Section 139(4) of the Income Tax Act explained. Covers belated return filing rules, the deadline to file a late ITR, applicable penalty under Section 234F, and limitations on carry-forward of losses.
LRS scheme limit explained for remitting money abroad from India. Covers the USD 250,000 annual limit, permitted and restricted remittances, TCS applicability, and RBI rules for individuals under the LRS framework.
Surcharge on income tax in India explained. Covers applicable surcharge rates for individuals, firms, and companies, marginal relief provisions, and how surcharge impacts the effective tax rate on high incomes.
Tax audit applicability under Section 44AB explained. Covers who needs a tax audit, turnover thresholds for business and profession, presumptive taxation exceptions, and due date for filing Form 3CA/3CB and 3CD.
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