Harendra Kumar
Quick Summary
There are several reasons behind filing his or her return of income. Every taxpayer is required to file a voluntary and mandatory return of income within the specified time limit, as notified by the Central Government; otherwise, he or she has to be liable to pay a penalty and interest on the val
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FAQ :
Lenders often require proof of income, typically evidenced by your Income Tax Return for the past two to three years, when you apply for loans such as home loans, business loans, or property loans.
Yes, if Tax Deducted at Source (TDS) has been deducted from your income, you can claim a refund by adjusting it against your tax liability when you file your Income Tax Return.
Filing your Income Tax Return allows you to carry forward and set off losses incurred under heads like Capital Gains, House Profits, Business, or Profession to the next financial year.
Yes, when applying for a visa for international travel or a credit card, you will generally need to submit proof of income, which is typically your Income Tax Return.
Yes, you must mandatorily file a return if you have deposited over one crore rupees in current accounts, spent over two lakhs on foreign travel, or spent over one lakh on electricity consumption within specified periods.
Failure to file your Income Tax Return within the time limit specified by the government can make you liable to pay penalties and interest on the tax due.
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