Penalty on late filing of ITR and other tax changes effective from 1st April 2018

Taxpayers who do not file their income tax returns (ITRs) on time will have to shell out a penalty of up to Rs10,000, but from the 2018-19 Assessment Year (AY). “In order to ensure that return is filed within due date, it is proposed to insert a new section 234F in the Act (I-T Act) to provide that a fee for delay in furnishing of return shall be levied for assessment year 2018-19 and onwards in a case where the return is not filed within...

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Know about Sahaj (ITR-1) – Income Tax Return filing

Recently, the Central Board of Direct Taxes (CBDT) notified the launch and use of new income tax return filing forms, named as Sahaj for the fiscal year of 2017-18. This is by far the easiest single page form to have ever been launched for IT return filing purposes. This form is aptly named as Sahaj (ITR 1), which has been introduced for individual assessees with an annual income for this financial year of about INR 50 Lakhs subject to...

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