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ITR filing penalty: Some taxpayers don't have to pay late fee for missing deadline. Contact to know more.

Income tax rates and slabs in new tax regime for FY 2021-22:

Up to 2,50,000 – Nil
From 2,50,001 to 5,00,000 – 5 per cent
5,00,001 to 7,50,000 – 10 per cent
7,50,001 to 10,00,000 – 15 per cent
10,00,001 to 12,50,000 – 20 per cent
12,50,001 to 15,00,000 – 25 per cent
Above 15,00,000 – 30 per cent

The new tax regime assesses the highest 30% tax rate on individuals with income beginning at Rs 15,00,001, whereas the former regime charged it on individuals with income beginning at Rs 10,00,001.

However, the new regime would not provide deductions such as investments in Employees’ Provident Fund (EPF), Public Provident Fund (PPF), or tax exemption on rent paid or food coupons obtained, among other things.

It only provides a deduction under section 80CCD (2) of the Income-tax Act, namely a deduction for the employer’s payment to the Tier-I NPS account.

A person can claim a maximum deduction of 10% of his or her basic salary plus DA in a fiscal year.

The last date for filing ITR (non-audited) is 31-07-2022. So, file your ITR's on time to avoid a last-minute rush and further interest and penalties.

When to file ITR..??

GST-registered businesses with annual turnover of more than Rs 5 crore will soon have to generate electronic invoices for B2B transactions, a top official said on Thursday.

Service charge shall not be collected by adding it along with the food bill and levying GST on the total amount,” the new guidelines issued. Industry body, the Federation of Hotel & Restaurant Associations of India (FHRAI) said most of these guidelines have already been followed by hotels and restaurants. “Nobody was forced to pay the service charges back if they disagreed to pay it.

Quote of the day: When you are too fast to get somewhere, You miss the fun of getting there. Life's not a race So take it slow and enjoy the music before the song's over.

As per Income Tax Provisions, the last date to file Income Tax Return (ITR) for F.Y. 2021-22 is July 31, 2022.

GST due date for filing of GSTR1 (return of outward supply) for the month of June 2022 is 11th July 2022.

Income tax due date to deposit TDS (tax deducted at source) for the month of June 2022 is 7th July 2022.

Quote of the day: Excellence is not for someone else to notice, it's for your own satisfaction. Don't climb a mountain with the intention that the World should see you, Climb it with the intention to see the World.