1. Income tax is a major source of revenue collection for the government and the money collected is used to fund essentials such as health, education, defense, public affairs, infrastructures, etc.

    Income tax is a major source of revenue collection for the government and the money collected is used to fund essentials such as health, education, defense, public affairs, infrastructures, etc.

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  2. Income Tax is a direct tax charged by the Government on the income of a taxpayer. As per the Income Tax Act, taxpayers must file their income tax return annually to determine their tax obligations.

    Income Tax is a direct tax charged by the Government on the income of a taxpayer. As per the Income Tax Act, taxpayers must file their income tax return annually to determine their tax obligations.

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  3. You can use Masters India's free Income Tax Calculator to check your income tax payable - https://www.mastersindia.co/income-tax-calculator/

    You can use Masters India’s free Income Tax Calculator to check your income tax payable – https://www.mastersindia.co/income-tax-calculator/

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  4. I am assuming that you are enquiring about the filing of Income Tax Returns for FY 2020-21. You can file Income Tax Returns directly on the Income Tax Portal after March 31 2021– https://www.incometaxindiaefiling.gov.in/home. In case you need CA assistance, please drop in your details as a message.Read more

    I am assuming that you are enquiring about the filing of Income Tax Returns for FY 2020-21. You can file Income Tax Returns directly on the Income Tax Portal after March 31 2021– https://www.incometaxindiaefiling.gov.in/home.

    In case you need CA assistance, please drop in your details as a message. We will get in touch with you.

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  5. Technically you should be able to file belated returns for AY 2020-21 till 31 March 2021. However, a penalty of up to Rs. 10,000 may be applicable.

    Technically you should be able to file belated returns for AY 2020-21 till 31 March 2021. However, a penalty of up to Rs. 10,000 may be applicable.

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  6. The 5 heads of income are: 1. Income from Salary 2. Income from House property 3. Income from Capital Gains 4. Income from Business or Profession 5. Income from other sources.

    The 5 heads of income are:
    1. Income from Salary
    2. Income from House property
    3. Income from Capital Gains
    4. Income from Business or Profession
    5. Income from other sources.

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  7. I am assuming that you are enquiring about the filing of Income Tax Returns. You can file Income Tax Returns directly on the Income Tax Portal - https://www.incometaxindiaefiling.gov.in/home. In case you need CA assistance, please drop in your details as a message. We will get in touch with you.

    I am assuming that you are enquiring about the filing of Income Tax Returns. You can file Income Tax Returns directly on the Income Tax Portal – https://www.incometaxindiaefiling.gov.in/home.

    In case you need CA assistance, please drop in your details as a message. We will get in touch with you.

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  8. Section 87A was introduced to help taxpayers reduce their income tax liability. In other words, certain taxpayers earning income below a specified limit can leverage the provisions of this section and pay lesser/zero income tax. You can read more about section 87A here - https://www.mastersindia.co/Read more

    Section 87A was introduced to help taxpayers reduce their income tax liability. In other words, certain taxpayers earning income below a specified limit can leverage the provisions of this section and pay lesser/zero income tax. You can read more about section 87A here – https://www.mastersindia.co/gst/section-87a/

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  9. If you have taxable income in a financial year, you have to file Income Tax Returns compulsorily. If you don’t file Income Tax Returns on time, a penalty of up to Rs. 10,000 may be imposed.

    If you have taxable income in a financial year, you have to file Income Tax Returns compulsorily. If you don’t file Income Tax Returns on time, a penalty of up to Rs. 10,000 may be imposed.

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  10. If you have taxable income in a financial year, you have to file Income Tax Returns compulsorily. If you don't file Income Tax Returns on time, a penalty of up to Rs. 10,000 may be imposed.

    If you have taxable income in a financial year, you have to file Income Tax Returns compulsorily. If you don’t file Income Tax Returns on time, a penalty of up to Rs. 10,000 may be imposed.

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  11. This answer was edited.

    As of now, only taxpayers having an aggregate turnover of more than INR 500 crores have to include Dynamic Quick Response (QR) code mandatorily in the B2C invoices issued by them, from 1 April 2021. The Government may soon bring more taxpayers into this bracket. However, no announcements in this regRead more

    As of now, only taxpayers having an aggregate turnover of more than INR 500 crores have to include Dynamic Quick Response (QR) code mandatorily in the B2C invoices issued by them, from 1 April 2021.
    The Government may soon bring more taxpayers into this bracket. However, no announcements in this regard are made yet.

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  12. GSTR-3B is a consolidated summary return wherein details of inward and outward supplies are to be provided. (Depending upon the type and turnover of the taxpayer, frequency of GSTR 3B and due date will be decided) Government had introduced Form GSTR 3B as a stop-gap arrangement before moving to theRead more

    GSTR-3B is a consolidated summary return wherein details of inward and outward supplies are to be provided. (Depending upon the type and turnover of the taxpayer, frequency of GSTR 3B and due date will be decided)

    Government had introduced Form GSTR 3B as a stop-gap arrangement before moving to the originally planned returns in Form GSTR 1 GSTR 2 & GSTR 3.

    But now the originally planned returns are scrapped by Government and GSTR 3B is notified as a summary return.

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  13. Every GST registered person should have a valid GSTIN to undertake business.

    Every GST registered person should have a valid GSTIN to undertake business.

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