Why is IT Filing Mandatory in India

Why is IT Filing Mandatory in India



If you are an individual earning more than the basic exemption limit or a professional having income above Rs 25 lakh, it is mandatory to file your returns. You are required to file your return whether you have received any refund from the government or not. The reason is that there are several tax benefits such as reducing your tax burden and claimable deductions which are only available to those who file their returns.

Additionally, individuals wishing to apply for any loan or avail any benefit such as Income tax Return rebate from the government must file their returns as well. Similarly, NRIs who earn or accrue more than Rs 2.5 lakh must also file their returns. The only exception to this rule is if they have a valid PAN (Permanent Account Number) and have had their taxes deducted at source.

Thankfully, with the introduction of new ITR forms, filing your taxes has become much easier than ever before. In fact, the process can be completed online in just a few steps. All you have to do is ensure that all the relevant documents are ready before you start your e-filing journey. This includes Form 16 given by your employer, proof of investment and any receipts you might have.

Once you have submitted your returns, the next step is to verify them. This can be done through the e-verification (EVC) or Aadhaar OTP sent to your registered email address and mobile phone. Alternatively, you can also send the signed ITR-V slip to the CPC office in Bengaluru via normal or speed post within 120 days of your filing.

 

Tel:+917299972500

info@filingpoint.com

Comments

Post a Comment

Popular posts from this blog

Company Registration in Nungambakkam - Filingpoint

Image
Call our Filingpoint Online Company Registration Expert +91 72999 72500 Filingpoint   Company Registration in Nungambakkam is a critical step for entrepreneurs who want to start a business in one of India's most thriving cities. However, it's crucial to have full knowledge of the benefits, types of companies, and registration process to ensure smooth and error-free execution. Benefits of Company Registration in Nungambakkam The most important reason for registering a business is to have a distinct legal entity which is separate from its promoters, shareholders or members. This protects the personal assets of the members in case of any financial liabilities. Another benefit of a registered company is the ability to raise funds through public offering and also provides tax advantages. Besides, a private limited company provides higher credibility for businesses and helps in attracting better manpower. Additionally, it is easy to expand the operation...
Read more

IE Code Registration in Kodambakkam - Filingpoint

Image
Welcome to Filingpoint Online IE Code Registration Expert +91 72999 72500 Filingpoint   IE Code is an inevitable 10-digit code for anyone involved in the import and export of goods or services in India. It is issued by DGFT and comes with a lifetime validity. Importers and exporters cannot continue business without this code and they can't avail benefits from DGFT or Customs for their import/export business. It is also required by the banks for money transfer abroad. The IE Code registration can be done online and the documents needed are: Getting an IE code opens up international markets and allows you to take your business to the next level. It also helps you in making your business more credible and trustworthy. You can register for an IE code as a sole proprietorship, partnership firm, limited liability company (LLC), trust, HUF, or society. The process is entirely online and the documents required are simple to submit. The advantage of an IE Code...
Read more

LLP Formation: Common Pitfalls to Avoid for First-Time Entrepreneurs

Image
Call our filingpoint experts at +91 72999 72500 or visit https://filingpoint.com Introduction: When venturing into the entrepreneurial realm, forming a Limited Liability Partnership (LLP) can be an appealing choice due to its flexibility and liability protection. However, for first-time entrepreneurs, the LLP formation process can be fraught with pitfalls. Filingpoint experts will provide consulting about LLP formation and startup. Let’s go to discuss about “LLP Formation: Common Pitfalls to Avoid for First-Time Entrepreneurs”.   Here are common missteps to avoid:   Incomplete Understanding of LLP Structure: §   Many first-timers dive into LLP formation without a comprehensive understanding of its structure and legal obligations. It's crucial to grasp the roles and responsibilities of partners, compliance requirements, and tax implications.   Choosing the Wrong Partners: §   Selecting the right partners is paramount. Rushing into partnership...
Read more