Benefits Of Filing ITR And Mistakes To Avoid While Filing
Income tax return filing is an annual liability for businesses as well as individuals whose income is taxable. Taxable income implies annual income that surpasses the tax exemption limit. However, even for businesses with no income or those with non-taxable income, it is recommended to file ITR even if they don’t have a tax payment liability. This is because there are several benefits of filing ITR which we shall explore here. But first, let’s start with the basics.
What Is ITR?
Income tax return or ITR is a statement of the income earned by the businesses or individuals through various sources and their tax liability thereon. Alternatively, ITR or Income Tax Returns can be defined as a form in which the taxpayers file information about their income earned and tax applicable to the income tax department.