@AlliesFin
1. The due date for filing ITR for Assessment Year 2019-20
For the Assessment Year 2019-20, the due date for return filing was 31 July 2019. Many taxpayers believe that if they have paid their taxes, they have no further obligation. However, missing the ITR filing deadline has legal consequences. Effective from the financial year 2017-18, a late filing fee will be applicable for filing returns after the due date.
2. Late Filing Fees u/s 234F
Effective from the financial year 2017-18, a late filing fee will be applicable for filing your returns after the due date i.e. 31 July 2019 under section 234F. The maximum penalty is Rs. 10,000.
If you file your ITR after the due date (31 July) but before 31 December, a penalty of Rs 5000 will be levied. For returns filed later than 31 December 2019, the penalty levied will be increased to Rs.10,000. There is a relief given to small taxpayers – the IT department has stated that if the total income does not exceed Rs 5 lakh, the maximum penalty levied for delay will be Rs 1000.
3. Benefits of filing ITR on time
*Easy Loan Approval
*Claim Tax Refund
*Quick Visa Processing
*Carry Forward Your Losses
*Avoid Penalty and prosecution.
#itr #filling #AlliesFin #tax #saving
1. The due date for filing ITR for Assessment Year 2019-20
For the Assessment Year 2019-20, the due date for return filing was 31 July 2019. Many taxpayers believe that if they have paid their taxes, they have no further obligation. However, missing the ITR filing deadline has legal consequences. Effective from the financial year 2017-18, a late filing fee will be applicable for filing returns after the due date.
2. Late Filing Fees u/s 234F
Effective from the financial year 2017-18, a late filing fee will be applicable for filing your returns after the due date i.e. 31 July 2019 under section 234F. The maximum penalty is Rs. 10,000.
If you file your ITR after the due date (31 July) but before 31 December, a penalty of Rs 5000 will be levied. For returns filed later than 31 December 2019, the penalty levied will be increased to Rs.10,000. There is a relief given to small taxpayers – the IT department has stated that if the total income does not exceed Rs 5 lakh, the maximum penalty levied for delay will be Rs 1000.
3. Benefits of filing ITR on time
*Easy Loan Approval
*Claim Tax Refund
*Quick Visa Processing
*Carry Forward Your Losses
*Avoid Penalty and prosecution.
#itr #filling #AlliesFin #tax #saving
🇮🇳 #Union #Budget for FY2023-24 Update: #ALLIESFIN
👍 #Individuals: #Tax #Slabs has been revised.
0-3 Lk Nil,
3-6 lk 5%,
6-9 lk 10%,
9-12 Lk, 15%,
12-15 Lk 20%,
Above 15 Lakh 30%
👍 #Individuals: #Tax #Slabs has been revised.
0-3 Lk Nil,
3-6 lk 5%,
6-9 lk 10%,
9-12 Lk, 15%,
12-15 Lk 20%,
Above 15 Lakh 30%
#BREAKING #NEWS !
#Debt #mutual #funds bought after #April 1st, 2023 & held for over 3 yrs, will NO longer enjoy #indexation benefit NOR will be eligible for 20% #tax rate.
Brings bank FDs on-par with debt MFs.
A big positive for banks.
Debt mutual funds bought after April 1st, 2023 & held for over 3 years, will no longer enjoy indexation benefit nor will be eligible for long term capital gain tax (20% tax rate). View: Currently, investors in debt funds pay income tax on capital gains according to their income tax slab for a holding period of three years and after that, they are taxed at the rate of 20% with indexation benefits or 10% without indexation. This amendment in the recent Finance bill 2023 brings bank FDs on-par with debt MFs. The proposal is likely to give a boost to bank fixed deposits & also pure equity funds and do away with the arbitrage between different debt instruments. The objective is to plug a tax loophole used by high net worth individuals and family offices for investments. This is positive for banks and negative for AMCs.
#Debt #mutual #funds bought after #April 1st, 2023 & held for over 3 yrs, will NO longer enjoy #indexation benefit NOR will be eligible for 20% #tax rate.
Brings bank FDs on-par with debt MFs.
A big positive for banks.
Debt mutual funds bought after April 1st, 2023 & held for over 3 years, will no longer enjoy indexation benefit nor will be eligible for long term capital gain tax (20% tax rate). View: Currently, investors in debt funds pay income tax on capital gains according to their income tax slab for a holding period of three years and after that, they are taxed at the rate of 20% with indexation benefits or 10% without indexation. This amendment in the recent Finance bill 2023 brings bank FDs on-par with debt MFs. The proposal is likely to give a boost to bank fixed deposits & also pure equity funds and do away with the arbitrage between different debt instruments. The objective is to plug a tax loophole used by high net worth individuals and family offices for investments. This is positive for banks and negative for AMCs.