Income Tax Return or ITR is a form which is used to show a person's gross taxable income for the given financial year. It is used by a taxpayer to formally declare his/her income, deductions claimed, and taxes paid. According to the Income Tax Act of 1961, a person who is under 60 years of age must file tax returns if his/her income is taxable. If that person's taxable income exceeds Rs. 5 lakh in a fiscal year, he/she also needs to file an ITR. When filing tax returns, that person must pay his/her due taxes as decided by the applicable income tax slabs.
Advantages :
Legal Compliance-
It ensures adherence to tax laws, helping avoid penalties, fines, and legal issues associated with non-compliance.
Tax Refunds-
If a person has paid more tax than required or is eligible for deductions and credits, filing an ITR allows you to claim a tax refund.
Proof of Income -
It is specific to the type of business (manufacturing, retail, service etc.), and the shop must operate within the scope of what the licence allows.
Access to Financial Services-
A clean tax record helps establish credibility and creditworthiness, making it easier to secure credit, loans, or investment opportunities.
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