What does voluntary filing of Return mean?

What does it mean to return income voluntary?

Voluntary returns: In the event that an individual or entity files income tax returns, but is not required to file a Mandatory return due to some other reason, the income tax returns filed will be considered voluntary returns.

Who also has to file the returns? Anyone who is under 60 years old and earns more than Rs.2 lakh annually. According to the Income Tax Act, must file income tax returns. Senior citizens are eligible for Rs3 lakh and those over 80 years of age, Rs5 lakh.

What is the purpose of filing a return?

Returns are a sign that you are responsible. The government requires that all individuals earning a certain amount of income file a tax return by a set date. The individual must pay the tax calculated.

Is income tax really voluntary?

It is not voluntary to pay tax in the United States. The U.S. tax code is based on voluntary compliance. Some taxpayers claim that they don’t have to pay any tax because of the voluntary nature the tax system.