ITR Filing: The last date for filing Income Tax Returns (ITR) is a critical aspect that taxpayers must adhere to in order to avoid penalties, interest, and other consequences as per the provisions of Section 139 of the Income Tax Act.

Understanding the distinction between Financial Year (FY) and Assessment Years (AY) is crucial for taxpayers, as these terms are integral to income tax filing, TDS return filing, and income tax payment. Let’s delve into the difference between Financial Year and Assessment Year

Nil ITR (Income Tax Return) refers to a return filed when the total income earned during a financial year falls below the basic exemption limit, which is currently set at INR 2,50,000. According to the Income Tax Act,

Filing your Income Tax Return (ITR) is not just about meeting the basic exemption limit; there are specific scenarios where it becomes mandatory, regardless of your income level.

Determining the residential status of a taxpayer is pivotal in Income Tax assessment, as it directly influences their tax liabilities. It’s important to note that residential status isn’t contingent upon citizenship.

Hindu Undivided Family, or HUF, stands as a distinct entity for Income Tax assessment purposes, offering tax advantages to its members.

Most individuals primarily derive income from salary, house property, and interest, rendering them eligible to file ITR-1 (SAHAJ).

If income emanates from multiple house properties, ITR-2 is applicable.

Additional documents required may vary depending on the taxpayer’s income situation. These documents do not need to be submitted to the Income Tax Department during the filing of the Income Tax Return since ITR forms are annexure-less.

When it comes to paying taxes on our income, understanding the applicable rates is essential. Each year, during the Union Budget presentation by the Finance Minister, the Income Tax Slab Rates are announced for various categories of taxpayers.

Exactly! Under Section 44AB of the Income Tax Act, if a taxpayer’s total income exceeds the specified threshold, they are required to undergo a tax audit conducted by a practicing Chartered Accountant. Once the tax audit is completed, the CA prepares and uploads the Tax Audit Report on the Income Tax e-Filing portal.

Heads of IncomeTo ensure seamless tax filing and compliance with regulatory requirements, the income tax department has delineated five distinct heads under which taxpayers must categorize their earnings accurately.

The concept of Marginal Relief, introduced by the Income Tax Department, serves as a beneficial measure for small taxpayers. It aims to ensure fairness in taxation and alleviate concerns that individuals may have about earning more income, fearing higher taxes.

FSI and TR in Income Tax Return: Investors are increasingly diversifying their investment portfolios globally, taking advantage of simplified regulations aimed at facilitating investment in assets tailored to individual preferences.

In the current financial landscape, individuals are expanding their investment horizons by including foreign assets in their portfolios.

An Annual Information Statement (AIS) serves as a comprehensive overview of financial transactions conducted throughout a financial year.

Section 139(8A) of the Income Tax Act outlines the eligibility and restrictions for filing an Updated Income Tax Return (ITR-U). According to this provision, taxpayers who have previously filed an Original ITR under Section 139(1),

Sections 206AB and 206CCA are recent amendments to the Income Tax Act. These sections introduce provisions for the deduction and collection of tax at source at higher rates for specified persons who have not filed their income tax returns.

Projected financial statements are essential tools for analyzing a business’s financial performance, especially in the context of seeking loans from banks or non-banking financial companies (NBFCs).

The Cash Credit limit, also known as a working capital limit, is a facility extended by banks and financial institutions to businesses for their day-to-day operations and expansion.

Section 269ST of the Income Tax Act is a crucial provision aimed at curbing cash transactions to tackle black money and tax evasion.