Benefits of Filing a return ..
This query is : Resolved
07 May 2010
Can anybody tell me what are the benefits of filing an Income Tax return..??
Thanking You,
Thanking You,
07 May 2010
It is not relate to Benefits, rather it is mandatory as per Income Tax law to file your return if your income is above the exemption limit.
And if compliance is not made for this, you are liable to penalties and actions. So in order to avoid penalties, prosecution and other actions, it is beneficial to declare your yearly income and pay taxes accordingly.
And if compliance is not made for this, you are liable to penalties and actions. So in order to avoid penalties, prosecution and other actions, it is beneficial to declare your yearly income and pay taxes accordingly.
Message likes :
1 times
08 May 2010
Filing of ITR is not to be linked with benefit.
Some person other than salaired person file thier tax return ( below tax limit) for loan purpose. In case of loan , bank demand 3 year ITR or form 16. They provided them.
Some person other than salaired person file thier tax return ( below tax limit) for loan purpose. In case of loan , bank demand 3 year ITR or form 16. They provided them.
Message likes :
1 times
09 May 2010
Rather I would like to ask what are the uses of filing the return of income every year?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Confusion around Form 26QB fields
- RCM INVOICING FROM NOV-2024
- Tds on building rent monthly
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
- BUYING PROPERTY COULD NOT FILE 26QB
- Gst input for FY 23-24
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
