Why is IT Filing Mandatory in India

Why is IT Filing Mandatory in India



If you have a valid PAN (Personal Account Number), and your income is higher than the limit of exemption, you will have to file an Income Tax Return. This is also required if you want to avail any tax rebates or benefits.

The income tax department in India requires every individual, HUF (Hindu Undivided Family), company, or trust to file an income tax return. This is done through e-filing which means that it is done over the internet using pre-approved software. It's a popular and convenient method of filing taxes.

In order to e-file, you must have the necessary documents ready. This includes Form 16 (provided by your employer), proof of investments, and other receipts. Also, make sure that you have a copy of your bank statements. You will also need your Aadhaar card or one-time password if you plan to use the Aadhaar OTP option for e-verification. After you've filed your tax returns, it is important to verify them. This can be done either through the Aadhaar OTP or by sending a signed copy of ITR-V to the Centralized Processing Center in Bangalore.

If you are an NRI, you are still required to file an ITR if your annual income from Indian sources is above the basic exemption limit of Rs 2.5 lakh for individuals below the age of 60 and Rs 3 lakh for senior citizens. In addition, NRIs who are acting as a signing authority on any foreign account or have assets or financial interests located outside India must file an ITR.

 

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