India Advocacy
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ITR-1 can be filed by residents of India with total income up to Rs.50 lakh earning from home, job, or any other outlets.
ITR-2 form must be used by individuals and Hindu Undivided Families (HUFs) earning from sources other than occupation or enterprises.
ITR-3 can be filed by the salaried individual who has income from the intraday stock exchange or futures.
In case HUFs, Partnership Firms, and individuals who are Indian residents generate an income from a profession or business, they must opt for ITR-4.
Advantage of ITR :
★ Claiming Refunds: One of the main advantages of filing an income tax return is the ability to claim a refund if you have paid more taxes than you owe. By filing a tax return, you can receive a refund from the government for the excess taxes you have paid.
★ Compliance: Filing an income tax return is a legal requirement, and by doing so, you comply with the tax laws and avoid any penalties or legal action that could result from non-compliance.
★ Proof of Income: Filing an income tax return provides a record of your income and taxes paid, which can be useful in situations such as applying for a loan, visa, or other financial transactions.
★ Avoiding Future Tax Issues: By filing an income tax return and paying taxes on time, you can avoid future tax issues such as audits or penalties.