Belated means late or occurring later than the usual time. When someone says a belated return, this means the income tax return has been filed after the due date of filing.Let us understand provisions of income tax for belated returns and what consequences taxpayers will face by filing a belated return.A belated return refers to an income tax return that is filed … [Read more...] about What happens when you file a belated income tax return?
Income Tax
Income tax rates for financial year 2022-23 (Assessment year 2023-24)
Government taxes personal income based on the tax rates fixed in our union budget. Personal income tax rates begin at 5% for the financial year 2022-23, then gradually increase to 10%, 15%, 20%, 30% based on your income slab and the option you have selected.Each tax rate applies to a specific range of taxable income, referred to as a “tax bracket” or “income slab”. Taxable … [Read more...] about Income tax rates for financial year 2022-23 (Assessment year 2023-24)
Tax to be paid while filing updated income tax return
As per the new provisions introduced in finance bill 2022, taxpayers can now file an updated income tax return with effect from the financial year 2021-22 (assessment year 2022-23).Such updated return of income can be filed within 24 months from the end of the relevant assessment year.We have written an article on when an updated income tax return can be filed in India. … [Read more...] about Tax to be paid while filing updated income tax return
Updated income tax return: eligibility, timeframe, form & importance
In India, an updated income tax return (ITR-U) is a revised version of a taxpayer's original ITR filed for a particular financial year. The concept allows taxpayers to correct any mistakes or omissions in their original return.Therefore, to file an updated income tax return in India, the taxpayer must have filed an original return for that financial year.The updated … [Read more...] about Updated income tax return: eligibility, timeframe, form & importance
Income tax rates for partnership firms & LLPs for FY 2022-23 (AY 2023-24)
A Partnership firm is not registered as a separate legal entity. However in the Income tax act, a partnership firm is considered as a separate tax entity. As such a separate permanent account number is issued in the name of partnership firm based on the deed signed by partners.However, a limited liability partnership (LLP) is registered as a separate legal entity with the … [Read more...] about Income tax rates for partnership firms & LLPs for FY 2022-23 (AY 2023-24)