Importance Of Filing Income Tax Return

The Income Tax filing season has started. This year, the government has launched a new e-filing portal to make tax filing easy for all categories of taxpayers. As income tax can be a significant portion of your income, it is very natural to think about the benefits of income tax return for the taxpayers. If you are wondering the same, here are some benefits you should know about.

Mandatory to file Income Tax Return (ITR) if annual income above basic exemption limit

Below 60 yrs = 2.5 lakhs

B/w 60yrs to 80 years = 3 lakhs

Above 80 yrs = 5 lakhs

A) Reasons to file ITR

1.Applying for Loans

2.Visa Application

3.Carry forward of losses

4.To claim refund

B) Documents required to file Income Tax Return

1.PAN Card

2. Aadhaar Card

3.Form -16

4.Form 26AS

5.Tax Saving Investment Proofs

6.Bank Account details

Related Article: How To Find Out Which ITR Form To Fill?

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