Under Income Tax act it is mandatory for every person to file income tax return in India if any one of these is applicable to the person. Income Tax act states that under the following situation, it is mandatory for the person to file income tax return:
Income Tax Return is an ideal document to be used as the proof of income. It is beneficial to file ITR regularly to admit your income, claim deducted taxes, disclose your assets, and liabilities. If income of an individual exceeds the exempted limit, it is mandatory to file ITR. All these databases are used for the development of the country.
Banks consider ITR as Income proof in loan application
Income Tax Department will not penalize regular taxpayers
Express refund of excess tax deducted in the form of TDS
Contribute to the development of country
E-Filing of ITR is quite simple with the help of our online portal, Wealth4India.com. Whether you are earning from salary, house property, capital gains, or any other source, it is simple to file returns through ITR forms available on this platform.
Every individual has to file ITR if your income exceeds the exempted limits, you have to pay certain percentage of excess amount in the form of tax and according to the scheduled rules.
Income Tax Return is a valuable statement which is filed to the Income Tax Department by the taxpayer. This document carries all the information regarding income source, calculation of taxable income, tax payable, and amount due or amount of refund are also illustrated on the ITR. In short, it is the report card of your income stating how much tax liability you owe to the government.
Different structures are adopted or notified by the government of India to collect income tax. A certain amount is exempted in the law specified in Income Tax Act 1961. This exemption limit can be changed by the ruling government as per societal needs. Above these exemption limits, some percentage of the earnings generated by an individual is taxable as Income Tax. Presently, exemption limits are:
Compulsory Income Tax return needs to be file under the following conditions
The government has introduced certain exemptions or tax reliefs to small taxpayers under some sections. Presumptive taxation scheme is introduced in Income Tax 1961 for the taxpayers who maintain books properly and pay their taxes regularly.
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