Why is IT Filing Mandatory in India

Why is IT Filing Mandatory in India





Income tax is collected by the government and used for various purposes like paying off salaries of central and state employees and funding infrastructure projects. Any individual or entity that earns more than the basic exemption limit is expected to pay taxes. To ensure that all taxes are paid, the IT department requires everyone to file their returns. Those who do not file their return are likely to face penalties and may even be sent notices.

Income Tax filing returns online, known as e-filing, has become more popular in recent times. This process allows individuals to submit their income tax return from any location. You can use any pre-approved e-filing software to help you prepare your return and get the job done in no time at all.

E-filing is mandatory for those with taxable income of Rs 1 crore or more, as well as for professionals with a turnover of Rs 25 lakh or more. However, it is optional for those with income below the threshold.

Non-resident Indians, or NRIs, also must file their returns if their income in India exceeds Rs 2.5 lakh. The exact amount required to be filed depends on factors such as the nature of the income and length of stay in the country.

After submitting your return, you will be provided with an acknowledgment form, called ITR-V, which you must print and sign in blue ink. You can send this by regular or speed post to the IT department in Bangalore within 120 days of submitting your e-filing.


Tel:+917299972500

info@filingpoint.com

 

 

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