Although tax is deducted at source (TDS), and you’re not liable to any more tax to the government, it is compulsory to file returns if your income exceeds the basic exemption limit. Tax returns act as a declaration to the government that you have derived income only from the source revealed by you, and no other.It’s like getting a No Objection Certificate (NOC) from the library when you leave college, even if you never stepped into the library, to reveal to the authorities that you have no pending books to return.
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Income Tax Returns Filing
Efiling or electronic filing is submitting your income tax returns online. There are two ways to file your income tax returns. The traditional way is the offline way where you go the Income Tax Department’s office to physically file your returns. The other way is when you efile through the internet. Over the past few years, efiling has become popular because it is easier, doesn’t require prints of documents and can be done for free.
” It is mandatory to file income tax returns in India, If any of the below condition is applicable to you, as per the income tax act. “
Earn gross annual income more than-Particulars
For individuals below 60
Rs 2.5 Lakhs
For individuals between 60 to 80 years
Rs 3.0 Lakhs
For individuals above 80 years
Rs 5.0 Lakhs
The perks of using our free ITR-Filing service
Easy to operate
- Individuals having Income from Capital Gains.
- Individuals only having Salary income.
- Individuals who have switched jobs during the financial year
- Individuals having Foreign Income, Foreign Assets, NRI.
- Avoid Tax Notices
- Build Financial Documentation
- Carry Forward your losses
- Tax Refund
- Quick Visa processing
Filing returns or not has never been a choice – it’s a legal obligation and must be fulfilled by everyone who falls under the prescribed category. Apart from legal obligation, filing tax returns is helpful in the following situations:To get a home or personal loan For visa and immigration processing As a proof of income/ net worth certificate To claiming excess tax paid via refund Apply for a higher insurance cover And last and most important is, peace of mind
Yes, you can claim these benefits while filing Income Tax returns and can submit your refund claim.