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2019

Fees and Penalty for Late Non Filing of TDS TCS Return 1

Tax Deducted at Source and Tax Collected at Source (Commonly known as TDS/TCS) are very important concepts in Income Tax Act, 1961. Every assesse who is liable to deduct / collect TDS or TCS at source must be well versed with all the related provisions. After collection/deduction of tax at source, the same must be deposited within a prescribed time limit to the credit of the Government of India. Along with that four quarterly TDS/TCS Returns must also be filed by the Deductor on or before prescribed dates during the financial year. 15th July 2019 is the due date for filing TCS return and 31st July 2019 is the due date for filing TDS Return for the quarter ending on 30th June 2019. Hence in this article we are going to discuss various provisions related to filing of TDS/TCS return as well as penalty and late filing fees associated with TDS/TCS Return if deadlines are missed.

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2019

Key Highlights of Union Budget 2019

Finance minister Nirmala Sitharaman in her maiden budget kept the income tax slab rates unchanged but announced many new income tax proposals that could impact many tax payers.

2019

Key Changes 1

CBDT has notified new ITR Forms vide Notification No. 32/2019 dated 1st April, 2019. The details regarding each form are as follows.

2019

Income Tax Return Filing Checklist

The Income Tax Return Filing due dates for Previous Year 2018-19 (Assessment Year 2019-20) are 31st July 2019 for Individuals, HUF, BOI & AOP and 30th September 2019 for businesses which are required to get their accounts audited. There are many queries and confusions particulars to individuals while filing ITR. In this article we will try to cover all the important topics everyone must keep in mind before filing ITR.

2019

Important Changes in Income Tax Act

The Interim Budget 2019 has brought a sigh of relief to the common men due to some important announcements pertaining to tax relief. These amendments are applicable from FY 2019-20 starting from 1st April 2019. The corresponding Assessment Year for the same is 2020-21. Let us take a quick look at the important changes in Income Tax rules from a personal tax perspective.

2019

Last Date of ITR Filing for AY 18 19

  • The deadline to file Income tax returns for the Financial Year 2017-18 (Assessment year 2018-19) without any penalty was of July 31, 2018, which was later extended by one month to August 31, 2018.
  • Until last Assessment Year (AY) there was no penalty for filing belated income tax returns. Effective from the financial year 2017-18 a late filing fee was applicable for filing your returns after the due date i.e. 31st August 2018 under section 234F.

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