Why Is IT Filing Mandatory in India

Why Is IT Filing Mandatory in India


The government collects income tax for a number of reasons. The money raised is used for paying salaries of government employees, meeting the infrastructure needs of the country, and other important tasks. It is the responsibility of all citizens to pay their taxes, and to file returns if they have earned income exceeding a certain limit. The government also offers a number of deductions and tax benefits to those who fulfil the filing requirements.

Whether you file your return voluntarily or out of compulsion, you can do it online using pre-approved software by the Income Tax Department. This method is known as e-filing and offers speed, security, and convenience. It has many advantages over the traditional paper-based filing process, including faster processing of refunds.

In addition to reducing the time and effort required to process tax returns, e-filing also helps in avoiding errors and discrepancies. Moreover, it is easy to track the status of your return and receive any refund due to you. However, e-filing is only possible if you have Form 16.

The Central Board of Direct Taxes (CBDT) recently introduced a new facility to allow taxpayers to correct mistakes or omissions in previous tax returns. This facility, referred to as ITR-U, allows taxpayers to file updated returns within two years of the end of the relevant assessment year. Taxpayers can use this facility for a variety of reasons, including reduction in carried forward losses, choosing the wrong heads of income, adjusting interest income, claiming a loss on account of an error or omission during the original ITR filing, etc.

 

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