#itr filing last date

[taxring]

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File your ITR with TaxRing and enjoy:

- Easy and quick filing process - Expert assistance from our team of CAs - Maximum refund guaranteed - Filing for last 3 years' returns - Tax planning and consultation - Refund claims and follow-up

Don't wait, file your ITR now and avoid unnecessary penalties and fees!

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Visit us - https://taxring.com

[legalpillers24]

Effortless HUF ITR Filing: Discover the Tax Benefits

Do you want to save your Income Tax? So, forming an HUF i.e. Hindu Undivided Family is a good option for you. HUF is a unique legal entity separate from its individual members. The HUF has been formed by the Hindu families and even Budhhists, Jains, and Sikhs can also be formed an HUF. This concept of HUF is specifically based on the concept of joint family and the head of the family will be the “Karta”. Here in this article we will discuss about the tax benefits that an HUF will get during ITR Filing online.

Tax Benefits Available for HUFs

Separate Legal Entity: A Hindu Undivided Family has been considered as a separate legal entity especially for the tax purposes. So, a HUF has its own PAN i.e. Permanent Account number and hence they file a separate ITR that result in decrease in the overall tax liability.

Tax Benefits for Gifts & Inheritances: The Hindu Undivided Families can enjoy an additional benefit when we talk about receiving gifts & inheritances.

Deductions under Section 80C: HUFs can claim the deductions of up to Rs. 1.5 Lakhs (similar to the individual taxpayers) on various investments & expenses as per section 80C of the Income Tax Act, reducing the tax liability.

Exemption on Long-Term Capital Gains: HUFs i.e. Hindu Undivided Families are also eligible for the long-term capital gains including sale of long-term capital assets. It will be subject to certain conditions.

Deduction for Business Expenses: In case, the HUF has been engaged in business or profession, then they are also eligible to claim deductions of various business expenses (similar to the other business entity) during Income Tax Return Filing.

Deductions for Donations under Section 80G: HUFs can also claim deductions for the donation that they made to the recognized charitable institutions under Section 80G. You can claim a deduction of about 50% to 100% of the donated amount as per the type of charity.

Home Loan Interest Deduction: If HUFs paid the interest on home loan that had been taken in its name, then they can claim the deduction under section 24(b). You can claim a maximum deduction of around Rs. 2 Lakhs per annum.

Tips to Manage HUF Finances

Regular Investments

Maintain Proper Records

Seek Professional Guidance

Common Mistakes HUF Should Avoid

Incomplete Documentation

Mixing Personal & HUF Finances

Ignoring Compliance

Conclusion

If you form an HUF i.e. Hindu Undivided Family, you will get the number of tax benefits while Income Tax Return Filing. It will reduce the overall tax burden of a family. As HUF is a separate legal entity, so you can split your income and claim the deduction under various sections. It is crucial for you to understand the legal & tax implications properly, whether you want to form a Hindu Undivided Family or manage an existing one.

Learn More

[taxguidenilesh]

Income Tax Return AY 2023-24: क्या जानकारी तैयार रखे, इनकम टैक्स रिटर्न भरने की due date क्या है. ITR filing last date

AY 2023-2024 का Income Tax Return (ITR) फाइल करने का समय आ चूका है. करदाता को अपना आयकर रिटर्न due date के पहले फाइल करना आवश्यक है. इसके लिए करदाता को क्या documents और जानकारी की आवश्यकता है और आयकर रिटर्न फाइल करने की देय तिथी क्या है. इस विषय में यहाँ समझेगे की ITR filing last date क्या है, जिससे की टैक्सपेयर due date के पहले अपना इनकम टैक्स रिटर्न फाइल कर सके.

[is13252]

🚨 File Your ITR Before The Deadline Expires🚨

File your ITR before the deadline expires. Otherwise, you will have to face many problems. Watch the full video to know which other documents are required for ITR filing and for any business-related information, join JR Compliance now.

[amarugujarat]

ITR ફાઇલ કર્યા પછી પણ રિફંડ મળશે નહીં, નિયમો બદલાયા, જુઓ સંપુર્ણ માહિતી

ITR નાણાકીય વર્ષ 2022-23 (આકારણી વર્ષ 2022-23) માટે ભરવામાં આવી રહી છે. આવકવેરા તરફથી ITR (ઇન્કમ ટેક્સ રિટર્ન) ફાઇલ કરવાની છેલ્લી તારીખ 31 જુલાઈ નક્કી કરવામાં આવી છે. જો તમે હજુ સુધી તમારું ITR ફાઈલ કર્યું નથી, તો આ કામ સમયસર પૂર્ણ કરો. જો તમે મોડું કરો છો તો તમારે દંડ ભરવો પડી શકે છે. જો તમે છેલ્લી તારીખ પહેલા ITR ફાઇલ કરો છો તો તમારે છેલ્લી ક્ષણે ચિંતા કરવાની જરૂર નથી. ITR રિફંડ એકથી ચાર…

[babatax]

Income tax audit for FY 2023-24 last date and who needs to file audit report?

A specified class of taxpayers must conduct income tax audits as per the income tax law. This audit is a thorough inspection of the books of accounts of the taxpayer with business or professional income. The primary reason behind tax audits is to ensure the accuracy of financial records and income tax returns (ITRs). This is why the law has mandated certain taxpayers to conduct a tax audit and…

[mind-your-tax-9]

Is It Mandatory to File an ITR for a Proprietorship Firm?

Yes, it is mandatory to file an Income Tax Return (ITR) for a proprietorship firm in India. Even though a proprietorship firm is not a separate legal entity, the business income is treated as the individual owner's income. This means that the owner must report the firm’s income and expenses when filing their personal ITR.

When Filing is Required

Income Exceeds Exemption Limit: If the total income, including the firm's earnings, exceeds the basic exemption limit of ₹2.5 lakhs, filing an ITR is mandatory. This is especially relevant for small business tax filing.

Presumptive Taxation: If your firm opts for the Presumptive Taxation Scheme under Section 44AD, you need to file an ITR even if your income is below the exemption limit. This simplifies the small business tax filing process.

GST Registration: If your firm is registered under GST, it's usually necessary to file an ITR. If you're searching for "business tax filing near me," you might consider filing your company tax return online for convenience.

Importance of Filing

Filing an ITR ensures you comply with tax laws, avoid penalties, and maintain a record of your business's financial health. It’s also important to keep track of the business ITR filing last date to avoid any late fees or penalties. Proper company tax return filing is essential for accessing loans and other financial services.

[sassysuitdonut]

What Essential Steps Should You Take to Prepare for Tax Filing in the Financial Year 2023-2024?

The financial year 2023-2024 is drawing to a close, and with it comes tax filing season. While it might not be the most exciting prospect, staying organized can make the process smoother. Here are some essential steps to ensure a stress-free tax filing experience for the Assessment Year 2024-2025 with the help of Tax Consultants in Kochi, Kerala.

Gather Your Documents

Income Proofs: Form 16 (salary income), investment statements (dividends, interest), sales receipts (capital gains), and any other income-related documents.

Deduction Proofs: Documents for investments under Section 80C (PPF, ELSS), medical insurance premiums (Section 80D), home loan interest (Section 24), and other eligible deductions.

Tax Forms: Keep your PAN card and Aadhaar card handy, along with Form 26AS (tax credit statement).

Choose the Right ITR Form

There are different Income Tax Return (ITR) forms for various taxpayer categories. Familiarize yourself with the ITR options and choose the one applicable to your income sources (salary, business, capital gains, etc.).

Organize Your Information

Don’t wait until the last minute. Start by making a list of your income sources and deductions throughout the year. This will help you avoid scrambling and ensure accurate filing.

Review Pre-filled Information

The Income Tax Department pre-fills some sections of your ITR form based on information received from employers and banks. Carefully review this pre-filled data and make any necessary corrections.

Don’t Miss Deductions

Many taxpayers overlook eligible deductions that can significantly reduce their tax liability. Explore all potential deductions under various sections (80C, 80D, etc.) to maximize your tax benefit.

Calculate and Pay Tax Dues (if applicable)

Once you’ve determined your tax liability, calculate any taxes owed after considering deductions. Make the payment before the due date to avoid penalties.

E-verify Your Return

E-verification is mandatory for most taxpayers. You can do this electronically using Aadhaar OTP, net banking, or by sending a signed copy of the ITR-V form to the Central Processing Center.

Keep Records for Future Reference

Maintain a well-organized file of all tax documents for at least seven years. This will simplify future tax filings and help in case of any inquiries from the tax department.

By following these essential steps, you can approach tax filing for FY 2023-2024 with confidence. Remember, staying organized and planning ahead can make a significant difference in ensuring a smooth and efficient tax filing process. For additional assistance, consider seeking professional advice from Tax Advisory Services in Kochi.

[taxring]

Missed the July 31 Deadline? No Worries! You Can Still File Your ITR with a Belated Return! learn more

Taxpayers who did not file their income tax returns on time, before the July 31 deadline, can file a belated return. Let’s learn more about this here.

If you missed the original deadline for filing your income tax return (ITR), you are not alone. Fortunately, you can still file a belated return, which is effectively a late submission of your ITR. Here’s a quick guide to walk you through the process:

Understand the Belated Return Concept

A belated return under Section 139(4) of the Income Tax (I-T) Act is one that is filed after the deadline. Taxpayers who failed to file a return on or before July 31 may file a late return.

People can file a belated return by December 31 of the applicable assessment year.

It is important to remember, however, that taxpayers who file belated returns are not exempt from the late filing penalty.

Eligibility for Filing a Belated Return

The good news is that there are no specific income thresholds or tax liabilities that restrict your ability to file a belated return. If you were initially required to file a return but missed the deadline, you are still eligible to submit a belated return.

When Filing an Income Tax Return (ITR) is Mandatory

To help you understand when filing an ITR is a must, here are some key conditions:

1.Income Threshold: If your total annual income exceeds Rs. 2,50,000, you are required to file an ITR.

2. Bank Transactions: If you have deposited more than Rs. 1 crore in a current account with a cooperative or regular bank during the financial year, filing an ITR is mandatory.

3.Foreign Travel Expenditure: If your spending on foreign travel surpasses Rs. 2 lakhs within the financial year, you must file an ITR.

4. Electricity Bill: If your total electricity bill exceeds Rs. 1 lakh, filing an ITR is required.

Filing Your Belated Return

If any of the above conditions apply to you, and you missed the original deadline, you can still file a belated return. Here’s what to do:

1.Choose the Correct Section: When filing your belated return, make sure to select Section 139(4) of the Income Tax Act. This section is specifically for belated returns.

2. Submit Your Return: Complete the form with all the required details and submit it through the official tax portal.

3. Pay Late Fees: Be aware that there might be late fees applicable, so check the latest guidelines for any penalties.

Filing a belated return ensures that you remain compliant with tax regulations and avoid further complications. Make sure to keep records of your submission and any related documents for future reference.

Additional Tips: Consult a Tax Professional: If you are unsure about any aspect of the process, get help from a tax specialist. They can offer helpful advice and guarantee that your late return is filed correctly.

Stay Informed: Keep track of any changes to tax regulations or deadlines to maintain compliance and prevent excessive penalties.

Filing a belated return may be daunting, but following these steps will help you navigate the process quickly and ensure that you satisfy your tax responsibilities.

Read also:

How to response defective notice ?

Budget 2024 income tax slab

Old Vs New tax regime which is better ?

[legalpillers24]

(via HUF Online ITR Filing: Tax Benefits for HUFs - Legal Pillers)

[filinggst]

ITR filing Last Date: FY 2022-23 (AY 2023-24) - Tax Craft Hub

The last date for filing Income Tax Returns (ITR) in India typically falls on July 31st of each assessment year for individuals and entities not requiring an audit. However, this deadline may be extended by the government under special circumstances or due to technical difficulties. It's crucial for taxpayers to file their ITR on time to avoid penalties, interest on unpaid taxes, or legal consequences. Missing the deadline can result in a late fee of up to ₹10,000, along with other potential issues like delays in processing refunds or the inability to carry forward losses. Therefore, it is advisable to complete the filing process well before the deadline to ensure compliance and avoid last-minute stress.

For More Information About ITR filing Last Date

[karuppuezhutthu-blog]

வருமான வரி ரிட்டர்ன் தாக்கல் செய்ய இன்று கடைசி நாள் | ITR filing today last date

புதுடெல்லி: வருமான வரி ரிட்டர்ன் (ஐடிஆர்) தாக்கல் செய்ய இன்று கடைசி நாள். வருமான வரித் துறை காலக்கெடுவை நீட்டிக்கும் என்று தகவல் பரவி வந்தது. இந்நிலையில், 2023 -24 நிதிஆண்டுக்கான ஐடிஆர் தாக்கலுக்கான காலக்கெடுவில் நீட்டிப்பு இல்லை என்று வருமான வரித்துறை நேற்று தெரிவித்தது. இன்றைய தினத்துக்குள் ஐடிஆர் தாக்கல் செய்யாவிட்டால், வரிதாரர்கள் பழைய வரி முறையின் கீழ் சலுகைகள் பெற முடியாது. தாமதமாக தாக்கல்…

[mytravelbaseddiary]

Income tax return filing in rajajinagar

Taxpayers are typically required to file their ITR annually, providing details of their income and relevant financial information for a specific period, such as a financial year (FY). ITR filing start date for AY 2024-25 is 1st April 2024, and last date is 31st July 2024.

contact us ;9844000399

[legaldev]

What will happen if you forget the last date to file ITR?

Use Legal Dev Learn more about Income tax return penalty. Here you can can find all the information you need to know about what will happen if you forget the last date to file ITR.

[nithyasreevenkatesh]

Income tax filing Rajajinagar

July 31The last date for filing an income tax return (ITR) for the assessment year 2024-25 (FY24) is July 31 and missing this deadline could attract legal repercussions affecting your financial planning

Contact us : 9844000399

[setupfiling]

Income Tax Return Filing for AY 2024-25

Income Tax Return Filing for AY 2024-25 has been started. The last date to file Income Tax Return (ITR) for FY 2023-24 (AY 2024-25) without a late fee is 31st July 2024.