🕵️‍♂️ ITR Myths vs Reality: Busting the Tax Filing Drama

When it comes to Income Tax Returns (ITR), everyone suddenly becomes an “expert” — your uncle, your colleague, even that one friend who hasn’t filed a return in years.
The result? A buffet of myths that confuse more people than the tax form itself.
Let’s separate fact from fiction.

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💭 Myth 1: I don’t earn enough, so I don’t need to file

✅ Reality: If your income is below the basic exemption limit, you may not be legally required to file — but it’s still smart to do it.
Why?

• You might get a refund if TDS was deducted.
• It builds your financial record for loans and visas.

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💭 Myth 2: Filing ITR means I’ll have to pay more tax

✅ Reality: Filing is just reporting your income — not an automatic bill.
If you’ve already paid enough tax via salary deductions (TDS), you might actually get money back.

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💭 Myth 3: Only salaried people need to file

✅ Reality: Freelancers, gig workers, students with part-time income, and even those earning from investments need to file if they meet the income threshold.

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💭 Myth 4: I can avoid trouble by just skipping it

✅ Reality: Not filing when you’re required can lead to:

• Penalties up to ₹5,000
• Interest on unpaid taxes
• Loss of benefits like carrying forward losses

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💭 Myth 5: I can file anytime I want

✅ Reality: There’s a deadline.
Miss it, and you lose certain tax benefits, plus you may have to pay late fees.

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💭 Myth 6: Filing is too complicated, I’ll mess it up

✅ Reality: Today, filing online is simple — even first-timers can do it with guided portals or by hiring a tax professional.
It’s less scary than assembling IKEA furniture.

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✅ Bottom Line

Filing your ITR isn’t a trap — it’s a tool.
It protects you legally, helps you get refunds, and builds your financial credibility.
The more you understand the facts, the less stressful tax season becomes.

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This article has been written with original insights and tailored content by Paisa Pyaar Portfolio. All information is meant for educational use only and has not been copied from any external source.