Income tax in India is a direct tax levied on the income earned by individuals, businesses, and other entities. It is governed by the Income Tax Act of 1961. Under this act, income from Salary, House property, Business or profession, Capital gains and other sources are taxable in India.Income tax is a tax imposed on individuals or entities based on their income or … [Read more...] about Income Tax vs. Goods and Services Tax (GST): What is the difference?
Income Tax
Late fees and penal Interest for delaying income tax return filing
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 Filing Due Date Extended to September 15, 2025: What You Need to Know
This year, the Central Board of Direct Taxes (CBDT) has given all of us a breather. The last date to file your ITR (Income Tax Return) for FY 2024–25 (AY 2025–26) has been extended from 31st July to 15th September 2025 for non-tax audit cases.But why was it extended? And what does this mean for you?In this guide, I’ll break it down in the simplest way … [Read more...] about ITR Filing Due Date Extended to September 15, 2025: What You Need to Know
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