![]() The income tax law mandates taxpayers of certain categories to file ITR within the due dates. ![]() The process is completed when the ITR filed by the taxpayer is e-verified through OTP generated using the Aadhaar registered mobile number or using internet banking. However, it is advisable to maintain these documents and furnish them before the tax authorities when required, especially in situations like assessment, inquiry, etc. Since ITR forms are attachment-less forms, taxpayers are not required to attach any documents such as proof of investments, tax deducted at source (TDS) certificates, etc., along with return of income filed electronically or manually. As per the law, a taxpayer may be a person, artificial judicial person, body of individuals (BOI), Hindu undivided family (HUFs), association of persons (AOP), firm, trust, company, or a society. ITR is essentially a type of self-declaration by the taxpayer of their income, assets and applicable taxes paid. While it is mostly filed in the electronic mode, there is an option for senior citizens to file it manually as well.Įvery person real or artificial, incorporated or otherwise subject to certain exemption limits is liable to file ITR. It has details related to the taxpayers’ personal and financial data. ITR is a tax return form used by taxpayers to report their income and assets to the Indian Income Tax Department (Indian Revenue Authorities). According to the income tax laws, filing ITR is mandatory for some and voluntary for others, however, filing it is essential regardless of the category one falls under. ![]() Filing Income Tax Returns (ITR) may be cumbersome, but its benefits far outweigh the momentary inconvenience.
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