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All individuals or entities who have sold shares or mutual funds and earned a profit are required to file an Income Tax Return (ITR) to disclose the capital gains.
The obligation to file an ITR depends on factors such as 1) The amount of the gain 2) The type of asset sold 3) Whether the gain is classified as short-term or long-term. Generally, if the capital gain exceeds the minimum taxable threshold, filing an ITR is mandatory to report the gain and pay the applicable tax.
A strong ITR filing record is often considered by banks and financial institutions during loan assessment, improving your chances of approval for personal, home, or business loans
If the Tax Deducted at Source (TDS) from your salary exceeds your actual tax liability, you can recover the excess amount by filing your income tax return.
Filing ITR is mandatory if your income crosses the basic exemption limit. Timely filing ensures you comply with tax regulations and helps avoid penalties or legal consequences
Regular ITR filing reflects financial discipline and responsibility. It builds your credibility and can be useful for visa applications, securing investments, and other financial dealings
Filing ITR in case of Capital Loss allows you to carry forward losses and to be adjusted against capital gains in future years.
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