Question 1

What is an Income Tax Return (ITR)?

Accepted Answer

An Income Tax Return (ITR) is a form that taxpayers in India file with the Income Tax Department, reporting their income, deductions, and taxes paid or due for a particular financial year.

Question 2

Who is required to file an ITR?

Accepted Answer

Any individual or business whose income exceeds the basic exemption limit prescribed by the Income Tax Act is required to file an ITR. This includes salaried employees, self-employed professionals, businesses, and NRIs with income in India.

Question 3

What documents are needed for ITR filing?

Accepted Answer

Common documents include Form 16 (for salaried individuals), bank statements, investment proofs, property income details, TDS certificates, and any other documents related to income and deductions.

Question 4

What happens if I don’t file my ITR on time?

Accepted Answer

Failing to file your ITR on time can result in penalties, interest on the tax due, and loss of certain tax benefits. Additionally, non-filing can raise scrutiny from the Income Tax Department and impact your creditworthiness.

Question 5

Can I claim a refund if I file my ITR late?

Accepted Answer

Yes, you can still claim a refund if you file your ITR late, provided you file before the end of the assessment year. However, filing late may result in interest being deducted from your refund amount.

Question 6

What are the different ITR forms, and how do I know which one to use?

Accepted Answer

There are several ITR forms (e.g., ITR-1, ITR-2, ITR-3) designed for different types of taxpayers. The correct form depends on your income sources, such as salary, business income, or capital gains. Consulting with a tax professional can help you choose the right form.

Question 7

How long does it take to process an ITR and receive a refund?

Accepted Answer

Typically, it takes 1-3 months for the Income Tax Department to process your ITR and issue a refund, if applicable. However, the timeline can vary depending on the accuracy of your filing and the volume of returns being processed.

Question 8

Can I revise my ITR after filing it?

Accepted Answer

Yes, you can revise your ITR if you discover any mistakes or omissions after filing. The revision must be done before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

Question 9

Is it mandatory to file an ITR even if my income is below the taxable limit?

Accepted Answer

While it may not be mandatory, filing an ITR is recommended even if your income is below the taxable limit. Filing helps in claiming refunds, carrying forward losses, and serves as proof of income for various financial transactions.

Question 10

Why should I choose Legal Corner for ITR filing?

Accepted Answer

Legal Corner offers expert tax filing services, ensuring accuracy, compliance, and timely submission. Our personalized approach caters to your specific needs, helping you maximize benefits, claim refunds, and stay worry-free about tax obligations.

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