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What to Do If You Miss the July 31st Income Tax Return Filing Deadline Team SMSL If you’ve missed the July 31st deadline for filing your Income Tax Return (ITR), don’t worry—there’s still a chance to get it done. You can file a belated return up until December 31, 2024. However, t ........ View More 02/08/2024 | 0 comments | Visitor's Count: 66
Tax Savings on Home Loan Principal with Section 80C Team Buying a home is a major milestone, but it comes with financial commitments. While the interest on your home loan offers tax benefits, What about the principal repayment? Section 80C of the Income ........ View More 17/06/2024 | 0 comments | Visitor's Count: 216
Consequences of Not Paying Advance Tax Team Failing to pay advance tax can lead to several consequences under the Income Tax Act, 1961. These consequences generally involve the imposition of interest and penalties. Here are the key repercussion ........ View More 15/06/2024 | 0 comments | Visitor's Count: 97
Rebate under Section 87A Team The rebate under section 87A ensures that lower-income earners receive some relief by reducing or nullifying their tax liability. To qualify for the rebate under Section 87A, the following criteria ........ View More 15/06/2024 | 0 comments | Visitor's Count: 75
AS a Director, which ITR do I need to file? Team As a Director you cannot file ITR 1 even if you have income from Salary and Other Source, you may file ITR-2 or ITR-3 based on your income sources: *      Don’t forget to disclose your details of Di ........ View More 17/06/2024 | 0 comments | Visitor's Count: 101
ITR Forms Available for Non-Resident Individual Team Non-Resident Individuals (NRIs) in India are not required to file regular Income Tax Returns (ITRs), if their income does not exceed the Basic Exemption Limit. However, before taking any decision to f ........ View More 15/06/2024 | 0 comments | Visitor's Count: 104
How do I know which ITR I need to file (Resident Individual) Team As a resident individual, you need to choose the appropriate Income Tax Return (ITR) form based on the sources and nature of your income Here is a chart to help you determine which ITR form to file ........ View More 15/06/2024 | 0 comments | Visitor's Count: 91
Consequences of Filing ITR After the Due Dates Team Filing your Income Tax Return (ITR) on time is crucial. Here's why: Financial Penalties: Interest Charges: Delaying your ITR means paying interest (Section 234A) at 1% per month on unpaid taxes, ........ View More 15/06/2024 | 0 comments | Visitor's Count: 101
ITR Filing Due Dates For Individual/ HUF/Firms Team Here's a breakdown of key Income Tax Return (ITR) filing deadlines in India, For Individuals / HUF’s (whose accounts are not required to be audited): For individual/HUF/Firm whose books are not r ........ View More 15/06/2024 | 0 comments | Visitor's Count: 94
When an individual is compulsorily required to file income tax return? Team Under the Income Tax Act, 1961, an individual is required to file a tax return if: Income Thresholds A) General Exemption Limits under Old regime: Below 60 years of age: Net total income excee ........ View More 15/06/2024 | 0 comments | Visitor's Count: 82