1. Refund of excess TDS: In some cases, the TDS deducted from your salary may be higher than the actual tax liability. In such cases, filing an income tax return will help you claim a refund of the excess TDS deducted.
2. Avoidance of penalty: Failure to file your income tax return on time can result in penalties and interest charges.
3. Compliance with the law: Filing your income tax return is a legal requirement, and non-compliance can lead to legal consequences.
4. Proof of income: Your income tax return serves as proof of your income, which can be useful when applying for loans, visas, or other financial transactions.

Therefore, it is important to file your income tax return, even if your company deducts TDS from your salary.

If you had paid extra income tax then it would be refunded after filing Income Tax Return. Without Filing your income tax return, a refund is not possible.

Yes, you must also file an income tax return within time, without filing your income tax return losses will not be carried forward for next years.

As per the Income tax Act, you should file an income tax return in India if your gross total income exceeds ₹2.5 lakh in the financial year 2022-23.

The easiest way is to file the returns online through fileitreturn.com.

• If a person has Gross Total Income is more than the basic exemption limit then the assessee is required to file its ITR.
• Company & Partnership Firms (including LLP) are required to file their ITR mandatorily
• A resident individual who is the beneficial owner of any asset located outside India or has signing authority over any Account outside India
• Resident individual who is beneficiary of any asset located outside India
• Resident individual has deposited an amount more than one crore in aggregate in one or more current accounts maintained with banks or cooperative bank
• He has incurred foreign travel expenditure of ₹ 200000 or more for himself or any other person
• He has incurred foreign travel expenditure of ₹ 200000 or more for himself or any other person

• 31^st July 2023 In the case of an Individual, HUF, AOP, BOI, Partnership firm, or company whose books of accounts are not required to be audited.
• 31^st October 2023 Corporates and Non-Corporates requiring Tax Audit
• 30^th 2023 In case of transfer pricing.
•  

If your estimated tax liability for the year is. 10,000 or more then you are liable to pay advance tax on your estimated income.

₹ 5000 if ITR is filed before 3ITR December of the Assessment Year, ₹ 10,000 if ITR is filed after 31st December but before 31st March of the Assessment Year. This is for those whose income is above ₹ 5 Lakh. For those with income below this, the penalty is ₹ 1000.

Yes, you can file ITR after its due date. But interest and penalties will apply.

Section 139 (5) of the Income Tax Act, 1961 allows taxpayers to file a revised income tax return if they have made mistakes in the returns which were filed earlier. 

• 31^st December 2023 for F.Y.2022-23
• 31^st December 2024 for F.Y.2023-24