Every Indian including an NRI is required to file an Income tax return where Total Income exceeds the basic exemption limit of Rs. 2,50,000 for an individual; Rs. 3,00,000 in case of a senior citizen (60 years or above) and Rs. 5,00,000 in case of a super senior citizen (80 years or above).

Note: ITR filing is a very important task for every individual earning a certain amount and it is suggested to be filed as a good practice even if the earning limit is not met.

There are various sections as per the income tax act under which you can claim deductions against your total income (upto a defined limit) in a financial year such as Section 80C, 80CCD etc.

Depending on the type of income, the category the taxpayer falls under, and the income the taxpayer makes, the relevant form must be chosen. TaxBuddy makes it super convenient for you to get through all of these processes in a jiffy.

As a responsible and compliant citizen, one is required to file tax returns. The benefits and importance of doing so are enlisted below:

• To avoid a penalty: The tax department levies heavy fines on individuals who do not file and pay their taxes. As per section 234F, a fine of Rs.10,000 will be levied for failing to file tax returns.

• To obtain a loan from a bank: When applying for a loan to purchase a house/car or medical treatment, the ITR for the previous three years is a must. 

• To obtain VISA: Embassies of some foreign countries like the UK, US, Canada, and Australia ask for ITR receipts of the previous year to process VISAs. It helps to assure them that you are capable of taking care of yourself while you reside in those countries. 
  To make up losses faced in the next financial year: You cannot carry forward any losses to the next financial year unless you file an ITR. Thus, it is important to file the returns so that you can claim losses in subsequent years.

An individual can file the Income Tax Return (ITR) in two ways: via the official Income Tax Department website or through third party platforms. Using an income tax portal can sometimes get complicated if not done with necessary assistance. So TaxBuddy’s experts help you in simplifying the entire process to file an ITR quickly and easily without any hassle.

onventionally speaking, you can always take the assistance of a tax practitioner or a CA to file your income tax returns or you can get in touch with TaxBuddy for smooth assistance coupled with discounted plans and offers. Checkout our pricing

That’s sad because for individual taxpayers, where an audit was not needed, the due date was 31st December, for FY 2020-21. If you missed filing within this timeline, you can still do it along with paying the penalty, as per the rules. Contact a TaxBuddy expert right now for better assistance.

We have got you covered. Due dates for income tax as applicable for FY 2021-22 (AY 2022-23) are as follows

For Individual/HUF - 31st October, 2022

Other Individuals (ITR-1, ITR-2, ITR-4-Sugam) - 31st July, 2022

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