Why Filing ITR Is Essential And Who Must File It

Filing an Income Tax Return (ITR) is mandatory in India for taxpayers to disclose income

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It covers earnings from April 1 to March 31 each financial year

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Benefits include tax refunds, carrying forward losses, and proof of income for loans

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ITRs are crucial for easy loan approvals and obtaining visas and government tenders

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They serve as income proof for Aadhar cards, passports, and insurance coverage assessments

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Non-filing can lead to penalties, with fines escalating based on income levels

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Foreign asset disclosure in ITRs combats black money and ensures financial transparency

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Investors review ITRs to gauge business profitability and viability for funding startups

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It's essential for financial and legal advantages, even if not mandatory for all

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Overall, filing ITRs provides financial security and compliance with tax regulations in India

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