Income Tax Return Filing is a process through which individual and businesses provide information on their income and online income tax payment is done if applicable. Online income tax payment is done once individual or businesses compute their taxes. The individual pays taxes based on the Income Tax Slab as prescribed. Different Income Tax Return form is prescribed which is based on the sources of income. Sources of income mean how it is generated- It could be Income from salary, Income from house property, Income from business or profession, Income from capital gains, Income from other sources (like interest income).
Yes, deducting TDS and filing a tax return are two different things. You file a tax return to show that you have paid all the taxes you needed to pay. The income tax return is also a useful document when it comes to applying for a loan or visa.
Frequently Asked Questions About Income Tax Returns The due date for filing all ITRs is 31st July for Individuals and 30th September for Businesses. After this deadline, tax returns would be as a “Belated Return” any time before 31st March 2020. With penalty. It is important to file Income Tax Returns within the stipulated time.
Here are a few guidelines to keep in mind while filing Income Tax returns. • If any of the schedules do not apply to you, you are to write —NA— across it. • Indicate nil figures by “Nil”. • Put a “-” sign before negative figures. • All figures are to be rounded off to the nearest Rupee except figures for total income/loss and tax payable. Those are to be rounded off to the nearest multiple of Ten Rupee.