Why is IT Filing Mandatory in India

Why is IT Filing Mandatory in India


The government uses the income tax collected to fund various projects including paying salaries for state and central government employees, meet infrastructural expenses, etc. Therefore, individuals and entities earning above a certain limit are required to file an IT return every year. Those who do not file an ITR are considered as non-filers and can face penalties such as a Rs. 50,000 fine or even a prison sentence under Section 139(1) of the Indian Tax Act.

Anyone with a valid PAN number is eligible to file an Income Tax Return but the filing process can be daunting for those who are not tech-savvy. A good way to get started is to make sure you have your Form 16 and any proof of investments ready and then download the appropriate IT preparation software. This will allow you to easily compute your taxes and any refunds, if applicable.

Once you've filed your return, it's important to verify it online, which is known as e-verification. This can be done using either an EVC (one-time password sent to your registered mobile phone or email) or Aadhaar OTP. You'll also need to submit your ITR-V, which is the acknowledgment of your return, via regular or speed post to the Bangalore CPC within 120 days of e-filing.

Besides verifying your return, it's important to be aware of the different tax rates in India so you can make informed financial decisions. We've rounded up the key facts here.

 

Comments

Post a Comment

Popular posts from this blog

Comparing Startup Costs: LLPs vs. Corporations

Image
Call our filingpoint experts at +91 72999 72500 or visit https://filingpoint.com Introduction:   Choosing the right business structure is crucial for startups, with LLPs and corporations being popular options. Understanding their respective startup costs is key to making an informed decision. In this article, we delve into the comparative startup costs of LLPs versus corporations, with insights from FilingPoint Consulting Services.   Comparing Startup Costs: LLPs vs. Corporations:   ·         LLPs, characterized by their flexibility and shared liabilities among partners, typically involve lower initial costs compared to corporations. Filing fees and registration expenses for LLPs are relatively modest, making them an attractive option for startups aiming to minimize upfront expenditures. Additionally, LLPs often require fewer formalities and ongoing compliance obligations, translating to potential savings in administrative e...
Read more

How To Improve Credit Score in Chennai

Image
Welcome to VIPLoans Blog +91 8759800200 repair my Cibil Credit Score in Chennai How To Improve Credit Score in Chennai? If you are looking for ways to boost your credit score, Chennai is the place to be. There are many companies in the city who can help you remove any negative marks on your credit report . The process of improving your credit score begins as soon as possible. You should be aware of the different things you can do to boost your score. Here are some helpful tips. This article will provide you with useful information on how to raise your credit score.   Make sure to check your credit score at least once a year. There are four main credit bureaus in India, but the two largest ones are Equifax and CIBIL . It's free to check your score with Credit Mantri. All you need is your PAN number, name, and email address. The website will then generate a credit score for you and a full credit assessment. Checking your credit report is an important...
Read more

CA Services for OPC Registration in India Online

Image
CA Services for OPC Registration in India Online It is very easy to locate CA Services for OPC Registration in India. This is because there are numerous service providers who have set up their businesses in Chennai as service providers and they will provide all types of CA Services which can be used for better business management. One of the services offered by such service providers is CA Services for OPC Registration in India. The reason for this is that Chennai is the capital city of Andhra Pradesh and home to many renowned chartered accountants from all over the country. Some of the prominent names in this field include TCS Management Consulting (partner nation) and TCS Concepts Ltd which are equally prominent and experienced as CA Services for OPC Registration in India. There are a number of CA Services for OPC Registration in India available on the Internet. Some of these services offer complete CA Services like OPC Identification, OPC Accountancy, CA Registration, Auditors in Ch...
Read more