In India, Income earned during Financial year that is April-to-March, is to be reported to the Income tax Department. After end of the financial year, normally a taxpayer gets 4 months time (i.e. July) to file their return with the department. however the due date for different category of taxpayer varies. In this article we will discuss about the due dates of filing Income Tax Return in India for all Taxpayers. 31st July 2022: The common due date is 31st July for filing the Income Tax Return for the taxpayers…

Section 80C of Income Tax Act 1961 has been a widely used tax deduction for many individuals, but it does come with some caveats. Here are 8 Deductions Available under Section 80C of Income Tax Act 1961 which guidelines can be followed to claim deductions according to the lay of your land. LIC Premium Paid If you are an individual resident in India, you can claim a deduction of the LIC premium paid under Section 80C of the Income Tax Act, 1961. The LIC premium is a mandatory tax paid…

Taxes are unavoidable, but it's not your fault - which brings us to this article on claiming the appropriate deductions. A blog article containing information and advice on tax deductions you can take advantage of today to help lower your Income Tax liability. Save money with these key tips! New Concessional Tax Regime for Individual and HUF in India From FY 2020-21 onwards, the government has implemented a new simplified optional personal income tax regime for Individuals & HUF.Individuals and HUFs are allowed to pay income tax at reduced slab…

Income Tax Audit Due Date Extension: Latest News Some people who have to file tax audit reports and income tax return filing for FY 2020-21 have had their deadlines pushed back by the Central Board of Direct Taxes. By a press release on January 11, 2022, the income tax department announced that this would be the case.Extension of Due Dates for TAR & It ReturnTypeCurrent Due DateExtended Due DateTax Audit Report15.01.202215.02.2022Transfer Pricing Report31.01.202215.02.2022Audited Case IT Return15.02.202215.03.2022Transfer Pricing Case IT Return28.02.202215.03.2022The Central Board of Direct Taxes (CBDT), while exercising its powers under Section…