The most critical step for NRIs!

FAQs

• What is an Income Tax Return (ITR)?

  An Income Tax Return (ITR) is a form where taxpayers declare their income, expenses, tax deductions, and investments to the government. Based on this, they either receive a tax refund or pay additional taxes.

• Who is required to file an ITR?

  Any individual or entity whose income exceeds the basic exemption limit as defined by the tax authorities must file an ITR. This includes salaried employees, self-employed professionals, and businesses.

• What documents are needed to file an ITR?

  You will need documents like Form 16, TDS certificates, investment proof, bank statements, and details of other income such as capital gains and rental income to file an ITR.

• Can I file my Income Tax Return online?

  Yes, you can file your ITR online through the official government portal or with the help of a tax consultant. Filing online is quick and convenient, and it reduces paperwork.

• What happens if I don’t file my ITR?

  Failure to file an ITR can result in penalties, interest on unpaid taxes, and other legal consequences. Filing late or not at all can also affect your ability to get loans or apply for a visa.

• How can I track my ITR status?

  After filing, you can check your ITR status online by visiting the Income Tax Department website and using your PAN number to track the processing of your return.