Failing to file income tax returns on time in India can result in significant penalties and legal consequences. This article details the penalties based on income levels and taxpayer categories, such as salaried individuals, companies, self-employed individuals, and senior citizens. It also covers factors affecting penalty amounts and offers tips to avoid penalties, emphasizing timely compliance, accurate record-keeping, and seeking professional help if necessary.

Highlights upcoming deadlines for income tax compliance and GST filing. It emphasizes the need for prompt action to avoid potential penalties and legal issues.

In a move to strengthen tax compliance and curb evasion, the Central Board of Direct Taxes (CBDT) in India is mandating "reporting entities" like banks, fintech companies, and property registrars to submit details of all high-value transactions conducted during the financial year 2022-23. This blog post explains what this means, who it affects, and why the CBDT is taking this step.

Belated returns are filed under Section 139(4) of the Income-tax Act, 1961, while revised returns can be submitted under Section 139(5) of the Income Tax Act. The process for both is the same as filing an original ITR.

The end of the year is so close and it’s better not to wait anymore, act now! Filing your income tax return (ITR) for the financial year 2022-2023 is crucial.

Settle Your Third Instalment of Advance Tax within Nine Days! The clock is ticking, and you have until December 15 to fulfill your obligation of paying the third installment of advance tax.