Why is IT Filing Mandatory in India

Why is IT Filing Mandatory in India




In order to avail certain tax benefits and rebates, you need to file your income tax return. These deductions and exemptions help you reduce the amount of taxes you have to pay and also allow you to save money. However, to file your ITR, you need to have all the necessary documents like Form 16 provided by your employer, proof of investments and other relevant information.

The new Income tax filing portal has made it easy and convenient for you to file your returns online. It has many advantages and offers a hassle-free experience for individuals as well as corporations. The portal is also backed by the latest technology which makes it more secure and fast.

If you are a salaried individual, you will receive your Form 16 from your company and it will include details of the tax deducted at source (TDS) as well as self-assessed taxes that you have paid. This will help you calculate the total income you have earned and the refunds that are due to you.

However, if you are self-employed or have multiple income sources, you may need to prepare your own return using pre-approved software. In such cases, it is advisable to consult a Chartered Accountant to ensure that you have filed your returns accurately.

If you have filed your ITR, it is essential to e-verify it within 120 days of the date on which you have filed it. This can be done through EVC, Aadhar OTP or by sending the signed ITR-V slip to CPC Bengaluru via normal or speed post.

 

Tel:+917299972500

info@filingpoint.com

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