Query – I filed ITR but on the last page I got to know I am not liable to get any refund and the amount payable is 31,420. Why should I file ITR? Kindly answer it with quoting relevant section under income tax law in india.

Query – I filed ITR but on the last page I got to know I am not liable to get any refund and the amount payable is 31,420. Why should I file ITR? Kindly answer it with quoting relevant section under income tax law in india.

September 29, 2024Posted inChallan 280, Direct Tax, Form 26AS, Global Tax Updates, Income Tax Act 1961
Ans - Filing your Income Tax Return (ITR) is mandatory or advisable even if you are not eligible for a refund and have a tax payable of ₹31,420, as it…
How to Check TCS on Forex transactions and foreign travel?

How to Check TCS on Forex Transactions and Foreign Travel

October 10, 2023Posted inAIS, Annual Information Statement, Annual Information Statement (AIS), Foreign Travel, Forex Transactions, Form 26AS, Form 27D, Income Tax Act 1961, Tax Collected at Source, Tax Deducted at Source, Tax Information Statement, TCS CertificateNo Comments
Starting from October 1, 2023, a Tax Collected at Source (TCS) rate of 20% will be imposed on all foreign payments, except those related to medical and educational expenses. This…