Section 80C of the Income Tax Act, 1961, provides various tax-saving options to individuals. One can save up to Rs. 1.5 lakh per year through investments under Section 80C. These investments not only help in saving taxes but also aid in wealth creation. Let’s look at some of the top investments under Section 80C.
Filing income tax returns is a crucial step for every taxpayer. It not only helps in avoiding legal consequences but also enables taxpayers to claim various benefits and exemptions. However, it is not uncommon for taxpayers to make mistakes or omissions while filing their returns. To address such errors and mistakes, taxpayers can file either an updated return or a revised return. While these terms may sound similar, they are different in many ways.
Typically, the income tax return (ITR) filing for Assessment Year (AY) 2023-24 begins after the end of the financial year, which is on April 1, 2023. Taxpayers who are not required to get their accounts audited usually have until July 31, 2023, to file their ITR for AY 2023-24.
The deadline for filing the Income Tax Return (ITR) for the Assessment Year (AY) 2023-24, reflecting the income earned during the financial year 2022-23, typically falls on July 31, 2023, for most taxpayers. However, individuals, companies, and LLPs that need to have their accounts audited under the Income Tax Act have a later deadline of October 31, 2023, for filing their ITR.
There have been several changes to income tax rules that have become effective from the current financial year. These changes include alterations to income tax slabs, an increase in the tax rebate limit, and the removal of LTCG tax benefits on certain debt mutual funds. These changes have been in effect since April 1st, 2023.
The ITAT, Ahmedabad in Amit kumar Hasmukhbhai Shah v. Deputy CIT [ITA Nos. 517 & 518/Ahd/2019 dated January 18, 2023] has set aside the penalty, for alleged concealing the particulars of income, on the grounds that the income which was sought to be taxed in the hands of the assessee had already been taxed as income in the hands of another entity. Directed the Revenue Department to delete the levy of penalty under Section 271(1)(c) of the Income Tax Act, 1961 (“the IT Act”).