What Is the Penalty for Late Filing of Income Tax Return?
Summary Late filing can trigger a section 234F fee. The fee is ₹5,000 for income above ₹5 lakh. It drops to ₹1,000 when total income is up to ₹5 lakh. If tax is still unpaid, interest may also apply. 80c in new tax regime is not available. Taxpayers in Thane often...
ITR-4 Joins the Dots Between Income & Financial Position
Summary ITR-4 is for eligible taxpayers using presumptive income rules. It helps show both earnings and the financial picture behind them. Clean income data reduces filing errors and notice risk. A chartered accountants firm can make the return easier to prepare. A...
Zero Income Tax on Rs 15 Lakh CTC? Can It Really Happen in India?
Summary A 15 lakh CTC is not the same as 15 lakh taxable income. The current new tax regime gives a standard deduction of up to ₹75,000, but zero tax only becomes realistic when taxable income is pulled down much further. For businesses, GST return filing and income...
GSTR-8 Return Filing: Format, Eligibility and Rules Explained
Summary GSTR-8 is the monthly TCS statement for registered e-commerce operators. It reports supplies made through the platform and tax collected at source. The due date is the 10th day of the next month. Late fee applies for return periods from October 2022 onwards....
