Siddartha Karnani Highlights Key Tax Filing Misconceptions and the Importance of ITR Compliance
In a recent article published by Business Standard, Siddartha Karnani emphasized on the critical need for taxpayer awareness regarding Income Tax Return (ITR) filing requirements and rebate eligibility under Section 87A.
Siddartha pointed out that many taxpayers are unaware that filing an ITR is mandatory to claim the rebate under Section 87A, which provides a ₹12,500 rebate for individuals earning up to ₹5 lakh under the old tax regime and ₹7 lakh under the new tax regime. He cautioned, “If no ITR is filed, one stands to completely lose this benefit.”
He also emphasized that even individuals with income below the exemption limit must file returns in specific scenarios, such as large bank transactions, foreign travel expenses, or holding foreign assets. These overlooked conditions often lead to unexpected penalties or scrutiny for taxpayers.
He also stressed the need for simplified tax regulations and broader public awareness to prevent inadvertent non-compliance.
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