Simply put, Income Tax refers to the direct tax paid on income, to the
government, within a given financial year (April-March).
When the total
income of a person from all sources of income exceeds the maximum amount
permissible which is not chargeable to income-tax by the government, then that
person is liable to file the Income Tax Return. Section 139(1) of the Income Tax
Act was amended a few years back with a view to bring a larger number of persons
in the tax net. Now if any person satisfies any one of the
following six conditions:
- owns a vehicle
- occupies a specified floor area of an immovable property
- incurs expenditure for himself or for any other person on foreign-travel
- subscribes to a telephone
- subscribes to a Credit Card
- is a Club member
then he/she is required to file an Income Tax Return.
The slabs to file
Income Tax Returns vary, depending upon the total income earned during a year
and the various exemptions for which the individual/entity is eligible for. In
the case of an assessee earning income primarily from salary, the due date for
filing the Income Tax Return is normally 30th June of the assessment year,
unless extended by the Income Tax Department.
Individuals can file their Income Tax Returns by filling the requisite forms Saral D or Naya Saral 2E.
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The return form, along with copies of necessary supporting documents, has to be filed at the appropriate income tax office or special counters set up for this purpose, the details of which are available on the Income Tax Department website. It is also mandatory to quote the Permanent Account Number (PAN) while filing the return.
Recently, the Income Tax Department has also launched the Electronic Furnishing of Return of Income Scheme, 2004 vide the Notification dated 30.9.2004 (Annexure-I). Under this scheme, eligible assessees can file their returns of income electronically through persons authorised to act as e-return intermediaries. The intermediaries will digitise the data of such returns and transmit the same electronically to the e-filing server of the Income Tax Department under their digital signatures.
- Know more about the computation of Income for filing the return.
- Click here to download Income Tax Return forms.
- Online Tax Calculator.
- E-Filing of Income Tax Returns.
- Frequently Asked Questions about Filing Tax Returns.
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