As the new financial year rolls in, it’s time to gear up for filing your Income Tax Return (ITR) for the Assessment Year (AY) 2024-25. Filing your ITR not only ensures you remain compliant with tax regulations but also helps in claiming refunds and establishing a credible financial record. Here’s a detailed guide to assist you through the ITR filing process.
Why File Income Tax Return
Filing your ITR is crucial for several reasons:
- Legal Compliance: It is mandatory for individuals earning above the basic exemption limit.
- Claiming Refunds: If excess tax has been deducted, you can claim a refund by filing your ITR.
- Loan and Visa Applications: ITR receipts are often required for loan approvals and visa applications.
- Avoid Penalties: Timely filing prevents penalties and interest on tax dues.
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