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Section 234A – Interest For Defaults In Furnishing Return Of Income

The Income Tax Department expects taxable persons (assessees) to file their Income-tax Returns on or before the notified due dates. In case the assessees fail to file their Income Tax Returns within the prescribed due dates, they will be liable to pay interest for the delay. This interest is charged under Section 234A of the … Read moreSection 234A – Interest For Defaults In Furnishing Return Of Income

Section 234B – Interest For Defaults In Payment Of Advance Tax

Payment of Advance Tax is mandatory when the tax liability is more than INR 10,000. To ensure that taxpayers pay Advance Tax on time, the Income Tax Department has introduced section 234B to levy interest in case there is a default in the payment of Advance Tax. In this article, we will discuss the provisions … Read moreSection 234B – Interest For Defaults In Payment Of Advance Tax

Section 234C – Interest For Default In Payment Of Instalment(s) Of Advance Tax

As per the Income Tax Act, every assessee who has Income Tax payable (more than INR 10,000) should pay tax in advance. This Advance Tax has to be paid in instalments. Taxpayers (other than those who have opted for presumptive taxation scheme of section 44AD or section 44ADA) have to pay Advance Tax instalments by … Read moreSection 234C – Interest For Default In Payment Of Instalment(s) Of Advance Tax

ITR-7

The majority of entities that file income tax returns would be using ITR-1 to ITR-6. However, the ITR-7 would be available for certain special types of entities, e.g., the entities enjoying tax-exempt status. In this article, we will discuss the ITR-7 in brief. Applicability Of ITR-7 Contents Of ITR-7 Applicability Of ITR-7 The ITR-7 applies … Read moreITR-7

ITR – 6

Corporate taxation is an important source of revenue for the Government. A balance between making the compliance process agile and being as comprehensive as possible is necessary for efficient tax collection. In this article, we are going to explore the income tax return applicable to corporate assessees. Applicability Of ITR-6 Contents of the ITR-6 Applicability … Read moreITR – 6

ITR-4

The presumptive scheme of taxation under the Income-tax Act has been beneficial to a lot of taxpayers who have limited income from business or profession. Under the presumptive taxation scheme, taxpayers declare their income as a percentage of turnover when the books of accounts are not maintained. The income tax return filing process is also … Read moreITR-4

ITR-5

The Income Tax Department requires a taxpayer to furnish a return of income under Rule 12 of the Income Tax Rules, 1962. Income-tax return (ITR) is the document in which the taxpayer provides information about their income and tax, to the Income Tax (IT) Department. The IT Department has released various ITRs, and each ITR … Read moreITR-5

Form 15G and Form 15H

Banks have to deduct TDS on interest income if such interest is more than INR 40,000 in a year. To calculate this limit, the bank adds all the deposits held in all its branches by the taxpayer. However, if the total income of the taxpayer does not exceed the taxable limit, the taxpayer can submit … Read moreForm 15G and Form 15H