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Income Tax

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?

Deductions under the new tax regime in India: FY 2024-25 (AY 2025-26)

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As per the present tax laws, taxpayers have the option to choose between the old tax regime, which allows various deductions and exemptions, and the new regime, which offers lower tax rates but fewer deductions.Because of these limitations, taxpayers should evaluate which income tax regime benefits them more based on their income and expenses.Here are the income tax … [Read more...] about Deductions under the new tax regime in India: FY 2024-25 (AY 2025-26)

How to prepare for income tax return filing FY 2024-25 (AY 2025-26)

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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)