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ITR (Income Tax Return)

What is Income Tax?

Income tax is levied on the income of a person by the Government of India. It is levied on income earned during the year starting from 1 April and ending 31st March.

Who is liable to pay Tax?

  • An Individual
  • A Hindu Undivided Family (HUF)
  • A Company
  • A Firm
  • An Association of Persons (AOP) or a Body of Individuals (BOI)
  • A Local Authority
  • Artificial Juridical Persons

What is Income Tax Return?
An Income Tax Return is a statement of income earned to calculate tax liability and payment or refund of taxes. Thus, the purpose of filing the return is to report our income and taxes paid thereon to the government.

Who is required to file Income Tax Return?
Any person whose income exceeds the basic exemption limit as specified in the Income Tax Act,1961 is required to file an Income Tax Return. At present the limit is Rs. 2,50,000 for individuals of less than 60 age, Rs. 3,00,000 for individuals in the age bracket of 60-80 years, and Rs. 5,00,000 for individuals of more than 80 age.

How to file my Income Tax Return?

The return can be filed both physically & electronically. For e-filing download the government utility from Income tax portal (in excel format or java utility). Complete all the fields and information required, pay the tax due and generate the xml. You can upload this xml on government portal by logging into your account. Once the xml is uploaded download the acknowledgement in ITR-V. This ITR-V can either be verified using EVC code or can be couriered to CPC Bangalore for further processing.

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