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?