Why is IT Filing Mandatory in India

Why is IT Filing Mandatory in India


The government requires that anyone who earns more than a certain amount of income file an income tax return by a predetermined date. Failure to do so will result in penalties from the income tax department. However, those who earn less than a certain amount can still voluntarily file their returns.

Filing taxes is a good practice for individuals and businesses as it gives them a clear picture of their total earnings. It also helps them claim refunds of taxes that have been deducted from their income. Additionally, income tax returns are used as verification documents when applying for visas or loans.

The new tax regime has widened the scope of taxpayers who need to file their returns. Now, individuals, Hindu undivided families and partnerships earning income from a deposit of more than Rs 1 crore in a bank or incurring personal travel expenses of more than Rs 2 lakh have to file their returns. Additionally, if any individual receives passive income such as term deposit interest or dividend income and the same has been subjected to tax deduction at source, they will have to file their returns.

The government has also made it mandatory for all taxpayers to quote their Aadhar number while filing their returns. This will ensure that the tax department has accurate and complete information about all taxpayers. This will also help the department track any fraudulent activities or suspicious transactions more easily. It is also important for taxpayers to link their Aadhar number with their PAN (permanent account number) card.

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