ITR Filing
ITR Filing refers to the process of submitting your Income Tax Return (ITR) to the Income Tax Department in India. It is a way for individuals, companies, and other entities to report their income, expenses, tax deductions, and tax liabilities to the government for a given financial year. The Indian income tax laws state that the IT return should be filed by every individual and business earning an income.
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FAQ about ITR Filing
ITR Filing is the process of submitting a form to the Income Tax Department of India, where you report your income, tax deductions, and taxes already paid (via TDS, advance tax, etc.) during the financial year. It is used to calculate if you owe any additional taxes or are eligible for a refund.
Yes, you can file a belated return after the due date, but you will face penalties and the possibility of missing out on claiming certain benefits (like refunds or carrying forward losses).
Form 16 is a certificate provided by your employer, summarizing your salary and tax deducted at source (TDS). It is crucial for filing your ITR, as it helps you correctly report your income and TDS to the tax authorities.
Individuals whose annual income exceeds the basic exemption limit, self-employed persons, businesses, and those with income from multiple sources need to file an ITR.
You can file a revised return within the assessment year if you discover an error or omission in your original ITR.
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