A delay in filing returns will not only attract late filing fees but also hamper your chances of getting a loan or a visa for travel purposes. The income tax rate is pre-decided for taxpayers. Is it mandatory to file Income Tax Return?Īs per the tax laws laid down in India, it is compulsory to file your income tax returns if your income is more than the basic exemption limit. If a taxpayer fails to abide by the deadline, he or she has to pay a penalty. Tax returns have to be filed by an individual or a business before a specified date.

The income could be in the form of a salary, business profits, income from house property or earned through dividends, capital gains, interests or other sources. In case the return shows that excess tax has been paid during a year, then the individual will be eligible to receive a income tax refund from the Income Tax Department.Īs per the income tax laws, the return must be filed every year by an individual or business that earns any income during a financial year. The tax liability of a taxpayer is calculated based on his or her income. HDFC Life Guaranteed Income Insurance PlanĪn Income tax return (ITR) is a form used to file information about your income and tax to the Income Tax Department.

Income tax e filing itr 1 form download