Why is IT Filing Mandatory in India

Why is IT Filing Mandatory in India


In India, it is mandatory for all taxpayers to file an income tax return (ITR) if their total income exceeds a certain limit. However, not filing the IT return may also have some consequences such as preventing you from claiming rebates and carrying forward losses in future. In addition, non-filing of returns could also affect your eligibility for visas to some countries and even prevent you from getting loans or credit cards.

However, if you are a salaried individual, you can get away with not filing your ITR if your salary does not exceed the basic exemption limit of Rs 2.5 lakh for individuals. But, if you have other sources of income such as interest on bank deposits or royalty income or have investments in property, you are required to file an IT return.

NRIs are also required to file an IT return if their income from such sources exceeds the basic exemption limit, even if they are not residents of India. The requirement to file returns by NRIs is based on their period of physical stay in the country and other aspects.

Once you file your ITR, it is essential to e-verify it online by using an EVC or Aadhaar OTP or by sending a signed copy of ITR-V via normal or speed post to Centralized Processing Centre, Chennai within 120 days from the date of e-filing. The e-verification process will help the department identify any discrepancies in your returns and avoid issuing any notices to you.

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