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Income Tax efiling in India for FY 2023-24 (AY 2024-25)

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Income Tax - Completion of Refunds, Slabs, Income Tax Department, Rules and Regulations - Know All About Income Tax in India

Updated on 1. Extension of ITR submission deadline: The inclusion of ITR by taxpayers not included in the audit is extended from 30 Sep 21 to 31 December 21 The ITR filing of tax assessment cases is extended until 15 February 22 Submission of ITR Transfer Price extended to 28 feb 22 ITR installation for Late or Updated Fy 20-21 return has been extended from 31st Dec 21 to 31st March 22. 2. Providing a Research Report: The deadline for reporting is audited on 15 Jan 22 The deadline for reporting on the audit case of transfer charges was extended to 31 January 22.

What is Income Tax? - Income Tax Foundations in India

Income tax is a form of tax levied by the central government on revenue earned during a financial year by individuals and businesses. Taxes are a source of government revenue. Government is using the money to improve infrastructure, provide health care, education, support to the agricultural / agricultural sector and other government welfare programs. Taxes are mainly of two types, direct taxes and indirect taxes. Taxes levied directly on income earned are called direct taxes, for example, taxes that do not include direct taxes. The calculation of taxes is based on the income levels applicable to that financial year.

Frequently asked questions

Companies and firms are required by law to file a tax return (ITR). However, individuals, HUF, AOP, BOI must file an ITR if the income exceeds the basic release limit of Rs 2.5 lakh. This limit is different for adults (Rs 3 lakhs) and for older adults (Rs 5 lakh).
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