ITR filing last date 2023: What happens if you miss July 31 deadline?   If you happen to miss the July 31 due date, you can file a belated return until December 31, but keep in mind that a late fee will be imposed. Late fees A late fee of Rs 5,000 will be imposed if the return is furnished after the deadline under Section 139(4). But if an individual's total income does not exceed Rs 5 lakh, the late fee will be limited to Rs 1,000. Penal interest on the due tax amount In addition to t...

Mistakes made while filing an income tax return make one’s return invalid and may lead the person liable for penalty and prosecution.  Filing an income tax return can either be a tiresome or an easy process. It all depends upon the knowledge & guidance one receives. With so many provisions, deductions, sections, Rules, etc., it is easy to get lost in the vast ocean of Income Tax. Therefore, we have listed some of the most common mistakes tax filers make below. Our guide on commo...

Highlights of Key changes in new ITR Forms 3, 4, 5, 6 and 7. I. Introduction: The new ITR Forms 1, 2 and 4S were notified for the Assessment Year 2015-16 vide Notification No. 41/2015, Dated 15-04-2015. However, in view of representations received from various stakeholders, the CBDT came out with simplified version of ITR forms 1, 2, 2A and 4S. Now the CBDT has notified the remaining ITR forms, viz, ITR Forms 3, 4, 5, 6 and 7 vide Notification No. 61/2015. Different forms are prescribe...

                                                                                     ALL ABOUT ITR FORM – 2A   1. Who can use this Return Form? This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2015...

                                                                         CHANGES IN  NEW ITR-2 FORM                       S.NO. CHANGES  ITR - 2 OLD FORM                     &nb...