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5 days ago · Key Takeaways. Part I of Form 1040 Schedule 3 is for nonrefundable credits, including the Foreign Tax Credit, Child and Dependent Care Credit, education credits, and more. Line 6 of Schedule 3 is for less common credits, including the Credit for the Elderly or Disabled, the adoption tax credit, and more. Part II of Schedule 3 has lines for ...
4 days ago · You can still file the belated return by 31st December 2024 if you miss the deadline, but you will have to pay a fine for late filing. The fine will be Rs 5,000 if you file your ITR between 31st July 2024 and 31st December 2024. However, small taxpayers get some relief – if their total income is less than Rs 5 lakh, the fine for late filing ...
6 days ago · In the case of filing an updated return or ITR U, the tax payable is calculated as the tax due, together with interest and the late filing fee payable, for the delay in filing the return. This will also include the additional tax leviable on filing the updated return (25% or 50% of the tax amount). ITR U = Tax Payable + Interest +Late-filing ...
4 days ago · Step 1—Evaluate the requirements of each tax filing status. The first thing you need to do is determine which tax filing status you are eligible for. The instructions to your federal income tax return lists the requirements for each status, but if you use tax software, such as TurboTax, the program will determine the best status for you based ...
5 days ago · Remember, Congress passed a law that requires the IRS to HOLD all tax refunds that include the Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) until February 15, 2024, regardless of how early the tax return was filed. So, if you file on the first day, you might still be waiting until February 15 for your refund.
5 days ago · A tax extension gives you six extra months to file your most recent return. An extension doesn't give you extra time to pay an overdue tax bill. The longer you wait to file your taxes and ...
4 days ago · The cap limit to levy professional tax is Rs 2500 beyond which professional tax cannot be charged to any person. Every state has its own slabs for this tax, and here is a glimpse of the same –. Professional Tax Rate in Maharashtra. (Monthly salary/wages) For Men. Nil up to Rs. 7500.
