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As per the new law from this year, Individuals will have to pay late fee after last date to file income tax return for the FY 2018-19 Rs· 5000 if tax is filed after due date of 31 August but on before 31 December of that assessment year (in this case 31 December 2019)
[20] [21] [22] In 2019 and 2021, when Patriots Day was again observed on the tax filing deadline, residents of Maine and Massachusetts were given extra time to file as post offices in those states would be closed on normal deadline. [23] [24] [25]
The practice of paying taxes in advance rather than in a single sum at the end of the fiscal year is known as advance tax. These taxes, often known as the 'pay-as-you-earn' scheme, is paid on tax bills above ₹10,000 in installments instead of as a lump sum. The schedule of advance tax payment for individual and corporate taxpayers are:
Due to the COVID-19 outbreak, the IRS will give taxpayers until Wednesday, July 15 to file their 2019 taxes, rather than the normal filing deadline of April 15. Last tax season, the IRS received ...
Direct tax in the form of an income tax was introduced by Sir James Wilson in India in 1860 to overcome the difficulties created by the Indian Rebellion of 1857. [12] The organisational history of the Income-tax Department, however, starts in the year 1922, when the Income-tax Act [4], 1922 gave, for the first time, a specific nomenclature to various Income-tax authorities.
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Tax Extension Deadlines. If you need more time to prepare your tax return, you can request an extension. For the 2024 tax year, the extension deadline is typically Oct.15, 2025.
FY2021-22 was an uneventful year for the New Tax Regime as no new changes were announced except the relaxation of Income Tax filing for senior citizens over 75 years. [ 26 ] The government's tax policy for the near future was clearly outlined which indicated that all tax breaks will be gradually eliminated while maintaining a low tax rate.
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