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Post By : Alankit Category : Income Tax October 21, 2021
Have you ever wondered why you should file an ITR or what benefits you could inculcate from it Learn the use of ITR and why you need to file one in UAE.
Learn What an Income Tax Return Actually is:
An Income Tax Return (ITR) is a form which one files reflecting the information about ones income earned and the tax applicable on it to the Income Tax Department. The information filed in the ITR should refer to a particular financial year, starting from 1st of April and ending on 31st of March of the next year.
The department offers various types of forms till date and the applicability of these forms depend on the sources of income of the taxpayer, the amount of the income earned and the category of taxpayers (individual or company).
Income on the basis of which ITR needs to be filed is as follows:
If one is an Indian resident or an NRI, they need to file their ITR if ones income exceeds INR 2,50,000/- during the last financial year. If your status is ‘resident,’ your global income is taxable in India. If your status is NRI, your income which is earned or accrued in India is taxable in India.
When the NRIs Should File Their ITR
It Is Beneficial to File an ITR in UAE To Avoid
So it is always beneficial to file an ITR to have hassle-free functioning in the next financial year and Alankit offers you that support to correctly file your ITR in UAE with easiness and with the help of our experts guidance.