Top 10 Benefits Of Filing Your ITR
Filing Income Tax Returns before 31st July is an important responsibility of every taxpayer. However, many people view it as a burden and don’t file their returns or delay the process and rush to file their taxes at the last minute. This can cause unnecessary errors. And if you miss the due date, you will also be liable to pay a penalty for filing belated returns. On the other hand, filing...
Documents Required to File Your Income Tax Return (ITR)
Filing an income tax return (ITR) accurately and on time is an essential obligation for taxpayers. Just like every person’s source is income, income structure, and tax liability are different, and the documents required for filing their ITR are also different. While we obviously cannot expect everyone to know about the technical and complicated process of ITR filing, we believe that every...
What Happens If You Forget To File Your ITR?
Income tax is paid by every individual who earns above INR 2.5 Lakhs per annum. Post the limit of INR 2.5 Lakhs, each and every individual is liable to pay taxes. It’s also everyone’s duty to file Income Tax returns, even if the tax liability is nil. The last date for filing of Income Tax Return for FY 2019-20 is 31st December 2020. Many people think that if they have paid...Which ITR form to use for filing returns for AY 2020-21?
When it comes to ITR filing, it gets tricky to choose the income tax return form amidst various options available. Currently, there are seven valid forms to choose from as some of the previous ones have been discontinued or replaced by others. The Income Tax Return forms have to be filled with information regarding the company or individual’s income and tax, which then needs to be...
