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Income tax return is the form in which assesses file information about his/her income and tax thereon to Income Tax Department. Various forms are ITR 1, ITR 2, ITR 3 , ITR 4, ITR 5, ITR 6 and ITR 7. When you file a belated return, you are not allowed to carry forward certain losses.
Farmers - who constitute 70% of the Indian workforce - are generally excluded from paying income tax in India. Income tax returns are due in India generally on 31 July, 30 September or 30 November, depending on the category of taxpayer. Everyone who earns or gets an income in India is subject to income tax.
The tax rate is 25 percent for domestic companies. For new companies incorporated after 1 October 2019 and beginning production before 31 March 2023, the tax rate is 15 percent. Both rates apply only if a company claims no exemptions or concessions. For foreign companies, the tax rate is 40 percent (50 percent on royalties and technical services).
Taxpayers got an extra three days to file their returns in 2023 thanks to a later-than-normal tax deadline, but that deadline has now arrived. To avoid penalties, you need to either file your ...
Your 2023 federal tax return is due Monday, April 15. Need an extension ? Fill out a request for an extra six months (Tuesday, Oct. 15) to complete your return.
Important Dates and Deadlines for Tax Season 2023. ... The due date to file your 2021 tax returns — and this time there’s no more wiggle room — is Oct. 16. More From GOBankingRates.
Tax Exemption: Withdrawals made from the National Savings Scheme by individuals on or after 29 August, 2024, will be exempt from tax. [ 5 ] Extension of Time-Limit to File Income Tax Returns : The deadline to file updated returns has increased from two to four years.
The main responsibility of the Income Tax Department is to enforce various direct tax laws, most important among these being the Income-tax Act, 1961, to collect revenue for the government of India. It also enforces other economic laws such as the Benami Transactions (Prohibition) Act, 1988 , [ 6 ] and the Black Money Act, 2015 .