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Income Tax

Interest Penalty for Late Income Tax Return (ITR) Filing: Section 234A Explained

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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

Understanding Tax Deduction at Source on Salary: TDS Under Section 192

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Tax Deducted at Source (TDS) is a system by the Income Tax Department of India to collect tax at the source of income. Section 192 of the Income Tax Act, 1961, specifically governs TDS on salary payments.As per section 192 of income tax act 1961, employer is required to deduct tax on salary at the time of payment to employee. Employers have to follow the rules in the tax … [Read more...] about Understanding Tax Deduction at Source on Salary: TDS Under Section 192

10 mistakes to avoid while filing Income Tax Return for FY 2023-24

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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

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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

Tax Return filing due date for Individuals – FY 2021-22

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In India, an individual is required to file his income tax return on or before the due date of filing if income for the financial year is over the basic exemption limit.Basic exemption limit has been fixed by the government for each financial year in our annual budget.For the financial year 2020-21 (AY 2021-22) and financial year 2021-22 (AY 2022-23), the basic … [Read more...] about Tax Return filing due date for Individuals – FY 2021-22