Consequences of not filing your Income Tax Returns (ITRs) - PowerPoint PPT Presentation
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Consequences of not filing your Income Tax Returns (ITRs)
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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. – PowerPoint PPT presentation
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Title: Consequences of not filing your Income Tax Returns (ITRs)
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Consequences of not filing your Income Tax
Returns (ITRs)
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Is submitting an ITR mandatory?
Yes, if your yearly income exceeds Rs. 2,50,000.
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- 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?
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- 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
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If you don't want to get into legal trouble,
never miss your ITR deadline.
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