1 / 8

Consequences of not filing your Income Tax Returns (ITRs)

In India, individuals or businesses earning money or profiting from various sources are required to pay taxes to the government. The tax system is based on a slab structure, which underlines the basic exemptions and taxation limits for various income groups. As per the Income Tax Act, sources of income are categorised under five heads, detailed in Section 14 of the Income Tax Act.

HeroFinCorp
Download Presentation

Consequences of not filing your Income Tax Returns (ITRs)

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Consequences of not filing your Income Tax Returns (ITRs)

  2. Who is eligible to file an ITR? • Individuals/ BOIs/ HUFs/ Association of Persons.

  3. Is submitting an ITR mandatory? Yes, if your yearly income exceeds Rs. 2,50,000.

  4. You shall be penalised according to the Income Tax Act's various sections. • Your tax refunds will be deferred or forfeited. • You cannot set off your previous year's losses. What happens if I don't submit an ITR?

  5. You can easily obtain various types of loans. • Your ITR acts as proof of income. • It assists you in obtaining a visa with ease. Advantages of timely filing of tax returns

  6. Is it necessary to file an ITR if my income is not taxable? • It is not mandatory, but there are various advantages to doing so.

  7. If you don't want to get into legal trouble, never miss your ITR deadline.

  8. Thank You Would Love to hear from you. Hero Fincorp Limited 09, Basant Lok, Vasant Vihar, New Delhi - 110057 Tel : 18001024145 Email : customer.care@herofincorp.com Website : https://www.herofincorp.com/ Know More : What happens if you don't file your Income Tax Returns (ITR)?

More Related