CBDT condones late filing of ITR to claim 80P deduction for Co operative Societies for AY 2023-24

CBDT on 30th Oct 2024 through Circular 14/2024 condones late filing of Income tax Return to claim the deduction of Section 80P for the Co operative societies for the Assessment year 2023-24. One of the condition to avail the deduction of 80P is to furnish the return on or before the due date under sub section (1) of section 139 of the Act. This was applicable from 01/04/2018 by Finance Act 2018.CBDT had condoned the same for AY 2018-19 to AY 2022-23 by Circular 13/2023 dated 26.07.2023 . the current Circular…

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Understanding HUF: A Comprehensive Guide to Hindu Undivided Families

What is a HUF? HUF stands for Hindu Undivided Family. To reduce taxes, you can establish a family group by combining assets to create a HUF. The HUF is subject to taxation separately, distinct from its members. Not only Hindu families but also Buddhist, Jain, and Sikh families can create an HUF. A HUF obtains its unique PAN (Permanent Account Number) and submits tax returns independently of its members. Tax implications of forming a HUF How to save tax by forming an HUF? A HUF is subject to taxation independently…

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Central Board of Direct Taxes Releases Draft of Common Income Tax Return Form for Public Consultation

Currently, there are seven forms i.e from ITR 1 to ITR 7, available for taxpayers to file their Income Tax Returns. The selections or applicability of forms depends upon the nature or type of Incomes the taxpayer is declaring and also by the type of Person filling the return. The existing ITRs are designated forms where the taxpayer is compulsorily required to go through all the schedules, whether they are applicable or not, which not only make the forms look complex but all increases the time required to fill &…

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Income Tax Portal Enables payments through UPI payment method

The most awaited upgrade announced by The Central Board of Direct Taxes has now been enabled on Income Tax Portal. Now the taxpayers can deposit their Income Tax by UPI (Unified Payments Interface), RTGS/NEFT and Credit Card. Earlier, there was three payment methods which were available Net Banking, Debit Card and Over the Counter of bank through Challan. Currently, this new payment facility is available on Income tax Portal only and the same has not yet enabled on NSDL website. UPI operations were started in 2016 in India. It was…

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When Can I Expect My ITR Refund?

Income Tax Refund Sometimes, a person may find up paying taxes more than they are really needed to. This may be due to excess TDS deducted or an extra income tax estimate. In such instances, you are eligible to claim an income tax refund. 1. What is Income Tax Refund? An individual may sometimes wind up paying more tax than they should. You may be eligible for an income tax refund, for instance, if advanced tax or tax deducted at source (TDS) exceeds the amount you are required to pay.…

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A Guide for Income Tax Return Filing in Mumbai

In India, the Income Tax Department is responsible for collecting taxes from residents and foreigners earning income in India. The Income Tax Department also collects taxes on capital gains. In order to file an Income Tax Return, you will need to have your PAN card and bank account details handy. You can find the PAN card application form on the Income Tax website. The process of filing an income tax return is easy and straightforward but it helps if you understand some of the terminology used by the department: It…

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Don’t Be in a Hurry to File Your ITR Before June 2022

This year, the Government live the Income Tax Return Filing forms well before the due date, which need to be uploaded before 31st July for a non Audit Taxpayers like Salary employed, Freelancers, Businessman, etc. But the Tax expert advises not to file your Income Tax Return before June 2022. In this article we’ll discuss it in detail. Taxpayers are required to declare their Income earned during Financial Year 2021-22 i.e. April-21 to March-22 before 31st July 2022. To Prepare Income tax return one needs to match the details entered…

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All About Due dates of Filing Income tax return (Assessment Year 2022-23)

In India, Income earned during Financial year that is April-to-March, is to be reported to the Income tax Department. After end of the financial year, normally a taxpayer gets 4 months time (i.e. July) to file their return with the department. however the due date for different category of taxpayer varies. In this article we will discuss about the due dates of filing Income Tax Return in India for all Taxpayers. 31st July 2022: The common due date is 31st July for filing the Income Tax Return for the taxpayers…

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Income Tax – 8 Deductions Available Under Section 80C Of Income Tax Act 1961

Section 80C of Income Tax Act 1961 has been a widely used tax deduction for many individuals, but it does come with some caveats. Here are 8 Deductions Available under Section 80C of Income Tax Act 1961 which guidelines can be followed to claim deductions according to the lay of your land. LIC Premium Paid If you are an individual resident in India, you can claim a deduction of the LIC premium paid under Section 80C of the Income Tax Act, 1961. The LIC premium is a mandatory tax paid…

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Instant Tips On Income Tax Deductions That You Can Start Figuring Out Today

Taxes are unavoidable, but it's not your fault - which brings us to this article on claiming the appropriate deductions. A blog article containing information and advice on tax deductions you can take advantage of today to help lower your Income Tax liability. Save money with these key tips! New Concessional Tax Regime for Individual and HUF in India From FY 2020-21 onwards, the government has implemented a new simplified optional personal income tax regime for Individuals & HUF. Individuals and HUFs are allowed to pay income tax at reduced…

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