With the July 31st deadline for submitting Income Tax Returns (ITRs) fast approaching, let’s take a moment to debunk some common tax-related myths.
Myth 1: “If I’m barely making a profit, or if I’m at a loss, I don’t have to file an ITR.” Not true. The Income Tax Act 1961 stipulates that an ITR must be filed if your overall income exceeds the specified non-taxable limit. But, even if your earnings don’t reach this bar, you’re not prohibited from filing an ITR. It’s a mark of financial diligence and can support your eligibility for loans and visas.
Myth 2: “E-filing is insecure.” Actually, e-filing is generally more secure than traditional paper filing. Your information is directly sent to the Income Tax Department with no room for manual errors or interference.
Myth 3: “I’ve paid all my taxes and don’t expect a refund, so I don’t need to file an ITR.” This is a common misconception. If you’ve paid any taxes during the year, filing an ITR is necessary, regardless of whether you’re due a refund.
Remember, fulfilling your tax obligations is not just a legal requirement but a responsibility that benefits us all. Here’s wishing you a hassle-free tax filing journey.
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