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If you have incurred losses for a year and you have earned below the exemption limit. But this applies only to those individuals who file ITR in the relevant assessment year.

Carry-forward Losses : As per Income tax rules, losses are allowed to be carried forward and set off against capital gains.

So, the filing of ITR will enable you to get a refund from the IT department. Not taking into consideration your actual house rent, children’s school fees, tax-saving investments, or insurances. But your employer may have paid more tax on your behalf. Many salaried individuals don’t file ITR as they think that the tax on their income has already been deducted and they have Form 16. Or you may have paid excess tax on your income. And you will have to file the ITR to claim a refund of the same.

Claiming Refund : There could be some TDS cut on some investment.

But if you are self-employed then income proof & details need to be submitted.

If you are salaried then a certificate from the employer will work. If you plan to travel overseas, proof of earning is required. ITR will help your lender to assess your repayment capacity. This can be established through filed ITRs.

Processing of Loans & Visa: If you apply for any loans such as a home loan, car loan, etc., the eligibility and quantum of loan would depend on your income.

Its purpose is to report our income and taxes paid thereon to the government. Which Form is to be filled, depends on the income that the taxpayer earns. They must, first, determine the type of Income Tax Return (ITR) Form they need to fill before actually filing their Returns. It is arranged in such a way that calculating tax liability, scheduling tax payments, or requesting refunds for the overpayment of taxes has been made convenient for the taxpayers. A Form to be filed as a statement of income earned. It is simply a form to be filed with the Income Tax Department.

The tax paid on these incomes is called the income tax. Income tax rates are decided at the start of the financial year in the Union Budget (in the Parliament of India). The income could be from salary, rent, and interest income from savings, income from mutual funds, sale of property or business or professional income. Most indirect taxes have now come under Goods and Services Tax (GST).Īnyone earning an income above a certain amount is subject to income tax. So if you are purchasing a mobile phone or a new suit. Indirect Tax is a tax that is indirectly charged. We have two types of taxes in India – Direct Tax and Indirect tax.ĭirect Tax is a tax that is calculated directly on your Income e.g.