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What is an Income Tax Return?

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.

Benefits of Filing Your Income Tax Return

Avoid Penalties

Filing your ITR on time helps you avoid fines and penalties, ensuring legal compliance.

Claim Refunds

If you've paid excess tax, filing your ITR allows you to claim refunds from the government.

Income Proof

Your ITR serves as proof of income, which is essential for applying for loans or visas.

Documents Required for Filing ITR

PAN Card

Aadhar Card

Bank Account Details

Form 16

Salary Slips

Investment Proofs

Frequently Asked Questions (FAQ)

What happens if I don't file my ITR?

Failing to file your ITR can lead to penalties, interest on due taxes, and possible legal consequences.

Can I file ITR after the due date?

Yes, you can file a belated return, but you may have to pay a late filing fee along with interest on taxes due.

Who is required to file ITR?

Individuals and businesses with taxable income, those with foreign assets, and individuals claiming refunds must file ITR.

How to File Your ITR

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