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Income Tax Return

K Karma 
on 24 June 2010

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Most of the individuals who earn enough money are generally required to give part of it back to the government, through the usual way of filling out an income tax return. They then send the necessary portion of their income to the government. But it is important to know what portion of income is taxable and what is free of taxes, not always easy for individuals to compute on their own.

Also, it is not just individuals who have to pay taxes but also some companies as well as heads of certain households, including Hindu Undivided Families, also known as HUFs. Hindu Undivided Families are made up of many people who are related to each other, often including grandparents, wives, parents, children, single daughters and widows. 

This group of people is subject to the HUF tax rate and income tax return. Sometimes a HUF is also known as a joint family and must meet special requirements to qualify. For example, no matter how many relatives live together, there can be only one head of the home.

When it is necessary to fill out an income tax return, filing can be easy. It is especially simple if the tax filing is completed online. E-filing is the most common way to complete tax preparation online. 

It is crucial to know what type of IT return is needed when it comes to income tax return filing. They can range from ITR-1 to ITR-8. The number of forms has to do with the source of income, such as income from pension, house, business and investments. 

What happens if someone fails to file an income tax return? There can be a number of penalties and they are very undesirable. Tax penalties for those needing to fill out a tax return, filing it and other steps can be up to or more than three times the amount that was not paid. 

In other cases, specific penalties must be paid, on top of the taxes already owed.  This is why tax preparation and filing online can quickly help meet IT return requirements. Penalties will rarely (almost never) arise when going through the e-filing process. 

It is very simple to complete the process of e-filing. Most online tax preparation services which use e-filing will automatically figure out the amount of tax owed. Without e-filing, it could be complicated to figure out how much is owed. Users who want to file electronically generally have to log in, create a password and make sure information is secure. 

They then enter their income details from the proper form. If there is no additional income, they simply confirm their income and make payment. This is all very simple. 

All required forms can be downloaded online when doing through the process of e-filing the income tax return. If an ITR-V form is required, it can be submitted to the Income Tax Department. All details and instructions are there and users can be led through each step by answering a series of simple questions.

If taxes do have to be paid, they can be filed and paid online. What could be easier? It is also very safe and secure. One huge benefit of e-filing is the opportunity to have online support. 

Reputable tax preparation services will often ensure the maximum tax refund. When it comes to choosing the right way to file tax returns, online filing is clearly the best option for most taxpayers.




Category Income Tax
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K Karma 

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