Income Tax Return Filing
Income Tex Return Filing
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What is an income tax return?
An income tax return is a form where taxpayers declare their taxable income, deductions, and tax payments. This procedure of filing income tax returns is referred to as income tax filing. While filing, the total income tax you owe to the government is also calculated. If you’ve paid more tax than necessary for the financial year, the IT Department will refund the extra money to your account. If you have not paid the full amount of taxes for the year, please pay the remaining amount, and then file your income tax returns.
Income tax return forms are composed of ITR 1 to ITR 7, used for various kinds of income. Some forms are lengthier than the others, and they may need additional disclosures such as balance sheet and a profit and loss statement information.
Why do you have to file income tax returns?
As per section 139(1) of the Income Tax Act, 1961, any individual whose total income in the financial year exceeds income tax exemption limit Rs. 2.5 lakh for FY 19 is liable to file the income tax return. Apart from that any private or public company based within territorial limit of India or doing business in India, firms, Hindu Undivided Family (HUFs), Association of Persons (AOP), Body of Individual (BOI) etc. are also liable to declare net profits/losses of the year and pay their tax liability by filing ITR.
DOCUMENTS FOR TRADE INCOME TAX RETURN FILING
Interest certificates from banks or post offices
Proof of tax-saving investments
Form 16 (for salaried individuals)