Filing your Income Tax Return (ITR) is more than just a legal requirement—it's a crucial step in managing your personal finances. Every individual earning above the basic exemption limit must file their return annually under the Income Tax Act, 1961. Timely filing not only ensures compliance but also facilitates smoother processing of loans, visas, and refunds.
Whether you're a salaried employee, freelancer, or have multiple sources of income (like rent or capital gains), choosing the correct ITR form and maintaining accurate documentation is key. Filing online via the Income Tax e-filing portal has made the process simple and transparent.
📌 Key Benefits of Filing ITR:
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Claim tax refunds
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Avoid penalties and legal notices
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Carry forward losses
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Proof of income for financial transactions
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Eligibility for loans and credit cards