Every year millions of people fill the income tax return (ITR), but many people have confusion about the rules, form, and time limit related to this process. Whether you are in the job, is a freelancer or a businessman, if your income comes under the scope of tax, it is mandatory to fill ITR.
It is not only a means of paying tax, but also evidence of your earnings and financial transparency. If the correct information is found in time, then this process can be very easy. Often many questions arise in the mind before ITR filing, let us know what their answers are…
What is ITR and why is it necessary?
Income tax returns are a form in which you give full details of your year -long earnings and tax paid on it to the government. It is necessary to fill it so that if you have more tax filled then you can get refunds, and if less tax is filled then it can be calculated.
Where and how do ITR filing happens?
You can file ITR online by visiting the official website of Income Tax Department https://www.incometax.gov.in/. For this, you have to register there, log in and fill the form, then submit.
Does any document have to be installed with ITR?
There is no need to put any document in ITR form. But keep all the important papers like salary slip, bank statement, investment evidence, TDS certificate etc. with you, because the Income Tax Department can ask for if needed.
Does filling ITR cause any harm?
ITR filing does not cause any harm. This is your responsibility and has many benefits, such as ease of taking loans, help in visa process and getting tax refund. On the other hand, if you are paid tax and you do not fill the return, then you may be fined.
Can ITR fill if the fixed date misses?
If you have not been able to fill ITR on time, then you can also file a Belated Return later. But for this you have to pay some late fees.
How much penalty is imposed on filling ITR late?
If you filled the ITR after the scheduled time, then you may have to pay a fine of up to ₹ 5,000. But if your annual income is less than ₹ 5 lakh, then this fine is limited to ₹ 1,000.
If the tax is deducted, how will you get the money back?
If you have given excessive tax, then you can claim refund in ITR. After investigation, the Income Tax Department directs the money directly to your bank account.
Is there any feature to help file ITR?
If you are having trouble filling ITR, then you can call the helpline number 1800 103 0025 of Income Tax Department. Here your problem will be solved.