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Consequences of Missed ITR Filing In the realm of income tax filing, the adage "Better late than never" carries weight, but missing the deadline can lead to serious repercussions. As…
Form 10B Overview Previously, Form 10B allowed taxpayers to file audit reports if they were registered as charitable or religious trusts or institutions under Section 12A by submitting Form 10A.…
Salaried employees constitute a substantial portion of the country's taxpayer base, contributing significantly to overall tax collections. Income tax deductions and allowances present numerous opportunities for tax savings, providing avenues…
The ITR-1 form, also known as the Sahaj Form, is designed for individuals with an annual income of up to Rs. 50 lakh. In this article, we will walk you…
Difficulties in Filing Income Tax Returns and Tax Audit Filing returns and tax audits are two important aspects of compliance with India's Income Tax Act of 1961. Filing returns declares…
NRI Taxation in India We all recognize that taxes collected from citizens form the bedrock of India's economy. However, the Indian Income Tax Act of 1961 prescribes a distinct taxation…
The ITR-3 form is one of the income tax return forms that can be used by individuals and Hindu Undivided Families (HUFs) who have income from profits and gains of…
Changes in the ITR-2 Form On February 10, 2023, Notification No. 04/2023 was issued by the Central Board of Direct Taxes (CBDT), unveiling revised versions of the Income Tax Return…
Income Tax Return for NRIs Taxation forms the foundation of any country's economy, and India is no exception. For India, a nation with a substantial overseas population, the taxation of…
Income tax is integral to financial life in most countries, including India. To encourage taxpayers to save on their tax liability, the Indian government offers various deductions and exemptions. One…
