Ans:As per income tax laws, filing income tax returns is mandatory for individuals whose total income during the financial year exceeds the basic exemption limit of more than the gross total income of ₹ 2,50,000 under the old regime or ₹ 3,00,000 under the new regime. You will be attracting penalties by not filing returns

Ans:TR-1 can be filed by a Resident Individual whose: • Total income does not exceed ₹ 50 lakh during the FY • Income is from salary, one house property, family pension income, agricultural income (up to ₹5000/-), and other sources, which include: o Interest from Savings Accounts o Interest from Deposits (Bank / Post Office / Cooperative Society) o Interest from Income Tax Refund o Interest received on Enhanced Compensation o Any other Interest Income o Family Pension • Income of Spouse (other than those covered under Portuguese Civil Code) or Minor is clubbed (only if the source of income is within the specified limits as mentioned above).

Ans: Yes, it is mandatory to define the nature of employment while filing of return from the following :- (a)Central Government Employee (b) State Government Employee (c) Employee of Public Sector Enterprise (whether Central or State Government) (d) Pensioners (CG/SG/PSU/OTHER) (e) Employee of Private Sector concern (f) Not applicable (in case of family pension income)

Ans:You would need Form 16, house rent receipt (if applicable), investment payment premium receipts (if applicable). However, ITRs are annexure-less forms, so you are not required to attach any document (like proof of investment, TDS certificates) along with your return (whether filed manually or electronically). However, you need to keep these documents for situations where they need to be produced before tax authorities such as assessment, inquiry, etc.

Ans:Download AIS and Form 26AS and check the actual TDS / TCS / tax paid. If you see any discrepancy, you should reconcile it with the Employer / Tax Deductor / Bank. • Compile and carefully study the documents to be referred to when filing your ITR, like bank statement / passbook, interest certificates, receipts to claim exemptions or deductions, Form 16, Form 26AS (Annual Information Statement), investment proofs, etc. • Ensure details like PAN, permanent address, contact details, bank account details, etc. are correct in the pre-filled data. • Identify the correct return for you (from ITR-1 to ITR-7). Provide all the details in the return such as total income, deductions (if any), interest (if any), taxes paid / collected (if any), etc. No documents are to be attached along with ITR-1. • e-File the return of income on or before the due date. The consequences of delay in filing returns include late filing fees, losses not getting carried forward, deductions and exemptions not being available. • After e-Filing the return, e-Verify it. If you want to manually verify your return, send the signed physical copy of ITR-V Acknowledgement (by speed post) within appropriate timelines of filing the return to Centralized Processing Center, Income Tax Department, Bengaluru 560500 (Karnataka).

Ans: Individuals residing in India with a total income of up to Rs 50 lakh are eligible. ITR-1 may be filed by someone who earns money from a job, a home, or other outlets. An NRI is unable to file an ITR-1. ITRs may be filed using Form 16 by salaried taxpayers

Ans:The capital gains tax is the levy on the profit that an investor makes when an investment is sold. It is owed for the tax year during which the investment is sold. The long-term capital gains tax rates for the 2022 and 2023 tax years are 0%, 15%, or 20% of the profit, depending on the income of the filer.1 The income brackets are adjusted annually. (See tables below.) An investor will owe long-term capital gains tax on the profits of any investment owned for at least one year. If the investor owns the investment for one year or less, short-term capital gains tax applies. The short-term rate is determined by the taxpayer's ordinary income bracket. For all but the highest-paid taxpayers, that is a higher tax rate than the capital gains rate.1

Ans: E-Filing is mandatory in certain cases. For example, if your total income exceeds Rs. 5,00,000 p.a. or if you want to claim refund then you are compulsorily required to e-file your Income Tax Return. It is a much simpler process than filing a paper return and also your refunds are processed faster if your return has been E-Filed.

Ans: E-Filing is mandatory in certain cases. For example, if your total income exceeds Rs. 5,00,000 p.a. or if you want to claim refund then you are compulsorily required to e-file your Income Tax Return. It is a much simpler process than filing a paper return and also your refunds are processed faster if your return has been E-Filed.

Ans: You can yourself e-file your return with us. It is a simple, secure, and fully automated platform for you to file your Income Tax Return. you can buy our ‘CA-Assisted Plans’ starting from just Rs. 599 only.

Ans: Login to the Department e-filing website Select e-filed Returns/Forms from My Account dropdown. Click on "Click here to view your returns pending for e-verification" Select the Assessment Year you want to e-verify your return for and then you can choose from the given three options available there to e-verify your return.

Ans: E-filing your income tax return is totally digitally process it safe faster, secure and simpler than filing offline filing. As the returns are filed online, they are processed by the systems automatically and, therefore, the refunds are issued faster. Moreover, it is now mandatory to file your income tax return online if your income exceeds Rs. 5,00,000 in a financial year or if you want to claim the refund.

Ans: Financial Year is the actual financial year for which you’re filing your return and the Assessment Year will always be next year of financial year. For example, if you file return for F.Y. 2022-23, then the assessment year will be 2023-24.

Ans: Form 26AS is a statement maintained and generated by the Income Tax Department for each individual Assesses . Form 26AS contains the details of your: TDS (Tax Deducted at Sources) TCS (Tax Collected at Sources) Advance Tax or Self-assessment tax 15G/H details Details of paid refund

Ans: Your employer gives you Form-16 as a certificate of total TDS deducted from salary. Details of TDS deducted and the details of salary, allowances & deductions are mentioned in Form-16. However, the details of deductions mentioned are subject to the proof of deductions submitted by you to your employer. Hence real computation may change from the computation mentioned in Form-16.

Ans: The Finance Act 2022, has inserted subsection (8A) in section 139 to enable the filing of an updated return. The section provides that an updated return can be filed by any person irrespective of the fact whether such person has already filed the original, belated or revised return for the relevant assessment year or not (subject to certain conditions). An updated return can be filed at any time within 24 months from the end of the relevant assessment year.

Ans: Capital gain generated Definition: Capital gain is the profit one earns on the sale of an asset like stocks, bonds or real estate. It results in capital gain when the selling price of an asset exceeds its purchase price. It is the difference between the selling price (higher) and cost price (lower) of the asset.