ITR filing Deadline ITR filing Deadline, The due date for filing Income Tax Returns (ITR) for the financial year 2022-23 is July 31, 2023 for most taxpayers. However, the due date for filing ITR for mall owners is different. Mall owners are considered as “businesses” under the Income Tax Act, 1961. As such, they have… Read More »
ITR for Mall Owners ITR for Mall owners in India can avail several tax deductions while filing their Income Tax Return (ITR). These deductions help in reducing their taxable income, ultimately leading to a lower tax liability. Three key tax deductions available ITR for mall owners in India are: 1. Property Tax Deduction: Mall… Read More »
Threshold limits for filing an ITR Threshold limits for filing an ITR Yes, there are threshold limits for filing an Income Tax Return (ITR) for businesses that deal in sales and services. The threshold limits are as follows: Aggregate turnover of Rs. 60 lakh in a financial year. This means that if the total sales… Read More »
ITR Due date for sales ITR Due date for sales: The ITR due date for Sales & Services in India is July 31 of the assessment year. For example, the ITR due date for the financial year 2022-23 (assessment year 2023-24) is July 31, 2023. However, there are some exceptions to this rule. For… Read More »
ITR for Sales&Services Yes, there are Penalty ITR for Sales&Services. The penalty depends on the date of filing the ITR. If you file your ITR on or before the due date, i.e., July 31, 2023, no penalty will be levied. If you file your ITR after July 31, 2023, but before December 31, 2023, you… Read More »
Electro Refund Insights Electro Refund Insights items are treated as negative purchases in the ITR filing. This means that the amount of the refund or return can deducte from the total purchase value of the electrical items. For instance, in a scenario where you buy a television priced at Rs. 10,000 and then return… Read More »
ITR Penalty for Fuel Dealers Yes, there are ITR Penalty for Fuel Dealers. The penalty depends on the amount of tax due and the reason for the delay. If the delay is due to the fault of the fuel dealer, the penalty is 5% of the tax due or ₹20,000, whichever is higher. If the… Read More »
Affordable Housing Projects The deduction is available to first-time homebuyers who take a home loan for the purchase of an affordable housing projects. An affordable housing property is a residential property whose stamp duty value does not exceed Rs. 45 lakh. The maximum allowable deduction can cappe at Rs. 1.5 lakh per financial year. It… Read More »
ITR dedline for Fuel Dealers The ITR dedline for Fuel Dealers varies depending on the type of fuel, the state or territory, and the oil company. For example, the due date for the payment of VAT on petrol sales in Gujarat is the 12th of the following month, while the due date for the… Read More »
Late Filing Penalties Yes, there are penalties for late filing of Sales and Services returns under the Goods and Services Tax (GST) in India. The penalties are as follows: 1. Late filing fee: A late filing fee of Rs. 100 per day is charged for each day of delay, per act, per return. The maximum… Read More »
