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 »
Tax Audit penalties for wholesaler Yes, there can Tax Audit penalties for wholesaler in India. According to the Income Tax Act of India, businesses that meet certain financial thresholds required to have their accounts audited by a chartered accountant and submit a tax audit report along with their income tax return. This requirement is… Read More »
Penalties for Not Filing Tax Audit Yes, there are penalties for not filing a tax audit report for doctors in India. The penalty depends on the amount of tax that is due and the reason for the non-filing. The penalty for not filing a tax audit report is: 0.5% of the total turnover or… Read More »
ITR Filling Penalties ITR Filling Penalties Yes, there are penalties for physiotherapists if they fail to file their ITR on time. The penalties for late filing of ITR vary depending on the amount of tax due and the reason for the delay. The following are the ITR Filling Penalties for physiotherapists: If the tax… Read More »
LLP ITR filing requirements Limited Liability Partnerships (LLPs) have gained popularity as a flexible and advantageous business structure for entrepreneurs and small businesses. However, like any other business entity, LLPs are subject to certain income tax filing requirements imposed by the tax authorities. Let’s explore this topic to understand the intricacies of LLP ITR… Read More »
Who needs to file an ITR Individuals and entities that are liable to pay income tax in India are required to file an Income Tax Return. Let’s define Who needs to file an ITR Filing Income Tax Returns is necessary because it’s a legal requirement and it helps to declare income accurately, calculates tax liability,… Read More »
ITR for capital gains If you have capital gain, you will generally need to file ITR-2. Income Tax Return-2 is applicable for individuals and Hindu Undivided Families (HUF) who have income from sources other than business or profession. These are typically categorized as “Income from Capital Gains” in ITR-2. However, it is important to… Read More »
ITR Filing is Mandatory Income tax return (ITR) filing is mandatory in several situations in India. Here are ten common scenarios where individuals are required to file their ITR: ITR filing is mandatory in 10 situations: 1. Income above Basic Exemption Limit: If your total income before claiming any deductions exceeds the basic exemption… Read More »
ITR for Salaried Person For salaried individuals, the applicable Income Tax Return (ITR) form in India is typically ITR-1 (Sahaj) or ITR-2. The choice between these forms depends on certain factors such as the level of income, the presence of other sources of income, and the eligibility for specific ITR forms. Here’s a… Read More »
Tax Planning in India Tax planning in India encompasses the deliberate management of financial matters and transactions, aiming to reduce tax obligations while operating within the legal framework. It involves utilizing various provisions and exemptions provided under the Indian tax laws to optimize tax savings. Here are a few prevalent tax planning strategies in… Read More »