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.