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Income Tax Return
An income tax return(ITR) is a document that you file with the government. This return informs the government about your income, investments and the tax payable.
Income Tax Return or ITR is a form used to show your gross taxable income for the given fiscal year. The form is used by taxpayers to formally declare their income, deductions claimed, exemptions and taxes paid. Therefore, it calculates your net income tax liability in a fiscal year.
According to the Income Tax Act of 1961, a person under 60 years of age must file tax returns if a part of their income is taxable. If your taxable income exceeds Rs. 5 lakh in a financial year or you have paid advance tax, you also need to file an ITR. When filing tax returns, you also have to pay your due taxes as decided by your applicable income tax slabs.
Benefits of Income Tax Return
- Prompt processing
- Better accuracy
- Convenience
- Confidentiality
- Accessibility to past data
- Proof of receipt
- Ease of use
- Electronic banking
FAQs
Yes. You can file your Income Tax Return after the due date. However, it will be considered under belated tax filing and you have to pay an additional amount as a penalty ranging between Rs. 1,000 to Rs. 10,000.
Income tax is the main earning source for the government of a country. This amount is used to pay salaries, funding of government projects, defence, etc.
Yes. It is mandatory to file the ITR if your income profile falls under any taxable income slab according to the Income Tax Act.
For all HUFs and individuals (aged under 60) the minimum annual salary is Rs. 2.5 lakh or more to pay income tax under the old regime. For senior citizens, the amount is Rs. 3 lakh in a financial year.
Yes. It is possible to file IT Returns without Form 16. In that case, you have to use alternative documents like– Form 26AS, payslips, and investment records.
