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A resource site for beginners with easy to understand income tax, gst, and finance tutorials for mastering the basics and beyond.

Income Tax

Late fees and penal Interest for delaying income tax return filing

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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

Income tax return filing deadlines: Key Due Dates for Taxpayers

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Update:The Central Board of Direct Taxes (CBDT) has given more time to small taxpayers who don’t need their accounts to be audited to file their Income Tax Returns (ITR). The old deadline was July 31, 2025, for the Financial Year 2024-25 (Assessment year 2025-26), but now it’s moved to September 15, 2025.This is because the ITR forms have some big changes, and it takes … [Read more...] about Income tax return filing deadlines: Key Due Dates for Taxpayers

Key scenarios that mandate income tax return filing in India

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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

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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

Advance tax vs. Self assessment tax: what is the difference?

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Advance tax and self-assessment tax are both components of the tax payment process in India, but they serve different purposes and have distinct characteristics. Understanding both concepts is crucial for effective tax planning and compliance in India.In this article, we will be discussing the difference between advance tax and self-assessment tax in … [Read more...] about Advance tax vs. Self assessment tax: what is the difference?