dates for Taxpayers
Key scenarios that mandate income tax return filing in India
In India, filing an Income Tax Return (ITR) is mandatory under certain conditions. In this article, we will be discussing key scenarios when an individual must file an income tax return (ITR) in India. Even if your income is below the basic exemption limit and you may not be liable to pay tax, filing an Income Tax Return (ITR) can still be important and sometimes mandatory … [Read more...] about Key scenarios that mandate income tax return filing in India
Defective Income Tax Return: What They Mean and How to Respond
In India, a "defective return" refers to an income tax return that does not comply with the prescribed rules or lacks necessary information. Section 139(9) of the Income Tax Act,1961, deals with defective income tax returns. It outlines the process and consequences when the Income Tax Department finds a return filed under Section 139 to be defective. A notice under … [Read more...] about Defective Income Tax Return: What They Mean and How to Respond
How to prepare for income tax return filing FY 2024-25 (AY 2025-26)
Due date of income tax return filing for the financial year 2024-2025 (assessment year 2025-26) is 31st July 2025. For the financial year 2023-24, the due date of filing was 31st July 2024. In cases where accounts are required to be audited by a chartered accountant in practice, the due date of filing income tax return is 31st October 2025 and tax audit report is 30th … [Read more...] about How to prepare for income tax return filing FY 2024-25 (AY 2025-26)