Why ITR Filing must,
When ITR Filing Must for FY 2023-24 and AY 2024-25,
ITR Filing Compulsory,
When Income Tax Return Filing Must,
#cavedtaya,
cavedtaya,
income tax return filing kab jarori hai,
income tax return kyon file karni chaiye,
Why income tax return filing is must,
Why income tax return filing is compulsory,
kya NRI ko itr file karna compulsory hai,
ITR file karna kab compulsory hai,
itr file karni padegi kya,
Who Should File ITR
If Gross Total Income above INR 2.5 Lakh in case of Individual below 60 Years
If Gross Total Income above INR 3.0 Lakh in case of Individual between 60 to 80 Years
If Gross Total Income above INR 5.0 Lakh in case of Individual above 80 Years
Why Income Tax Return Filing is important
It is easy to avail Loan either for Car/House buy or any other purpose 2-3 Years ITR is required
Avoid paying penalties, embarrassments
Refund back of excess payment of Taxes like TDS, Advance Tax etc.
Hurdle free for Foreign VISA -Embassies of foreign countries like USA/UK/AUS/CAN etc. ask for previous year ITRs
Improve your credit worthiness for future loans
One can carry forward any losses to the next financial years by filing ITR only
An assessee is entitled to claim deductions under Chapter VI A for investments in Provident fund, NSC, life insurance premium paid, the medical premium paid, etc.
Consequences of Non-Filing of ITR
Fine of Rs 10,000 (Section 234F) for those who do not file their income tax returns
Fine of Rs 5,000 will be imposed for those whose return submitted after the due date
Rs. 1,000 penalty for small taxpayers with their total income not exceeding Rs.5 Lakh In addition, belated filing may attract many other penalties / restrictions
Interest on due amount of Tax under Sections 234A for delay in filing the ITR
Restriction in not allowing losses to set-off against future income
Tax Refund without any interest from IT Department
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