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Income Tax Return

Income Tax Return

SKU: 364215376135191

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 

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