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Income Tax Return Filing

Rs 999

15 minutes

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Introduction on Income Tax

In India, there are two types of taxes one is direct tax which is directly levied upon the income of the individual and another is indirect tax which is levied indirectly upon an individual. Example of direct tax is income tax and of indirect tax is Goods and Services Tax, service tax etc.

Every individual who receives income in India is subject to income tax under the Income Tax Act, 1961. Under Income Tax Act there can be income from 5 different heads which are Income from salary, house property, capital gains, business and profession and other sources.Income of individuals, Hindu undivided family, association of person, body of individuals firms and companies are taxed under the Income tax act.

What is Income Tax Return

Income Tax Return is a form in which the taxpayer whether it be an individual or firm or Hindu undivided family, discloses details of its income, claims exemptions and deductions which are applicable on it and the amount of tax payable on such income. The Income Tax Return also reflects the amount of taxes paid by the taxpayer.

Income tax return is form in which the taxpayer files data and information regarding his income and tax payable thereon at the end of every financial year.

What is Income Tax eFiling

Income Tax can be filed by the two way i.e is the Online Method and another offline Method. Now as per the Government Instructions all the income tax return will be filed only through ITR eFiling Method. Offline Method is not available.

So in the following cases, ITR Online eFiling is Mandatory From 1st April 2022 –1) if your taxable income is more than 2.5 lakh Rupees in a year2) if your want to claim any TDS Refund3) if you want to take the benefits of carry forward of the losses5) if foregin travel expenses is more than 2 lakh rupees in a year6) if electricity bill expenses more than 1 lakh rupees in a year7) if total business sales or turnover more than 60 lakh rupees in a year8) if you have TDS more than 25000 rupees in a year.

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