FCS Deepak Pratap Singh
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Dear Friends, Please note that, it is beneficial to file your income tax returns even though your total income from all sources is lower than threshold limit of Rs. 2,50,000/-. Please note that in below mentioned circumstances you have to compulsory file your income tax returns; Your gross
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FAQ :
Yes, it is mandatory to link your PAN and Aadhaar. Without this linkage, you cannot e-verify your ITR using the Aadhaar-OTP option.
Linking your bank account with PAN is essential because income tax refunds are directly transferred to your linked bank account. It's also required for opening fixed deposits or making cash deposits above a certain limit.
You need to collect Form 16 from your employer, which details the taxes deducted from your salary. For interest income, you might receive Form 16A from banks or other deductors.
Form 26AS is your annual tax credit statement. It's a crucial document for ITR filing as it shows all the taxes deducted at source and paid by you. You can download it from the income tax website, TRACES, or your net banking account.
You should submit Form 15G or 15H (whichever is applicable) if you do not have any taxable income and wish to avoid tax deduction on interest earned from sources like bank accounts.
Yes, if you have paid more than Rs. 1,00,000/- towards your electricity bill or incurred expenses exceeding Rs. 2,00,000/- on foreign travel during the financial year, you are required to file your ITR.
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