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Missed Filing Your Income Tax Return? Here's What You Can Do After July 31

If you missed the July 31 deadline to file your income tax return, don't worry—you're not alone, and more importantly, you're not out of options. The government provides avenues for late filers to still comply with tax obligations, though there are some important considerations to keep in mind.

Understanding the Composition Scheme under GST: A Simplified Taxation Approach for Small Businesses

The Composition Scheme under GST is a simplified tax mechanism for small businesses in India. It allows eligible businesses to pay a fixed percentage of their annual turnover as tax, instead of regular GST rates, to reduce the compliance burden. This scheme is designed to make tax payments easier for small businesses by streamlining the process and minimizing the complexities involved in filing returns and maintaining records.

Understanding GSTR-1A:

The Goods and Services Tax (GST) system in India has revolutionized the way businesses handle indirect taxation. One of the key forms that businesses must navigate is GSTR-1A. This form plays a crucial role in ensuring the accuracy of sales data reported under GST. Understanding GSTR-1A is essential for maintaining compliance and avoiding potential discrepancies in your GST filings.

Understanding Belated Income Tax Returns

Filing your income tax return on time is crucial, but sometimes life gets in the way. Whether due to unexpected circumstances or simple oversight, missing the deadline for filing your income tax return can happen to anyone. Fortunately, the concept of a belated income tax return offers a second chance. In this blog post, we will explore what belated income tax returns are, the implications of filing late, and the steps to file a belated return.

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