Filing Income Tax Returns In India
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Income tax filing in India is a vital compliance which every Indian citizen is required to fulfil as per the provisions of law. In India the framework for the calculation of taxable income for both individuals and corporate entities is based on the nature and source of the concerned income as well as the quantum of the income based on which the income taxes are levied on the basis of slabs. These slabs determine the amount of tax an individual or a corporate entity is required to pay based on their respective earnings. The various tax slabs are supplemented by various legal routes for the exemption of taxes based on various activities such as investments in various routes, or the exemption of taxes earned from specific activities to the differing levels of treatment of business income in comparison to salary income at the hands of the tax payer. Due to the supreme importance of the role which taxation plays in the society at large understanding the benefits of filing Income Tax Returns (ITR) is crucial for every stakeholder in the taxation framework.

Benefits of filing GST returns

1. Legal Compliance:Payment of taxes is a requirement under law thus filing ITRs and payment of assessed taxes is an absolute necessity in order to ensure legal compliance. Non-payment or avoidance of assessed taxes without due cause will lead to the imposition of penalties ranging from fines to seizure of property.
2. Documentation of Income: ITR serves as an official record of the total income of the taxpayer, which is at times required for various financial transactions such as for purchasing insurance. Additionally, ITRs may be used in case of obtaining various services such as applying for visas.
3. Claiming Refunds: Filing ITRs also enables to claims tax refunds in case excess taxes have been paid to the government as part of advance tax payments and tax deduction at source at the time of payments.
4. Loan Approval: ITRs are required by multiple banks and other financial institutions at the time of application and disbursal of loans.
5. Carry Forward of Losses: If any taxpayer has incurred losses in a financial year, filing ITR allows them to carry forward those losses to set off against future gains, thereby reducing their total tax liability in subsequent years according to applicable law.
6. Availing Government Benefits: ITR is often required to avail various government schemes and subsidies which require a proof of income and other financial information as a part of their test for eligibility.

Who is to file ITR?

Categories of Taxpayers who are required to file ITRs are as follows:

1. Individuals with Taxable Income:Any individual whose total income exceeds the base limit for taxable income as per the category of income and in accordance to other applicable laws and regulations is obligated to file ITR.
2. Businesses and Professionals:: ITR is also required to be filed by taxpayers whose income arises from business activities or other professional activities.
3. Investors:: Individuals earning income from investments made in various instruments such as stocks, mutual funds, and commercial or residential property must file ITR.
4. NRI's and Expatriates:: Non-Resident Indians (NRIs) and expatriates earning income in India need to file ITR based on their taxable income as generated in India as per applicable legal regulations.