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Why is it important to file Income Tax Return?
If your income exceeds the taxable limit, it is mandatory to file Income Tax Returns and pay the necessary taxes.
TDS (Tax Deducted at Source) on services and employment can be claimed back by filing Income Tax Returns.
Filing returns helps in creating a robust financial profile, which is beneficial when applying for loans or credit cards.
TCS (Tax Collected at Source) on transactions like vehicle purchases can be claimed when you file your Income Tax Returns.
You can claim losses from previous years by filing your Income Tax Returns.
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GST Services:
GST Services:
Form
Description
ITR 1
For residents (excluding Not Ordinarily Residents) with a total income up to Rs. 50 lakhs, including income from salaries, one house property, other sources like interest, and agricultural income up to Rs. 5,000. Not applicable for individuals who are directors in a company or have investments in unlisted equity shares.
ITR 2
For individuals and HUFs having income from profits and gains of business or profession
ITR 2
For individuals and HUFs having income from profits and gains of business or profession
ITR 3
For individuals and HUFs having income from profits and gains of business or profession
ITR 4
For Individuals, HUFs and Firms (other than LLP) being a Resident having Total Income upto Rs.50 lakhs and having income from Business and Profession which is computed under sections 44AD, 44ADA or 44AE
(Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares)