India s introduction of the Goods and Services Tax (GST) marked a significant milestone in the country s taxation history. The tax base has more than doubled since its implementation in 2017, with revenues experiencing substantial growth. However, there is still room for more businesses to enroll in GST. There is potential for further growth and harmonization in the future.
According to the Income Tax Act, 1961 a homeowner can show in his/her income tax return (ITR) up to two houses as self-occupied. Read below to find out how is income from self-occupied house properties calculated.
Advance tax, Self-assessment tax, refund, others will not be available in Form 26AS from this year AY 2023-24 (FY 2022-23. Nonetheless, one has to reconcile their tax payment challans, AIS/TIS and file in the correct tax payment information in the ITR.
The last date for filing income tax returns for salaried taxpayers is July 31. ITR refund is not taxable, but the interest paid is. Over 1 crore ITRs have been filed till June 26