Procedure of Income Tax Filing In India
Filing for income tax returns in India can be confusing for some. Since it is a mandatory process this article will explain you the ITR filing procedure under taxation policy in India in the simplest way. To begin with the basics, an income tax return is the tax form utilized ITR filing with the Income Tax Department. The tax return is normally in a predefined worksheet format where the income figures used to determine the tax liability are transcribed into the documents. The law states that individual or business that receive income during the year must file ITR annually, whether through regular income (wages), bonuses, interest, capital gains or other sources. Tax returns, of an individual or a business, must be filed by a specific date without any fail. In any of the subsequent cases, the Income Tax Department has made it compulsory to e-file your Return. Paper returns can only be filed by those who are above 80 years of age. Individuals or HUF whose income do...