Web12 apr. 2024 · In this case, the maximum penalty of Rs5,000 is levied if you file ITR after due date of 31st July 2024 but before 31st December 2024. • There is a special concession for small taxpayers. If total income does not exceed Rs5 lakh, the maximum penalty levied for delay will be limited to Rs1,000 only. WebAs per the new tax regime, an individual earning up to Rs. 7,00,000 (earlier Rs. 5,00,000) does not fall under the tax paying category, irrespective of the tax regime followed. Once …

Income Tax Rebate Under Section 87A - ClearTax

Web14 apr. 2024 · Benefits of Filing Income Tax Return. Filing Income Tax Return (ITR) is not just a legal requirement, but it also offers several benefits to taxpayers. Here are some of … Web26 feb. 2024 · For individuals' whose income is less than or equal to Rs 5,16,414, then to reduce your net taxable income to Rs 5 lakh, you can avail various deductions under Income Tax Act. Most commonly used deductions are under section 80C, 80D, and so on. goliath mygale

E-Filing of IT Return mandatory for Individuals having Total …

Web16 jan. 2024 · However, If your total income including STCG is more than Rs 2.5 Lakhs, then a flat 15% on STCG will be levied. (However rebate u/s 87a will be available if total income is less than 5 lakhs i.e up to Rs 12,500 of tax liability as per current income tax regime) Deductions from STCG under section 80C-80U Web30 jul. 2024 · If your annual income is more than Rs 5 lakh the late fine is Rs 5,000. However, you will not be liable to pay a penalty if your gross total income does not exceed the basic exemption limit. But the basic exemption limit depends on the income tax regime. Web21 feb. 2024 · Furthermore, the easy and quick way to file an Income Tax return is with Tax2win. You can simply file your return by sitting at home with us:-. Step 1: Visit the tax2win website. Here, click on the option “File ITR Now”. Step 2: Here Select your source of Income and click on continue. goliath muscle supplement