Why is IT Filing Mandatory in India
As a citizen, it is your responsibility to file an income tax return every year. It's not only a legal requirement, but it also helps the country. The money that you pay is used by the government to build infrastructure, improve facilities, etc.
Moreover, filing an income tax return also makes it easier to claim any refunds that you may be entitled to. Hence, it's important that you file your returns on time to avoid any complications later on.
However, if you are unable to file your taxes due to a tight schedule, there are various intermediaries who can help you out with this task. They can assist you with filing your taxes via the internet from the comfort of your home. This is an alternative to manual filing, which involves visiting the income tax office in person.
In case you are unsure of how to go about this process, here is a step-by-step guide on How To E-File Your Tax Returns In Just 11 Steps.
Filing an income tax return is mandatory in India for individuals who earn taxable income above Rs 250,000 (Rs 100,000 for senior citizens). Individuals claiming a loss under any head of income are also required to file an ITR. In addition, people who have incurred expenditure of more than Rs 100,000 towards consumption of electricity or those who have travelled abroad for work must file an ITR. Term deposit interest and dividend income are some of the other forms of income that are subject to tax withholding.
Tel:+917299972500
Comments
Post a Comment