Filing income tax returns is mandatory for anyone earning a certain amount of income. So, if you ask who should file an ITR, the answer would be anyone and everyone who is earning an income from their job or business.
When to file an income tax return:
In order to avoid penalties, income tax returns must be filed within the pre-defined due date. The date for filing an ITR for individuals is 31st July every financial year. The same for businesses is 30th September.
While some people feel filling an ITR is a tedious job, it can be done by experts in ITR filling in Janakpuri.
Advantages of income tax return filing in Delhi or anywhere in India
Filling an ITR comes with a myriad of advantages:
1.Filling an ITR makes you a responsible citizen of your country.
2.If you are planning to procure a home loan in future, this can boost your credibility.
3.Many credit card companies ask for ITR proofs before they issue you a credit card.
4.Since the income you earn is recorded by tax department, it makes it easier for people to re-enter into future transactions with minimum complications.
5.In case if you need to claim an adjustment against past losses, it is compulsory to file a return. It is also useful for someone who needs to file for a revised return of income.
Why should you file in income tax return?
Even if your income does not qualify for tax deduction or mandatory return filling, it is still a good idea to file a return due to various reasons. For example, these returns can serve as an income proof if you wish to apply for a loan as a co-borrower. IT returns are also helpful if you plan to travel overseas as you may need to show these at the time of visa application.
Who should file an income tax return?
1.Anyone with a gross income over and above the exemption limit for the year must file for an income tax return. At present, the limit is 2.5 lakh for individuals below 60 years of age, 3 lakhs for those who are 60 to 80 years in age, and 5 lakhs for people above the age of 80 years.
2.NRIs are also required to file ITR, unless they are covered in 115ac having taxable income. You can check further details from providers of NRI return filing in India.
3.Individuals who have suffered a capital loss or loss in business.
4.Any resident of India who has a signing authority in an account internationally.
5.Any individuals having a taxable income before making deductions.
6.Any person claiming relief under section 90 or 90A or deductions under section 91.
7.Any individual who does not have a taxable income but deposited TDS must file for an income tax return.
Income tax return filing in Delhi can now be done online, which makes the process quick, easy and hassle free. There are different forms pertaining to different criteria. If you still don’t know where to begin, you can always take help of specialists in ITR filing in Janakpuri.
Call to action:
If you are looking for someone to help you file an ITR or merely guide you through the process, www.manishanilgupta.com are the right people to get in touch with. The team of financial experts will not just help you file an ITR but also guide you through various financial decisions which will benefit you and your financial health.
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