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For individuals, the deadline is typically July 31st of the assessment year. For businesses that require audit, the deadline is usually September 30th.
GST is a comprehensive indirect tax levied on the supply of goods and services. It has replaced various indirect taxes like VAT, service tax, excise duty, etc. The rates vary depending on the type of goods or services.
Businesses with an annual turnover exceeding ?20 lakh (?10 lakh for northeastern and hill states) are required to register for GST. However, certain businesses, like e-commerce operators, are required to register irrespective of their turnover.
TDS is a method of collecting income tax in India, whereby a certain percentage is deducted by the payer (employer, bank, etc.) while making payments like salary, rent, interest, etc. The deducted amount is then remitted to the government.
You can check the status of your income tax refund online on the Income Tax Department's e-filing portal by entering your PAN, assessment year, and captcha.
If you discover an error in your filed ITR, you can file a revised return before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
If you file your ITR after the due date, a late fee of ?5,000 is applicable. If you file after December 31st but before the end of the assessment year, the late fee is ?10,000. For those with income up to ?5 lakh, the penalty is capped at ?1,000.
Advance tax is payable by individuals and businesses whose tax liability exceeds ?10,000 in a financial year. It is paid in installments throughout the year, according to specified due dates.
Under Section 80C of the Income Tax Act, you can claim deductions up to ?1.5 lakh on investments like Public Provident Fund (PPF), National Savings Certificate (NSC), Equity Linked Savings Scheme (ELSS), and Life Insurance Premiums.
The new tax regime offers lower tax rates with no exemptions or deductions, whereas the old tax regime has higher rates but allows for various deductions (like 80C, 80D, HRA, etc.). Taxpayers can choose between the two regimes based on their financial situation.
If you fail to deduct TDS, the penalty can be equal to the amount of TDS that was not deducted. Additionally, interest is charged at 1% per month for failure to deduct TDS and 1.5% per month for failure to deposit the deducted TDS.
Not filing a tax return can result in penalties, interest on unpaid taxes, and the loss of certain benefits like the ability to carry forward losses. In severe cases, it could also lead to prosecution.
The Vivad se Vishwas scheme was introduced to settle pending tax disputes. Taxpayers can pay the disputed tax without any interest or penalty and settle the dispute.