Key Benefits of Filing Income Tax Returns on Time

n income tax return (ITR) is a proof that an individual has paid income tax and helps to establish a record of the same with the income tax department. In India, the Income Tax Act (1961) states that an individual with gross total income (i.e. total income prior to deductions available under chapter VI A of the act) exceeding the exemption limit is required for filing ITR. This applies even if all the taxes have been paid and/or if tax has been deducted at source from the income. An ITR form is more comprehensive than Form 16.The latter only includes salary and tax deductions from one employer while the former includes income from multiple sources Read More...