Discover and read the best of Twitter Threads about #incometaxreturns

Most recents (7)

Thread 🧵on Advance Tax.
Applicability, Consequences of Non Payment, Calculations, How to Make Payment etc.

Retweet for maximum reach 🙏
Q. What is an advance tax?

In simple term paying taxes in "Installments" rather than in lump sum while filing ITR. Tax amount paid before 31st March of respective FY is considered as an advance tax.

Tax is to be paid before certain due dates given by @IncomeTaxIndia
Q. Applicability of Advance Tax ?

Advance tax applicable to all assesses whose tax liability in a year exceeds Rs.10,000

Assessees include Salaried people, Businesses, Freelancers, Traders etc. This means all assesses.
Read 16 tweets
Thread on Taxation and Tax Planning through Minor’s Income

We will see:
👉🏻PAN & ITR filing of Minor
👉🏻How Clubbing of Income happens?
👉🏻Taxation of Minor Income
👉🏻Tax Planning

@Spaysocial @investyadnya @AdeParimal @gaurav28jain #minor #TaxTwitter #taxplanning
Q. Can minor apply for PAN?

Absolutely yes, Income Tax Act does not bar minors from applying to PAN. Even today’s born baby can also apply for PAN.

There is no age limit for applying for PAN.
Q. Can Minor file his ITR?

Yes again. There is no provision in income tax act which says minor cannot file his ITR.

Income tax return can be filed by his representative also.

#incometax #IncomeTaxReturns
Read 19 tweets
Do you know, filing of Income Tax return for senior citizen is not compulsory if TDS is deducted u/s 194P.

Let's understand more about section 194P [ A 🧵]

#incometax #IncomeTaxReturns #ITRfiling #seniorcitizens @PratibhaGoyal @TaxationUpdates @AbhasHalakhandi #incometaxportal
Finance Act, 2021 inserted a new Section 194P to provide relief to a senior citizen who is 75 years or more from the burden of filing of return of income.

It provides that if TDS has been deducted u/s 194P, then such senior citizen shall be exempted from filing Income Tax Return
Section 194P provides conditional relief to the senior citizen from filing the Income-tax return.

It is applicable only if the below mentioned conditions are satisfied.
Read 7 tweets
Taxpayers who has missed to file ITRs for FY 2019-20 and FY 2020-21 can file now – A thread 🧵

#IncomeTaxReturns #TaxTwitter
The income tax department has notified Form ITR-U for filing the ‘Updated’ income tax return available in Section 139(8A) for any person who has furnished/not furnished ITR
Taxpayers filing returns for FY 2019-20 will need to pay the tax due and interest along with an additional 50 per cent of such tax and interest. For FY 2020-21, the additional amount will be 25 per cent of the tax payable and interest
Read 7 tweets
10 Tax planning individuals should do now for FY 2022-23 to avoid paying huge tax & interest at the time of #FilingITR

1) Make rent agreement for HRA claiming when giving rent to parents / spouse / relatives etc . Remember If you miss to make the rent agreement you cannot claim benefit !
2) Keeping hard copy and soft copy of all medical expenses bill for parents above 60 not having medical policy to claim in section 80D Rs 50k
Read 11 tweets
Consequences of not filing ITR on or before the due date i.e. 31st July for non-audit cases

A short thread and a practical tip 🧵
A. For income above 5L, the penalty would be Rs. 5000 till 31st Dec.
Further delay attracts a penalty of Rs. 10000 when filed between 1st Jan to 31 Mar

B. For income up to 5L, the penalty is Rs. 1000.

You will attract interest at the rate of 1% per month on outstanding tax payable till the date of filing of ITR.

So, if your outstanding tax payable (after TDS & advance tax) is Rs. 2L, Rs. 2000 would be charged as Interest every month from Aug till the date of filing ITR.

Read 9 tweets
This thread will list down the 75 reasons why everyone should vote for @narendramodi and @BJP4India

Thanks to @muglikar_ and @IndiaPeCharcha for coming up with these brilliant 1 minute videos.

My effort here is to list all the 75 reasons in a single thread
#Reason1 - @BJP4India MPs work for you.

👉 #Attendance #DiscussBills
👉#PassLaw #75ReasonsToVoteForModi #PhirEkBaarModiSarkaar

#1MinuteTalk by @muglikar_ and @IndiaPeCharcha -

#Reason2 - Electricity for All

👉 100% Rural Electrification #DeendayalGramJyotiYojana
👉 Electrification of 100% households #Saubhagya

@PiyushGoyal @grameenvidyut

#75ReasonsToVoteForModi #PhirEkBaarModiSarkaar

#1MinuteTalk @muglikar_
Read 76 tweets

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