Income Tax Return
Income Tax Return
Income Tax Return is a form wherein an assessee is required to reveal monthly income details along with taxes and exemptions to the concerned authorities of Income Tax Department. They have the right to claim for a refund if additional taxes are made in a financial year. In certain circumstances, assessee who are operating a business organization disclose annual turnover of their company along with income and expenditure details. All the above details gathered are preserved by the Income Tax Department.
Income Tax Return filing is compulsory for certain group of assessee excluding the following people:
ITR filing is not mandatory for people aged above eight years
Assessee earning a monthly income below five lakhs is not subject to Income Tax Return
Who can file Income Tax Returns ?
Those people who generate revenue via renting property, stocks, mutual funds and capital gains are subject to file ITR. Salaried persons do have the option to file Income Tax Returns either in the presence or in absence of Form-16. The ones who possess foreign assets and income are liable to pay taxes.
What are the benefits of filing ITR?
Refrain from imposing maximum penalty
Easy to claim for refund if returns are filed as early as possible
Faster and efficient processing of VISA applications
Seamlessly create financial documentation
PRODUCT INFOI'm a product detail. I'm a great place to add more information about your product such as sizing, material, care and cleaning instructions. This is also a great space to write what makes this product special and how your customers can benefit from this item.
RETURN & REFUND POLICYI’m a Return and Refund policy. I’m a great place to let your customers know what to do in case they are dissatisfied with their purchase. Having a straightforward refund or exchange policy is a great way to build trust and reassure your customers that they can buy with confidence.
SHIPPING INFOI'm a shipping policy. I'm a great place to add more information about your shipping methods, packaging and cost. Providing straightforward information about your shipping policy is a great way to build trust and reassure your customers that they can buy from you with confidence.