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Taxpayer should avoid all the mistake in Income tax return filling to be avoided while Filing ITR, The process for correcting errors depends on the nature of the mistake and the stage of the filing process you’re in. Here’s what you can do: Before submitting the ITR return: If you haven’t submitted your return yet, you …
Objectives of an Annual Information Statement (AIS) Objectives of an Annual Information Statement (AIS) typically revolve around enhancing transparency, compliance, and effectiveness in tax administration. Here are some common objectives like Improving Taxpayer Compliance, Detecting Tax Evasion, Facilitating Risk Assessment, Promoting Transparency, Enhancing Data Analytics, Supporting Policy Formulation, The objectives of AIS are aligned with …
All about updated Income Tax Return ITR-U U/S 139(8A) What is updated Income Tax Return ITR-U & how can submit it. We can say that increase voluntary compliance by that person who pay tax to government. The government announced the concept of updated income tax return (ITR) in budget 2022. This concept in, section 139(8A) …
Highlights an important misconception about the new tax regime: Many taxpayers believe that no deductions or exemptions are available, whereas a few important benefits continue to be available even after shifting to the new regime. Salary Deductions Available Under the New Tax Regime Standard Deduction: The standard deduction is available to salaried employees and family …
Last Date to File Revised or Belated ITR for AY 2023-24 31/12/2023 is the Last Due-Date to File Revised or Belated Income Tax Return (ITR) for Assessment Year 2023-24 (Financial Year 2022-23) Late Filing fee for Belated Income Tax Return No Late Filling Fee if GTI (Gross Total Income) upto INR 2,50,000 Late Filling Fee …