Every individual with an earning capacity in India has to pay their taxes and file their income tax returns every financial year. A financial year starts in April and ends in March, but the government extends the ITR filing dates to July and December. This year (2021–2022), the due date for filing income tax* was December 31st 2021, and the extended date is July 31st 2022.
Those who are salaried, self-employed, business persons, freelancers, Hindu Undivided Families (HUFs), and even companies have to file their income tax per the income tax* rules. The government stresses the importance of income tax returns by stating that any individual with an annual income above ₹2,50,000 should file their income tax returns, even though those with an income below ₹5,00,000 can get back their income tax* through tax* rebates.
Moreover, they even direct those having an annual income below ₹2,50,000 to file their income tax because of the added ITR benefits. Read on to learn more about the importance of tax returns and the benefits of filing ITRs on time.
Here are the benefits of filing ITR:
Paying income tax is mandatory for those who fall under the income tax slab. It is also a citizen's duty to the country to pay taxes as it contributes to its development. Many experts advise that even with no tax* liability, you should file ITR on time to enjoy the many benefits. L&C/Advt/2022/Oct/2491