Why is IT Filing Mandatory in India

Why is IT Filing Mandatory in India



It is mandatory to file income tax return in India for the following individuals: - Individuals with taxable income exceeding basic exemption limit. - Individuals having an asset or financial interest located outside India. - NRIs whose total annual gross income earned or accrued in India exceeds Rs 2.5 lakh.

Aside from these, any individual can file an income tax return online if they have the following: - Valid PAN. - Income Tax Return Form (ITR-V) duly signed. - A printout of the website's ITR-V acknowledgment (it will have an EVC or Aadhar OTP) sent by post to the Centralized Processing Center, Bangalore, Karnataka within 120 days of e-filing.

There are multiple ways of filing your tax returns in India, but the most popular is e-filing with a digital signature. This is a fast and convenient way of filing your taxes, although it can be done manually if you don't have a digital signature.

Alternatively, you can send the ITR-V through ordinary or speed post to CPC Bangalore within 120 days of your e-filing. The ITR-V is essentially an acknowledgement that you filed your tax return, so it's important to keep it safe and dispatch it quickly. Besides the ITR-V, you should also have a copy of your Form 26As, which is a statement showing the portion of tax deducted at source from your payments/investments made in a year.

 

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info@filingpoint.com

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