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An Income Tax Return (ITR) is a form used to declare your income and taxes to the government. It allows the government to assess whether you owe taxes or are eligible for refunds. Filing an ITR is mandatory for all individuals and entities with taxable income. Stay compliant and avoid penalties by filing your ITR on time.
Filing your ITR on time helps you avoid fines and penalties, ensuring legal compliance.
If you've paid excess tax, filing your ITR allows you to claim refunds from the government.
Your ITR serves as proof of income, which is essential for applying for loans or visas.
Failing to file your ITR can lead to penalties, interest on due taxes, and possible legal consequences.
Yes, you can file a belated return, but you may have to pay a late filing fee along with interest on taxes due.
Individuals and businesses with taxable income, those with foreign assets, and individuals claiming refunds must file ITR.