Why is IT Filing Mandatory in India
Why is IT Filing Mandatory in India
Whether you are an individual or a company, it is your duty to file taxes. This is because filing taxes helps you get a number of deductions that reduce the tax you pay at the end of the day. In addition, it also lets you claim refunds for any overpayments. In this article, we will discuss why it is important to file your taxes, the process involved in doing so, and how you can benefit from it.
E-filing is the process of submitting your tax returns via the internet. It is popular among individuals as it offers a variety of benefits that makes the process easier and more efficient. However, e-filing is not mandatory for all taxpayers. Only those who earn more than the basic exemption limit of Rs 2.5 lakh (for those below 60) or Rs 3 lakh (for senior citizens) or Rs 5 lakh (for super senior citizens) have to file their taxes online.
Once you have filed your returns, it is crucial to verify them. Verification is done by sending a copy of the ITR-V, or the acknowledgment form, to the Income Tax department in Bangalore within 120 days of your e-filing. This can be done either by using an EVC, a one-time password sent to your Aadhaar number or your email address, or by sending the physical copy of ITR-V through regular or speed post. The verification is necessary for ensuring that your return has been filed correctly and that all details are correct.
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