Penalty for filing income tax return after due date is only applicable from FY 2017-18 The government has introduced a maximum fee amount of Rs.10,000 for delayed filing of income tax return by individuals in the last budget presented in February this year.
Tag Archives: Income Tax updates
Paying Rs 50,000 rent? Better cut 5% TDS Individuals who are paying a rent of over Rs 50,000 every month required to deduct TDS at 5%. The related section in the Income Tax Act is section 194IB — which was introduced by the Finance Act, 2017 and it has broad scope of withholding tax by […]
Which ITR form to fill and how to fill for FY 2016-17. The Central Board of Direct Taxes (CBDT) notified ITR form for the Financial Year (FY) 2016-17 on March 31, 2017. The government also mandated quoting of Aadhaar number/ Aadhaar enrolment number while filing the tax return if the same is filed on or […]
Financial tasks that you need to do right away Here are some Financial tasks that you need to deal with immediately. LINK YOUR AADHAAR CARD
Benefits of filing ITR by individuals When it comes to filing of income tax return, many Individuals are of the opinion as to why the return must be filed. Though salary class individuals duly file their IT returns due to compulsion of having Tax Deduction at Sources, there are many other categories of Individuals who […]