How to Verify ITR (6 Ways to Verify your ITR)
After filing of Income Tax Return it is mandatory to verify your Income Tax Return (ITR), if you do not do so in a given time, then your return can be marked as invalid by the department.
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Income Tax
After filing of Income Tax Return it is mandatory to verify your Income Tax Return (ITR), if you do not do so in a given time, then your return can be marked as invalid by the department.
Even though filing of ITR is not mandatory for all the person but if you file your Income Tax Return there are certain benefits which one can avail.
Under the Income Tax, If the tax liability of taxpayers is expected to be Rs. 10,000 or more than Rs. 10,000 for the respective financial year, then the assessee is required to pay the liability of Advance Tax.
In General, Land, building, house property, vehicles, patents, trademarks, leasehold rights, machinery, and jewelry are some of the examples of capital assets
At the time of calculation of Long Term Capital Gain, the income tax law considers market instability and inflation of the cost of assets and investment.
The basic difference between form 24Q and form 26Q is that Form 24Q is for salary return and Form 26Q is for non-salary return.
Form 16 and 16A both are vary in terms of purpose, eligibility, and where they are applicable
If the payment of TDS is not made in time then the same will be charged at the rate of 18% p.a. (i.e. 1.5% per month)