Individual Tax Filing
It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department.
Eligibility
Individuals whose total taxable income exceeds the maximum amount that is not chargeable to tax are eligible to file individual tax in India.
Document Required
PAN card
Bank statements
Form 16
Investment proofs
Rent receipts
TDS certificates
Benefits
Eligibility for Loans
Claiming a refund by filing an income tax return
It can be used for financial planning and budgeting
proof of income for various purposes such as visa processing, loan applications, etc.
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FAQ
The due date for individual tax filing in India is usually July 31st of each financial year.
Individuals whose total taxable income exceeds the maximum amount that is not chargeable to tax are eligible to file individual tax in India.
There is no minimum age limit to file individual tax in India.
PAN card, Bank statements, Form 16, Investment proofs, Rent receipts, TDS certificates, etc. are required to file individual tax in India.
Yes, NRI’s are required to file individual tax in India if they have any taxable income in India.
The penalty for not filing individual tax in India is ₹ 5,000 or the amount of tax payable, whichever is lower.
The procedure for e-filing individual tax in India involves creating an account on the Income Tax Department’s e-filing website, submitting the required documents and tax return forms, and paying any tax due.
To revise individual tax returns in India, you must file a revised return on the Income Tax Department’s e-filing website before the due date.
The time limit for revising individual tax returns in India is usually one year from the end of the financial year in which the return was filed.
If you forget to declare some income while filing individual tax in India, you may be subject to penalties and interest charges.
No, it is not mandatory to file individual tax returns in India if there is no taxable income.
The procedure for obtaining a refund for individual tax in India involves filing a claim with the Income Tax Department, providing the necessary proofs and following up with the department.
The time limit for obtaining a refund for individual tax in India is usually one year from the end of the financial year in which the tax return was filed.
Yes, you can file individual tax returns for previous years in India if the due date for filing the returns has not yet passed.
If you miss the due date for individual tax filing in India, you may be subject to penalties and interest charges, and you may also face difficulties in obtaining a loan or applying for a visa in the future.
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