{"id":108296,"date":"2022-06-13T15:11:24","date_gmt":"2022-06-13T09:41:24","guid":{"rendered":"https:\/\/legalwindow.in\/?p=108296"},"modified":"2022-06-13T15:33:12","modified_gmt":"2022-06-13T10:03:12","slug":"file-income-tax-returns","status":"publish","type":"post","link":"https:\/\/www.legalwindow.in\/blog\/file-income-tax-returns\/","title":{"rendered":"Why everyone should file Income Tax Returns?"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-108300 size-full\" title=\"Why everyone should file Income Tax Returns?\" src=\"https:\/\/legalwindow.in\/wp-content\/uploads\/Why-everyone-should-file-Income-Tax-Returns-1.png\" alt=\"Why everyone should file Income Tax Returns?\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Why-everyone-should-file-Income-Tax-Returns-1.png 1200w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Why-everyone-should-file-Income-Tax-Returns-1-600x315.png 600w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Why-everyone-should-file-Income-Tax-Returns-1-300x158.png 300w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Why-everyone-should-file-Income-Tax-Returns-1-1024x538.png 1024w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Why-everyone-should-file-Income-Tax-Returns-1-768x403.png 768w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Are you perplexed and unable to decide whether to file an ITR? Have you heard elsewhere that if your income is less than the basic exemption level, you should skip filing an ITR? Before you decide not to file your ITR, read on to learn about the benefits of submitting even if you are not required to do so. You&#8217;ll be pleased you did it in the end. Let us look at\u00a0why everyone should file Income Tax Returns?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Before we get into the core of the matter, we need first understand Income Tax Returns (ITR).<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>Table of Content<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Key\"><span style=\"font-weight: 400;\">Key Abstract<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#What\"><span style=\"font-weight: 400;\">What is Income Tax Return?<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Types\"><span style=\"font-weight: 400;\">Types of Income Tax Return<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Why\"><span style=\"font-weight: 400;\">Why everyone should file Income Tax Return?<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Due\"><span style=\"font-weight: 400;\">Due dates for filing of Income Tax Return for FY 2022-2023<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Penalties\"><span style=\"font-weight: 400;\">Penalties for non-filing of Income Tax Return<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Takeaway\"><span style=\"font-weight: 400;\">Takeaway<\/span><\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"Key\"><b>Key Abstract<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The Government of India creates Income Tax Laws. Individuals, Hindu Undivided Families (HUFs), <\/span><span style=\"font-weight: 400;\">companies<\/span><span style=\"font-weight: 400;\">, <\/span><span style=\"font-weight: 400;\">firms<\/span><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/legalwindow.in\/limited-liability-partnership-llp\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">LLP<\/span><\/a><span style=\"font-weight: 400;\">, associations of persons, bodies of individuals, municipal authorities, and any other artificial legal person are subject to taxation. The imposition of tax on a person is determined by these laws based on his residency status. Every individual who qualifies as an Indian resident is expected to pay tax on his or her worldwide income. Taxpayers must follow specific regulations while filing their Income Tax Returns each fiscal year (ITRs).<\/span><\/p>\n<h2 id=\"What\"><b>What is Income Tax Return?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">ITR is a type of form in which individuals submit income and tax information to the government of India. ITR is a type of form that gives information about a person&#8217;s income and taxes that must be paid throughout the fiscal year (Starting from April 1 to March 31st next year).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Depending on the company, job description, and other sources of money, revenue can take numerous forms. Income may be divided into various types:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Salary income; and\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Income from other sources\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Profit from a business venture<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Residential property rent or income<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Profits from capital gains.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Other sources of income, such as dividends, royalties, interest on deposits, and so on.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The Income Tax Department requires each individual to file a separate ITR for each type of income. According to the Income Tax Department, there are seven different sorts of ITR Forms that must be filled out depending on the nature and amount of the taxpayer&#8217;s annual income.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">File your <\/span><span style=\"font-weight: 400;\">Income Tax Return<\/span><span style=\"font-weight: 400;\"> with <\/span><a href=\"https:\/\/legalwindow.in\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Legal Window<\/span><\/a><span style=\"font-weight: 400;\">. Our expert helps you with all the tax compliances.<\/span><\/p>\n<h2 id=\"Types\"><b>Types of Income Tax Return<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">There are seven distinct types of ITR Forms, according to the Income Tax Department. These are their names:<\/span><\/p>\n<p><b>ITR 1:<\/b><span style=\"font-weight: 400;\"> Individuals can submit Form ITR \u2013 1 if their total income is up to 50 lakhs in salary plus one residential property, excluding lotteries and agricultural income of up to 5000 rupees.<\/span><\/p>\n<p><b>ITR-2<\/b><span style=\"font-weight: 400;\">: Individuals and HUFs who are ineligible to submit ITR 1 but have income and profits from a profession or business must complete this form.<\/span><\/p>\n<p><b>Form ITR \u2013 3:<\/b><span style=\"font-weight: 400;\"> This form is completed by any individual who earns money from a business or profession.<\/span><\/p>\n<p><b>ITR \u2013 4:<\/b><span style=\"font-weight: 400;\"> This form is required for every resident of India who earns up to Rs. 50 lakh from any profession or <\/span><span style=\"font-weight: 400;\">business<\/span><span style=\"font-weight: 400;\"> as described in Section 44AD, 44ADA, or 44AE of <\/span><a href=\"https:\/\/www.incometaxindia.gov.in\/pages\/acts\/income-tax-act.aspx\"><span style=\"font-weight: 400;\">Income Tax Act, 1961<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><b>ITR \u2013 5:<\/b><span style=\"font-weight: 400;\"> The following entities complete the ITR\u20145 form:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Firms<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Body of\u00a0Individuals<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Cooperative Societies\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Limited Liability Partnerships (LLPs)\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Persons&#8217; Association<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Local Authorities<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Artificial Judicial Person<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Insolvent Estate\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Deceased Estate<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Investment Fund<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Trusts for Business<\/span><\/li>\n<\/ul>\n<p><b>ITR \u2013 6:<\/b><span style=\"font-weight: 400;\"> With the exception of those requesting exemption under Section 11, which is revenue from<a href=\"https:\/\/legalwindow.in\/registration-of-charitable-and-religious-trust\/\" target=\"_blank\" rel=\"noopener\"> religious or charitable<\/a> property, firms fill out this sort of form electronically.<\/span><\/p>\n<p><b>ITR \u2013 7:<\/b><span style=\"font-weight: 400;\"> Companies can use this form in compliance with the Income Tax Act rules. The following are the typical provisions&#8217; requirements for filling out the ITR \u2013 7 forms:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Section 139 applies to those who own property for charity or religious purposes (4A).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Political parties (Section 139(4B))<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Section 139(4C): Medical institutions, news organisations, educational institutions, and scientific research institutes, as well as institutions or associations included under sections 10(23A), 10(23B), and 10(23C) (23B).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Section 139(4D) exempts colleges and universities, as well as any other institution, from complying with the Act&#8217;s income and loss reporting requirements.<\/span><\/li>\n<\/ul>\n<h2 id=\"Why\"><b>Why everyone should file Income Tax Return?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Filing ITR displays Indian people&#8217; sense of responsibility. Only through ITR does the government learn about its residents&#8217; yearly accounts and transactions, which ultimately aids in strengthening the country&#8217;s economic aspect and establishing advanced action plans for the benefit of the country.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here are a few reasons why you should file your income tax returns:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Filing tax returns demonstrates accountability and is very important in a variety of scenarios.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You will also need this information if you apply for a loan or a credit card.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If you want to make a claim for compensation for previous losses, you must have ITR records.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Furthermore, it will be beneficial and profitable if the findings are updated.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">There are also some benefits for filing up of ITR, which are as follows:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>It Avoids Penalty:<\/b><span style=\"font-weight: 400;\"> There is a penalty for late submission of an ITR! Failure to submit an ITR by the due date stated by the Income Tax Department may result in a penalty of up to Rs 10,000, according to Indian Income Tax legislation.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Carry your losses forward:<\/b><span style=\"font-weight: 400;\"> Individual taxpayers must file their Income Tax Returns on time in order to claim specific losses, such as losses from capital gains, losses from a company or profession, and so on. This implies that you can deduct some losses from relevant income, minimising your future tax bill. This cannot happen until the taxpayer files a tax return.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Interest Saving:<\/b><span style=\"font-weight: 400;\"> Failure to file an ITR on time may result in the imposition of interest on the tax payable. Sections 234A and 234B allow you to avoid paying interest on late taxes if you file your ITR on time. For late ITR filing, there is no penalty relief.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Simple Loan Approval:<\/b><span style=\"font-weight: 400;\"> Filing the ITR will assist people when applying for a vehicle loan, a mortgage loan, and so on. Furthermore, all financial institutions may request a copy of your tax returns as proof of income. This document must also be submitted in order for the loan to be approved.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Request a Tax Refund:<\/b><span style=\"font-weight: 400;\"> Most individual taxpayers with passive income, such as term deposit interest or dividend income must submit a tax return in order to get a tax refund. Furthermore, papers must be filed even for salaried taxpayers who had excessive taxes withheld in order to get a refund of the extra taxes.<\/span><\/li>\n<\/ul>\n<h2 id=\"Due\"><b>Due dates for filing of Income Tax Return for FY 2021-2022 (AY 2022- 23)<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The following are the due dates for filing of Income Tax Return for FY 2021-2022 (AY 2022- 23):<\/span><\/p>\n<table>\n<tbody>\n<tr style=\"background-color: #ff9c00;\">\n<td style=\"border: 1px solid #555;\"><b>Category of Taxpayer<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><b>Due Date for Tax Filing-<\/b><b><br \/>\n<\/b><b>FY 2021-22 *<\/b><b><br \/>\n<\/b><b>(unless extended)<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\">Individual \/ HUF\/ AOP\/ BOI<br \/>\n(books of accounts not required to be audited)<\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">31st July 2022<\/span><\/p>\n<p>&nbsp;<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\">Businesses (Requiring Audit)<\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">31st October 2022<\/span><\/p>\n<p>&nbsp;<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\">Businesses (Requiring TP Report)<\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">30th November 2022<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"Penalties\"><b>Penalties for non-filing of Income Tax Return<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">If the due date for filing the initial income tax return is missed, a belated return can be filed later after the due date. The <\/span><a href=\"https:\/\/www.incometax.gov.in\/iec\/foportal\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Income Tax Department<\/span><\/a><span style=\"font-weight: 400;\"> also stipulates when the overdue return must be filed. This deadline has been pushed back three months to December 31st of the assessment year (unless extended by the government).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, a penalty of Rs 5,000 would be levied for late submission of the return. If the person&#8217;s total income is less than Rs 5 lakh, the cost is limited to Rs 1,000.<\/span><\/p>\n<h2><a href=\"https:\/\/legalwindow.in\/itr-filing-for-individuals\/\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-108305 size-full\" title=\"ITR Filing for Individuals Starting from \u20b9 500\/\" src=\"https:\/\/legalwindow.in\/wp-content\/uploads\/imgpsh_fullsize_anim-34-6.jpg\" alt=\"ITR Filling in Jaipur\" width=\"1000\" height=\"200\" srcset=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/imgpsh_fullsize_anim-34-6.jpg 1000w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/imgpsh_fullsize_anim-34-6-600x120.jpg 600w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/imgpsh_fullsize_anim-34-6-300x60.jpg 300w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/imgpsh_fullsize_anim-34-6-768x154.jpg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><\/h2>\n<h2 id=\"Takeaway\"><b>Takeaway<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">If you thought filing your taxes was a time-consuming task, you may rest assured that it is not. The only thing you need to remember is which ITR to file and which returns to file. Many people appear to believe that submitting tax returns is optional, and hence disregard it as unneeded and onerous. As we will see, this is not a very healthy attitude about tax filing.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Filing tax returns is a yearly action that is seen as a moral and social obligation of every responsible citizen of the country. It serves as the foundation for the government to establish the quantity and mode of expenditure of people, as well as a platform for assesses to claim refunds and other types of relief from time to time. Hence it should be done without negligence.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Further, if you have received Income Tax Notice, from the Income Tax Department and you want to file <\/span><a href=\"https:\/\/legalwindow.in\/income-tax-reply-notices\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Reply to Income Tax Notice<\/span><\/a><span style=\"font-weight: 400;\">, then connect to Legal Window and get the efficient solution for your problem\u00a0 <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Are you perplexed and unable to decide whether to file an ITR? Have you heard elsewhere that if your income is less than the basic exemption level, you&hellip;<\/p>\n","protected":false},"author":4,"featured_media":108301,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-108296","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-income-tax"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Why everyone should file Income Tax Returns? &#187; Legal Window<\/title>\n<meta name=\"description\" content=\"Read Article on Why everyone should file Income Tax Returns?, Types of Income Tax Return, Penalties for non-filing of ITR &amp; Due dates for filing.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalwindow.in\/blog\/file-income-tax-returns\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why everyone should file Income Tax Returns? 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