1. 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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  2. 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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  3. 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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  4. 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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  5. 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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  6. 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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  7. 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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  8. 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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  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. The 2 primary and most commonly seen status for GSTIN are 'Active' and Inactive'.

    The 2 primary and most commonly seen status for GSTIN are ‘Active’ and Inactive’.

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