Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Top Headlines »
Open DEMAT Account in 24 hrs
 Deadline to file updated ITR FY20-21 ends on March 31: Details on additional tax
 4 tax-planning mistakes to avoid this season
 ITR 2024: Here are 8 ways by which senior citizens can save on taxes this year
 Tax-saving investments for senior citizens: Here are 4 ways to maximise your tax savings
 11 ways of tax savings for salaried individuals for FY 2023-24
 How selling equities before March 31 can help you save income tax
 Income tax benefits for senior citizens on interest income from savings, fixed deposits explained in eight points

Missed the ITR filing deadline? You can still file tax return for FY 18-19 by this date
October, 09th 2019

I missed filing ITR for FY18-19 (AY19-20) as I was abroad from June to August end. Can I file it now with late fee? – Arup Bose

If you have failed to furnish your ITR before the due date, (i.e., August 31, 2019), you can still file the same before the end of the assessment year, i.e., before March 31, 2020. Late filing of return shall attract a fee of Rs. 5,000 if it is furnished on or before December 31, 2019. Post this date, Rs. 10,000 shall be charged. However, if your taxable income is below Rs. 5 lakh, then fee shall not exceed Rs. 1,000.

Inflation has been softening in the last 3 years. The Cost of Inflation Index (CII) has moved up from 272 (2017-18) to 289 (2019-20), just up 6.25. In view of the above, going forward, do you feel it makes sense to use 10% tax instead of 20% with indexation for long term debt fund taxation? —A S Harish

Tax liability will depend upon the cost of acquisition and the date of sale/purchase. It is always desirable to do a comparative analysis of the two available options and the option more beneficial to you may be chosen.

If my gross income for FY19-20 is Rs. 4 lakh , do I need to invest any amount under Section 80C to avail the benefit of Section 87A? I am 74 years old and have income from pension and interest from bank deposits. —Manoj Anjaria

A resident individual can claim rebate from income-tax under Section 87A if his total income after deduction under Chapter VI-A for FY19-20 is less than Rs. 5 lakh. The maximum amount of tax rebate permissible is 100% of tax amount or Rs. 12,500, whichever is less. Hence, you shall be allowed to claim full tax rebate on income of Rs. 4 lakh even if no investment under Section 80C is made.

I have got a demand notice for Rs. 20. Should I pay online or pay in cash in the nearest income tax office? —Manoj Anjaria

You can either pay the outstanding demand of Rs. 20 online, using the TIN-NSDL PORTAL or through offline mode, by visiting your bank branch. The 7-digit BSR Code, challan serial number along with the date of deposit (generated in both online and offline payment modes) shall be required to be quoted while accepting the outstanding tax demand on the e-filing portal.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting