Income Tax Return (ITR)
A tax return is defined as a form or different types of forms filed with a taxing authority which reports income, expenses, and other pertinent tax information. Tax returns make it simple for taxpayers to calculate their tax liability, schedule tax payments and request refunds for the overpayment of taxes. All taxpayers who are filing their income tax returns are required to determine the type of income tax return (ITR) form they need to fill before actually filing their returns. The form to be filled is solely dependent on the income that the taxpayer earns, or in certain cases if the taxpayer holds assets in a country other than India or earns any form of income from a country other than India.
Benefits of Filing Income Tax Return
Are you wondering whether you should file your tax return or not?
Or you read it somewhere that if your income is below the basic exemption limit, then you might as well skip filing your income tax return? Before you make up your mind to not file your ITR, read on to know the benefits of filing the income tax return even when you are not mandatorily required to file. You will thank yourself later for it.