A prominent reason for this conundrum is the lack of knowledge about the basics of tax returns. You start on the right foot by knowing the essential basics of ITR, likes the ones discussed below-
1. What is Income Tax Return?To start with, you should first understand the income tax return meaning. In simple words, your IT returns is a statement which specifies your earning from all the different sources, tax liability, and information about the taxes paid. If at all you have paid more taxes in the previous year than you should have, you will be eligible for receiving a refund for the same.
2. How to File Income Tax Returns?Once you know your taxable income from different sources and the deductions that you are eligible for, you can easily file your tax returns online or offline yourself or with the help of a tax professional.
3. What are the Different ITR Forms?The IT department offers different types of income tax return form to make it easier for the taxpayers to file the returns. All the different types of forms are available at the official returns filing website of the government as well as income tax offices. ITR-1 Sahaj, ITR-2, ITR-3, ITR-4S Sugam, and ITR-4 are different types of forms available.
4. What is the Income Tax Return Filing Due Date?You are required to file the returns within the income tax return due date. If you fail to do the same, you will be required to pay the penalty. The financial year ends on 31st March in India, and the due date for filing returns is kept as 31st July every year. Businesses generally get an additional month to file their returns.
5. How to Check the Status of Your IT Returns?Once you have successfully filed your returns, you can also check the income tax return status online from the official tax filing website. If there are any refunds to be received, the status of the same can also be checked here.
These are some of the most important things you should know about IT returns in India. Try to know more about these topics and filing tax returns will never be a challenge throughout your professional life.
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The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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