Filing Income Tax Return after the Due Date People tends to miss due date of filing tax return due to lack of time or no planning. Due dates of Filing Tax Return is provided under section 139(1) Where the assessee is a Company 30th September of the Assessment Year Where the assessee is a person […]
Filing Income Tax Return by NRI
Tips on Income Tax Return by NRI All the NRI are required to file income tax returns if they fulfill either of these conditions: (Read: Decide your Residential Status) Your taxable income in India during the previous year was above the basic exemption limit You have earned short-term or long-term capital gains from sale of certain investments […]
Penalties and Limitations of late filing of I-T returns
Section 139(1) of the Income Tax Act, 1961 specifies the time limit of filing the return for any individual whose total income exceeds a specified income threshold. The due date for filing the tax return for individuals is 31st July except for individuals who are engaged in business or profession and whose accounts are required […]