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, and make sure their taxes are accurate, up-to-date and in compliance with the laws.
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.
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.