Who Should file Income Tax Return and why?

Fling income tax return i.e. ITR is compulsory for some person while it is optional for others. Why should you file ITR because ireporting your proper and true income is your duty and pay taxes thereon 

Now question arise who should file ITR?

It will depend upon that facts that what is your income level during the year. 

If you are not more than 60 years during the year and your income is more than Rs.2.50 lakhs 

Or you are more than 60 years but not more than 80 years & having income more than Rs.3.00 lakhs 

or you are more than 80 years & having income Rs.5.00 lakhs during the year 

then you must file your ITR otherwise you will face problems. 

You should file your ITR even you dont have income (as explained above) If :-

What will happen if something is missed in your taxes? Will you receive a notice of error or will your return be rejected

What are the consequences if something is missed in your taxes? Will you receive a notice of error?
An intimation u/s 143 (1) serves as a preliminary assessment of the taxpayer's income tax return filed for a particular financial year. It is a message which notifies the taxpayer of any kind of error prevailing in his/her tax filing. It also tells the taxpayer of any kind of interest payable or refundable in his account.  

Is it mandatory to give the details of all bank accounts while furnishing Incomw Tax Return

 Is it mandatory to give the details of all bank accounts while furnishing Incomw Tax Return

Yes, You must disclose your all bank accounts details in your Income Tax Return.

Usually, the bank account that is frequently used for transactions is the primary bank account. The bank account used for the transaction with the Income Tax Department is the primary bank account.

In case, you closed your bank account during the financial year, you are required to disclose it in your ITR.

Is joint development agreement taxable under income tax?

If an individual or HUF enters into a joint development agreement (JDA) with a builder or joint developer, it shall be deemed that the capital asset is transferred during the year in which the certificate of completion for the whole or part of the project is issued by the competent authority. 

Which is better Investment LIC or Mutual funds?

First understand that both venue of investment has its own importance

Insurance (Llfe Insurance) is a protection against future contingency which may or may not arise  however Mutual fund is an investment venue wherein any who wants to earn money can invest in Mutual Fund 

Step By Step Guide To Calculate Advance Tax

 Advance Tax: The government relies on taxes to fund its activities like building infra and providing various services. India has organised a tax collection plan called tax structure. People pay taxes based on their income, following specific tax slabs in which they are in. Some pay the tax just before the deadline, while some pay after the deadline with a fine. Advance tax is one such method determined based on your payment time and method. Let us briefly know about it to effectively manage tax plan.

In Conversation With Prime Minister Narendra Modi I आदरणीय प्रधान मंत्री से एक वार्तालाप दूरदर्शन में लाइव

NPS has introduced new login rule to access your NPS Account

With a new financial year (FY2024-'25) starting from Monday, April 1, several key decisions implemented by the government related to personal finance, investment schemes and tax regimes will come into force. Among the many fiscal matters to come into force are also key changes within the National Pension Scheme (NPS).

What you can do if ITR filed but not E-varified

 Question 1:

I filed my Original ITR u/s 139(1) on 30th July 2023 but not yet verified. Can I Discard it?

Response:
Yes, user can avail the option of “Discard” for the ITRs being filed u/s 139(1) /139(4) / 139(5) if they do
not want to verify it. User is provided a facility to file an ITR afresh after discarding the previous 
unverified ITR. However, if the “ITR filed u/s 139(1)” is Discarded and the subsequent return is filed after the due date u/s 139(1), it would attract implications of belated return like 234F etc., Thus, it is advised to  check whether the due date for filing the return u/s 139(1) is available or not before discarding any previously filed return.

Is the ITR filing date extended | Income Tax Return Due Date AY 2023-24:Last Date Extension

According to Section 234F of the Income Tax Act of 1961, anyone who file their ITRs late must pay a fine of up to Rs 5,000. Small taxpayers must pay a fine of Rs 1,000 if their annual taxable income is less than Rs 5 lakh.

The deadline to file Income Tax Return without penalty is July 31, 2023, i.e, today. Taxpayers can contact the tax department’s helpdesk which is open all day today to assist taxpayers with ITR filing, tax payment, and other associated services. The assistance is done over the phone, live chat, Webex meetings, and social media.

Will ITR deadline get extended?