Introduction on Income Tax
Income tax is a direct tax that a government levies on the income of its citizens. The Income
Tax
Act, 1961, mandates that the central government collect this tax. The government can change
the
income slabs and tax rates every year in its Union Budget.
Income does not only mean money earned in the form of salary. It also includes income from
house
property, profits from business, gains from profession (such as bonus), capital gains
income,
and 'income from other sources'. The government also often provides certain leeway such that
various deductions are made from an individual's income before the tax to be levied is
calculated.
What is Income Tax Return (ITR)?
Income Tax Returns (ITR) forms are the basis of calculating a person's income tax. It is a
statement showing the status of a person, all their sources of revenue, deductions and,
lastly,
the tax payable or tax refund, if any. With Golden Era Technology Pvt Ltd , taxpayers can
quickly, easily and
securely file their returns, have access to their tax return information also know how
to file income tax return, and make sure their taxes are accurate, up-to-date and
in compliance with the laws. With ITR Online, you can make sure you're maximizing your
deductions and getting the most out of your tax return.
Income Tax E-filing Due Date (ITR Return)
The due date for income tax return filing is an important date for taxpayers
to
keep in mind. As the deadline for filing taxes for the year approaches, taxpayers should
make
sure to take note of the due date for income tax e-filing in order to ensure that their
taxes
are filed on time. The due date for filling income tax return is July 31 every financial
year.
With the proper planning and preparation, it is possible to successfully file taxes before
the
deadline.
Documents Required for Income Tax eFiling
Do you want to file your income tax returns but don’t know what documents you need? Filing
income
tax returns can be a daunting task, but it doesn't have to be. Knowing what documents you
need
to file your income tax returns can help make the process much smoother. Golden Era
Technology Pvt Ltd will discuss the documents required for income tax eFiling
and how to make sure
you have everything you need.
1. Aadhar Number
2. PAN Card Number
3. Bank Account details
4. Form 16
5. Form 16A
6. Form 26AS
7. Fixed deposit statements
8. Rent receipts for claiming house rent allowance
9. Bank Passbook
10. Investment details
11. Proof of investment
12. Medical expenses receipts, if any
13. Proof of home loan interest, if any
14. Share transaction statement, if any
Type of Income Tax Return Form
ITR 1
ITR 1 form is for resident individuals who have total income upto Rs. 50 lakh. You will
have
to provide break up of your salary and house property.
ITR 2
ITR 2 form is applicable for individuals and HUFs not having income from profits and
gains of business or profession.
ITR 3
ITR 3 Form is for individuals and HUFs having income from profits and gains of business
or profession.
ITR 4
ITR 4 Form is for presumptive income from business and profession.
ITR 5
ITR 5 Form is for persons other than individual HUF company i.e. Firms, association of
person and body of individuals.
ITR 6
The ITR 6 Form is for companies other than companies claiming exemption under
Section 11.
ITR 7
ITR 7 Form for person including companies which are required to furnish return under
Section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)
of
the Income
Tax Act.
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