CA Tejinder Pal Singh
Quick Summary
Filling of Income Tax Return is mandatory in following cases The exemption limit for a normal taxpayer is Rs. 2.5 lakhs, Rs. 3 lakhs for senior citizens, and Rs. 5 lakhs for super senior citizens. Filling of ITR is mandatory, if taxable income exceeding the exemption limit. Individual owning
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FAQ :
Banks typically require three years of Income Tax Returns (ITRs) when processing loan applications. Your ITR acts as a vital document to help secure loans for cars, houses, or personal needs, and also aids in obtaining credit cards and insurance policies.
Immigration authorities, particularly for countries like the US, Canada, and the UK, often request copies of your past tax returns. Filing your ITR demonstrates that you are tax-compliant, which can lead to a smoother process when applying for visas for work or business visits.
Yes, the Income Tax Return serves as a definitive proof of income, especially for self-employed individuals who don't receive a Form 16 like salaried employees. It provides a detailed breakdown of income and expenses.
If you've made investments in tax-saving instruments or have paid more income tax than required, filing your ITR is the way to claim a tax refund.
Filing your tax return by the due date is mandatory to claim specified losses, such as those from capital gains, business, or profession. This allows you to carry forward these losses to future years, reducing your tax liability.
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