ITR Filing Important ITR filing is important for several reasons: 1. Legal Requirement: It is a legal obligation imposed by the Income Tax Act, 1961 for individuals and entities meeting certain income criteria to file their income tax returns. Failure to comply with this requirement may attract penalties and legal consequences. 2. Income Verification:… Read More »
When ITR filing starts The filing of Income Tax Returns in India typically starts on 1st April of the assessment year. The assessment year is the year immediately following the financial year for which the ITR is being filed. For example, if you are filing an ITR for the financial year 2022-2023, the assessment year… Read More »
Income tax relief under 80GG Income Tax relief under 80GG, It’s individuals who do not receive House Rent Allowance (HRA) from their employer but still pay rent for their accommodation. This provision applies to self-employed individuals, salaried employees, and professionals. To qualify for the Income tax exemption under Section 80GG, the following criteria… Read More »