A tax return is documentation filed with a tax authority that reports income, expenses, and other relevant financial information. On tax returns, taxpayers calculate their tax liability, schedule tax payments, or request refunds for the over-payment of taxes.
Who can File Income Tax Returns(ITR) ?
#Individuals who have Salary income can file.
#Individuals having Income from Capital Gains (mutual funds &
stocks), House Property, FD, Interest etc.
#Individuals having Foreign Income (Onsite deputation),
Foreign Assets, NRI.
Benefits of filing Income Tax Returns:
Your Tax Return documents are proof of your financial investments and will be useful when you apply for a loan or a visa.
Avoid a maximum penalty of Rs 10,000, if your total income exceeds Rs 5 lakh.
Taxpayers are often served notices from the IT department for delayed & missed return submissions.
You can claim tax refund; the earlier you file the sooner you will get the refund.
You can carry forward losses against house property and depreciation.