The Central Board of Direct Taxes (CBDT) has issued guidelines on how tax exempt portion from life insurance policies will be calculated (bought on or after April 1, 2023). This would mean that now maturity proceeds from life insurance companies will not be fully tax-exempt except in certain cases. Read on to know more about it.
The Budget 2022 amended the income tax laws to allow a taxpayer to file updated return using ITR-U form. However, the income tax laws has clearly defined the instances where a taxpayer can and cannot file updated return. The aim of allowing taxpayers to file updated return is to increase the voluntary compliances and avoid litigation.
An income tax notice is an official communication from the income tax department. It is not a cause of worry if an individual reads the notice carefully and corrects the defects mentioned in the notice. Read here to know in detail what do different types of notices actually mean and by when they could be served.
The income tax laws allow an individual to file updated return. The concept of updated return was introduced in the Union Budget 2022 to allow individuals rectify their mistake made while filing ITR or to allow one more chance to individuals to file ITR if they have not filed ITR previously.
Missed the ITR deadline of July 31, 2023 and have a net taxable income above Rs 5 lakh for FY 2022-23 (AY 2023-24)? Pay Rs 5,000 as penalty and file a belated ITR under section 139 (4) of the Income Tax Act, 1961. Read below how to pay up the penalty while filing a belated ITR.
Chennai-based IT professional Jeyanth Kumar paid a high tax last year due to capital gains. Sudhir Kaushik of TaxSpanner.com suggests him how he can optimise his tax by rejigging his income and investments.
If an individual is having income from business or profession for FY 2022-23 (AY 2023-24) and want to opt for or opt out of the new tax regime/ old tax regime, they need to file Form 10-IE before the deadline for ITR filing i.e. July 31, 2023 or October 31, 2023 (for audit cases).
It is important for individuals to ensure that they have proofs and required documents for all the deductions and tax exemptions claimed while filing income tax return. This is to ensure that if in the future years the income tax department asks the individual to provide proofs to substantiate the deductions claimed. If the proofs are unsatisfactory then it can lead to heavy penalties.
Both the central and state governments impose a road tax. The state government collects toll taxes, state VAT, passenger and goods taxes, and motor vehicle taxes on an annual or lifetime basis.
ITRs must be filed before the due date. Timely filing helps the I-T department manage the workload efficiently and ensures that the return is processed promptly.
Once you file your tax returns, you can find out its status as to whether the Income Tax Department has accepted and processed your ITR.
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Now that the deadline for income tax return (ITR) filing is over, you can only file a belated ITR by paying a penalty and interest on the income tax due amount. Nonetheless it is better to file a belated ITR than not filing any ITR, despite having a net taxable income.