Income Tax return in India is charge and rates by the Income Tax Department and the sub- division of India a government organization and association. The Income Tax department and constitutions charges and prosecute two kinds of taxes on income, which are Direct Tax and Indirect Tax. In case and at the time of the direct taxes entities and the individual need to in a straight line and to directly pay their income tax returns to the Income Tax Department and organisation while in case and at the time of the Indirect Taxes an individual or conductor collates and take out the tax on behalf and about of one more, an additional and pays it to the Income Tax Department.
The government and association in our day and nowadays comprehensive and complete the outstanding and unpaid date of filing the Income Tax returns for 2020-21 for persons and for the people by two months till and last to 30 September and the Central Board of Direct Taxes (CBDT) has also comprehensive and complete the Income Tax Return filing time limit for companies and businesses by a month till and last to November 30.
Why Need to Income Tax Returns Filing
Every individual whose Income exceeded the limit mentioned in income tax act are required to deposit tax before due date Otherwise, they will have to pay fine and interest to the tax authority.
Advantages of filing Income Tax Return (ITR)
•Claim for Refund
•Processing of Documents
•Carry-forward of losses
•Avoid additional interest rates
•Processing Credit Card applications
•Refund of TDS
Disadvantages of Non-filing ITR
•Loss in interest on refund
•Do not carry forward of losses
•Reduce time for revising your income tax returns