What is Income Tax Return?
Income Tax Return is a form which discloses, for the respective year, of your income earned, the expenses incurred, net taxable income, taxes already paid and the refund claimed, if any.
Who must file the Income Tax return?
It is mandatory for those who have earned taxable income in a financial year. Applicable for individuals, corporates, firms, societies, trusts and all forms of organisations.
Why it is needed?
Apart from the legal implication, filing of Income Tax return is helpful in the following instances:
– while borrowing loan from banks/financial institutions
– while applying for Visa to certain countries like US, UK and so on
– while the organisation (where you are one of the directors/partners) is applying for a business loan
Can we file income tax return for last two years together ?
Yes, the income tax portal permits filing of Income Tax returns for the last financial years at the same time. However, when you are planning to apply for a loan, some banks/financial institution do not encourage the Income Tax returns of the last 2 years if filed at the same time. They insist for at least 6 months gap between two income tax returns.
Defaulters will be penalised.
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