Filing your Income Tax Returns (ITRs) is a process where individuals and entities report their income, deductions, and tax liabilities to the government. It’s important and offers several benefits:
Refund: If tax is deducted from your income but your total taxable income is below the exemption threshold, you can seek a refund by filing the ITR.
Credit Score Maintenance: Timely filing of ITR helps maintain your credit score, making it easier to get loans and credit cards approved.
Visa Applications: ITR documents can be used for visa applications in some countries to demonstrate a clear financial history.
Transparency: Filing Income tax returns (ITR) ensures transparency in your financial transactions.
Taxable Thresholds: Understand taxable limits and compare them with your total income. If your income exceeds the exemption limit, you must file the ITR. However, if tax is charged on income below the exemption limits, filing ITR is necessary to claim a refund.
Filing Deadline: Filing ITR on time avoids penalties or interest on outstanding tax liabilities. Typically, the due date is July 31, as per the official website of Income Tax India.
Types of ITR Forms: Different ITR forms cater to various sources of income. Choose the form that matches your income source.
Deductions and Exemptions: Know about exemptions under Sections 80C, 80D, etc., in the Income-Tax Act (ITA), 1961. Utilizing these exemptions can reduce taxable income and optimize tax liability.
Aadhaar and PAN Linking: It’s mandatory to link PAN details with Aadhaar for filing ITRs, as per government directives.
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