India is increasingly seeing a surge in young entrepreneurs, child actors, and social media influencers, many of whom are under the age of 18. Under the Indian Income Tax Act, any income earned by minors is taxable, but the obligation to file and pay taxes generally lies with the parents or guardians. This is mainly governed by Section 64 of …
The deadline to submit income tax returns for financial year 2021-22 and assessment year 2022-23 is July 31. Income Tax department While the Income Tax Department provides pre-filled forms to help salaried individuals file their returns without any hassle, taxpayers, too, should keep all the required documents handy, and cross-check each field in the pre-filled forms. The new optional tax …
If you are still thinking about filing your Income Tax Returns for the financial year 2019-20, then hurry, as the last date along with a late fine of Rs 10,000 will end on March 31. The late filing of tax return attracts a fee under Section 234F of the Income Tax Act and the penalty payable by assesses filing a …
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