Income Tax Return
Here is all you need to know about how to file ITR online. Before you file your taxes, you will need your Form 16, provided by your employer, and any proof of investment. Using that you can compute the tax payable and refunds, if any, for the year. You can download the IT preparation software from the IT department's website. Once you have all the documents ready, you can start the Income tax return filing process.
For MSMEs and professionals, the next generation common IT form has been introduced; if their cash receipts are less than 5%, presumptive tax limitations have been raised to Rs 3 crore (turnover) and Rs 75 lakh (income), respectively.
What is Income Tax?
Income tax is a tax charged on the annual income earned by an individual. The amount of tax paid will depend on how much money you earn as income over a financial year. One can proceed with Income tax payment, TDS/TCS payment, and Non-TDS/TCS payments online. All taxpayers must fill in the relevant details to make these payments. The entire process becomes simple and quick.
Who Should Pay Income Tax?
It is mandatory to file ITR for individuals If the gross total income is over Rs.3,00,000 in a financial year (Includes standard deduction). This limit exceeds Rs.3,00,000 for senior citizens and Rs.5,00,000 for super senior citizens. The entities listed below are required to pay tax and file their income tax returns.
- Artificial Judicial Persons
- Corporate firms
- Association of Persons (AOPs)
- Hindu Undivided Families (HUFs)
- Companies
- Local Authorities
- Body of Individuals (BOIs)
