What is ITR?
An Income Tax Return (ITR) is a form where taxpayers report their income, deductions, and tax liability to the government. Filing ITR is mandatory if your income crosses the prescribed limits, and it also helps in claiming refunds, applying for loans, and maintaining financial transparency.
Key Benefits of Filing ITR:
Ensures legal compliance and avoids penalties.
Helps in easy loan approvals and visa processing.
Allows you to claim tax refunds.
Serves as proof of income for various financial purposes.
???? Remember: Filing on time saves you from interest, penalties, and stress later!