In our earlier articles we have discussed the form to be used for annual return of income and the due date of filing with the government.In this article, we will discuss the deadline for submitting proof of tax saving investments and expenses with employer to claim tax benefits.Government didn't fix any deadline for submitting proof of tax saving investments and … [Read more...] about Why and How to submit proof of tax saving investments and expenses to employer
ITR
Basic exemption limits and tax rates applicable to individuals
As per section 4 of income tax act 1961, the total income of the previous year of an assessee shall be charged to income tax at the rates prescribed in the finance act as applicable to the relevant assessment year.Even though, rates are prescribed in finance act, income shall be charged in accordance with and subject to the provisions of the income tax act. Before getting … [Read more...] about Basic exemption limits and tax rates applicable to individuals
Interest Penalty for Late Income Tax Return (ITR) Filing: Section 234A Explained
Section 234A of the Income Tax Act talks about penalties for filing your tax return late. If someone doesn’t pay their taxes on time or doesn’t follow the tax rules, they must pay extra charges in the form of interest and fees. This article will explain Section 234A and the penalties involved.Types of Interest Under Section 234There are 3 different types of … [Read more...] about Interest Penalty for Late Income Tax Return (ITR) Filing: Section 234A Explained
10 mistakes to avoid while filing Income Tax Return for FY 2023-24
With the concept of e-filing, more and more taxpayers are finding it easy in filing their income tax returns instead of visiting the local tax office.Even with this simplified process, a lot of taxpayers do mistakes while filing their annual tax returns.In this article, we have listed the most common mistakes taxpayers make while filing income tax returns.Mistake … [Read more...] about 10 mistakes to avoid while filing Income Tax Return for FY 2023-24
Income tax return form – How to choose the right ITR for tax filing
Every year, Income tax return (ITR) forms are notified based on certain factors like nature of income, quantum of income, residential status and type of assessee.Old income tax return forms (ITR) notified for earlier financial years can't be used for the recent financial year as new forms incorporate changes brought out in recent amendments to the finance act.While … [Read more...] about Income tax return form – How to choose the right ITR for tax filing