ITR Filing – In any of the following situations (as per the Income Tax Act) it is mandatory for you to file an Income Tax Return in India:
A proof of return filing may also be required at the time of applying for a loan or a visa.
Tax filing is no joke. You should consult a trusted income tax consultant to file your taxes. We, at StoxBazar, provide you with the services of income tax return filing online. 50,000+ users are leveraging the benefits of easy and accurate ITR Filing. You can too!
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Benefits: Filing of return is your constitutional duty and earns for you the dignity of consciously contributing to the development of the nation. This apart, your IT returns validate your credit worthiness before financial institutions and make it possible for you to access many financial benefits such as bank credits etc.
Disadvantages: There aren’t any disadvantages On the contrary by not filing your return in spite of having taxable income; you will be laying yourself open to the penal and prosecution provisions under the Income Tax Law.
If you have sustained a loss in the financial year, which you propose to carryforward to the subsequent year for adjustment againstits positive income, you must make a Claim of loss by filing your return before the due date of filing of Return of Income. Failure to file Return of Income may result in loss of availability of carry forward of losses to subsequent years.
It is never too late to start honoringyour constitutional obligations for payment of tax. The department may ask you to file return of income for earlier yearsif it finds that you had taxable incomein those yearsand there is tax payableby you.
The excess tax can be claimed as refund by filing your income tax return. It will be refunded by issue of cheque or by crediting to your bank account. The Income Tax Department has been making efforts to settle refund claims within four months from the month of filing return
Thedue dates and the percentage of instalments of Advance Tax for assessee other than Companies are as below