What is the purpose of filing an income tax return?
Answers
Answered by
0
Hey u r answer.....
ITR-1 SAHAJ. ITR-1 SAHAJ form is an essential Income Tax Return form for Indian citizens filing their tax returns with the Income Tax Department. This form is issued by the Income Tax Department of India and is an integral part of the rules laid down by the Government of India for filing Income Tax Returns.
ITR-1 SAHAJ. ITR-1 SAHAJ form is an essential Income Tax Return form for Indian citizens filing their tax returns with the Income Tax Department. This form is issued by the Income Tax Department of India and is an integral part of the rules laid down by the Government of India for filing Income Tax Returns.
Answered by
0
The purpose of filing income tax return is that it allow taxpayers to calculate the individual's or business organisation's tax liability, schedule tax payments, or request refunds for the over payment of taxes
Explanation:
- The income tax return is filed through a form which is filed with a taxing authority that reports income, expenses and other pertinent tax information.
- It is necessary to file income tax returns not filing returns will not only attract penalties. It is especially for people whose gross total income exceeds Rs 2.5 lakh.
- The advantage of filing income tax returns is that it helps in applying for loan, travelling abroad, buying a high value insurance cover and claiming refund
To know more about Income tax
What is the purpose of filing an income tax return?
https://brainly.in/question/3113786
Similar questions