Income Tax Return filing in India is a form that is mandatorily used to file details about your income and applicable tax with the Income Tax Department of India.
Any individual having income above the basic exemption limit set by the government can file ITR. This includes salaried individuals, self-employed professionals, freelancers and business people.
If you do not pay your income tax on time, then as per section 276 CC, you can be punished with imprisonment of 3 months to 7 years along with fine for willful evasion.
In some cases, you may face 6 to 7 years of imprisonment and fine.
Of course, if you have paid excess tax, it gets refunded. To get your excess tax refunded, you first have to file ITR, after which your return process starts. If you have paid excess tax, the government refunds it to your bank account through ECS.
File your income tax return considering your annual income.
According to the Income Tax Act 1961 people above the age of 60 years . Whose income is more than Rs 2.5 lakh can file ITR
Taxpayers could be at risk of fines, criminal charges, and pay cuts.
In some cases, you may have to face 6 to 7 years of imprisonment and pay a fine.
The amount of TDS refund you get depends on the amount of tax you paid.