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Salaried individuals in India are required to file an Income Tax Return (ITR) if their taxable income exceeds the prescribed limit
Filing an ITR involves reporting your income and the taxes paid during a financial year, (from April 1st to March 31st). This process is mandatory under Indian Tax Act 1961.
For salaried taxpayers, two specific ITR forms are applicable based on income levels and sources:
✔ ITR-1 (Sahaj): This form is meant for individuals earning up to ₹50 lakh annually. It applies to those who earn income from salary or pension, own a single house property, and have agricultural income not exceeding ₹5,000.
✔ ITR- 2: This form is meant for individuals earning up to ₹50 lakh annually. It applies to those who earn income from salary or pension, own a single house property, and have agricultural income not exceeding ₹5,000.
Most banks and financial institutions review your ITR records when processing loan applications. A consistent and accurate ITR filing history can significantly boost your chances of loan approval.
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 a statutory obligation for individuals whose taxable income crosses the specified limit. Complying with this requirement helps you steer clear of penalties and legal issues related to non-compliance
Timely and accurate ITR filing reflects financial responsibility and can enhance your credibility and trustworthiness in the eyes of lenders and institutions.
ITR serves as official documentation of your income. It is often required for various purposes, such as applying for loans, securing a visa, or opening certain bank accounts.
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