6-Month Jail To Woman For Not Filing IT Returns

New Delhi: A court recently convicted and sentenced a woman to six months in jail for not filing an income tax return (ITR) on an income of ₹2 crore. The court of additional chief metropolitan magistrate Mayank Mittal sentenced the woman Savitri, after hearing submissions and considering the facts of the case. “The convict is awarded a sentence of simple imprisonment for six months with a fine of ₹5000 and in default to undergo undergo simple […]

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Major Compliance Due Dates – May 2024

Date Day Act Particulars 07.05.2024 Tuesday Income Tax Deposit tax deducted (TDS) for the month of April 2024. Deposit tax collected (TCS) for the month of April 2024. 10.05.2024 Friday GST FileGSTR-7 BY TDS Deductor for the period of April 2024. FileGSTR-8 BY TCS Deductor for the period of April 2024 11.05.2024 Saturday GST FileGSTR-1 for taxpayers whose turnover exceeds Rs.5 crores or those who have opted to the file monthly returns for the month

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Fine Tax Gratuity Calculator – Payment of Gratuity Act, 1972, applicable in India

Welcome to the FineTax Gratuity Calculator! This tool helps you estimate your gratuity amount based on the Payment of Gratuity Act, 1972, applicable in India. Simply enter your monthly salary and the number of years you’ve worked, and click the “Calculate Gratuity” button. Enter your Monthly Basic + DA (INR): Number of years worked: Calculate Gratuity Gratuity Amount: Gratuity Calculation: Gratuity is calculated using the following formula under the Payment of Gratuity Act, 1972: Gratuity

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Decoding the Maze: A Guided Tour of the Income Tax Tools Portal

Tax time can be a labyrinth of forms, calculations, and deadlines. But fear not, fellow taxpayer! The Income Tax Department of India has a secret weapon – the Tax Tools Portal (https://incometaxindia.gov.in/pages/tps/tax-tools.aspx), a treasure trove of resources to navigate the tax maze with ease. Step 1: Choose Your Adventure – Understanding the Tools Income Tax Calculator: Your trusty guide to estimate your tax liability. Plug in your income, claim deductions, and voila! An instant estimate of your tax bill (or

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Demystifying Advance Tax: A Guide with the Income Tax Advance Tax Calculator

Advance tax payments can feel like navigating a financial minefield. But fear not, taxpayers! The Income Tax Department of India offers a valuable tool – the Advance Tax Calculator (https://incometaxindia.gov.in/Pages/tools/advance-tax-calculator.aspx: https://incometaxindia.gov.in/Pages/tools/advance-tax-calculator.aspx) – to guide you through the process. This blog equips you with the knowledge and tools to estimate your advance tax payments like a pro! Why Advance Tax? If your annual income exceeds a certain threshold (currently ₹5 Lakhs for individuals and ₹10 Lakhs

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