Introduction Filing your Income Tax Return (ITR) is an essential annual obligation for individuals and businesses. Unfortunately, many people tend to procrastinate and leave it until the last minute. However, this approach often leads to unnecessary stress, errors, and even penalties. With only 36 days left until the July 31st deadline, it is crucial to …
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Hiring a tax consultant in Gurgaon for filing your Income Tax Return (ITR) for Assessment Year (AY) 2023-24 can provide numerous benefits and ensure a smooth and hassle-free tax filing process. In this article, we will explore several reasons why you should consider hiring a tax consultant in Gurgaon and how they can assist you …
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Introduction The deadline for filing your Income Tax Return (ITR) is fast approaching, with just 36 days left until 31st July 2023. Filing your ITR on time is crucial for every taxpayer, as it ensures compliance with tax laws and offers numerous benefits such as claiming refunds, avoiding penalties, and establishing a clean financial record. …
Continue reading “File Your ITR Before the July 31st Deadline: Only 36 Days Left”
Introduction Filing your Income Tax Return (ITR) is an essential responsibility that every taxpayer must fulfill. With the deadline of 31st July 2023 fast approaching, you have only 37 days left to complete this crucial task. Filing your ITR not only ensures compliance with the law but also offers various benefits, such as claiming tax …
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The Income Tax Return (ITR) filing session is underway, and employees have begun receiving Form 16 Part A and Part B from their employers. This document plays a crucial role in the income tax filing process as it provides essential details required for accurately reporting income and taxes paid. It is essential for employees to …
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Filing income tax returns (ITR) is an important responsibility for salaried individuals. It helps ensure compliance with tax laws and enables individuals to claim deductions and exemptions, thereby minimizing their tax liability. However, filing ITR can be a complex process, and it’s crucial to take certain precautions to avoid errors or potential legal issues. Here …
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Introduction Filing income tax returns (ITR) is a crucial responsibility for individuals generating rental income. Rental income is considered taxable under the Income Tax Act of most countries, including India. Whether you are a landlord renting out a residential or commercial property, understanding the tax implications and the process of filing ITR is essential to …
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Filing an income tax return (ITR) is a legal requirement in many countries, including India, where it is mandatory for individuals and entities with taxable income to file their returns. If you have income from house property, it is crucial to file your ITR to fulfill your tax obligations and avoid potential penalties and legal …
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In the case of Geeta P. Kamat v. PCIT, the petitioner, who served as a director in a company, received a show cause notice demanding the recovery of tax dues on behalf of the company. The petitioner argued that she should not be held liable since there was no evidence of gross negligence, malfeasance, or …
Introduction Taxation for Non-Resident Individuals (NRIs) in India involves specific considerations based on their residential status and the income they generate. In the assessment year 2023-24, NRIs have the option to choose between the old tax regime and the new tax regime, which offers reduced tax rates under Section 115BAC of the Income Tax Act. …
