Income Tax Return
Every taxpayer has to file its income tax return if income is exceeding the taxable limit. The taxable Slab is starting at Rs. 250000 for financial year 201819. There are a number of deductions and rebates available which are made available to avail reduction in tax payable. It is the duty of every person to file tax returns if carrying out business in India and earning above taxable limit. Company, Partnership, LLP and Trusts have to mandatorily file income tax returns.
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 needed for the financial year, the IT Department will refund the extra money to your account. If you have underpaid taxes for the year, please pay the remaining amount, and then file your income tax returns.
Income tax return form ranges from ITR 1 to ITR 7, used for different types of income. Some forms are longer than the others, and they may need additional disclosures such as balance sheet and a profit and loss statement information.