Filing of Income Tax Returns in India

 

The Government of every country applies the tax on the specific income for affording its various operations.  It’s known as income tax. There are two types of these taxes, firstly known as direct and second is indirect. Income tax is direct tax.  Indirect tax includes excise, VAT and services tax.

Instead of financing of Government operations, these taxes play an important role to aid in dividing wealth among the whole population of that country.  These taxes make strong the country economically. Income tax payments in India are performed according to provisions applied by Income Tax Act. According to this Indian Tax Act, income from following sources is taxable.

  • House property income
  • Salaries of Specific Amount
  • Profits of profession and business
  • Profits from Capital
  • Income from other sources

Taxes from all these resources are sum up according to Income Tax Act. According to income of an person, tax rates vary in India and these are referred to as Income Tax slabs. During the budget, these rates are revised each year. These taxes are calculated on the yearly basis.  According the law, the Indian financial year starts on 1st of April and end on the 31st March of the following year. Income Tax filing deadlines for the financial year 2017-2018 are following.

  • For non Audit Cases, Last Date of return filing is 31st July
  • For Audit cases, Last date of return filing is 30th September

How Salaried Individuals file their income Taxes

Salaried persons file their income tax returns through form 16. The employer issues this form to the employees. Form 16 contains their income details.

Different types of documents are required for income tax filing. You must need to keep ready these documents before filing the taxes. These documents include investment bills and proofs, Form 16 and Form 16A.

ITR

Income Tax Returns (ITR) are the statements and proofs of your income from various sources. These are resources are details of tax paid, liability of tax and other payments that are eligible to receive from the Indian Government.

How to claim the refunds of paid taxes?

If you have paid extra taxes, you can claim refunds form tax departments.  These can be claimed through filing your tax returns. After claiming these returns, you need to track your refunds and make sure your refunds are transferred to your bank account in time.

Late Income Tax returns filing

To avoid the penalties for non- filing of tax returns, you need to file before the deadline.  There are different charges applied by government for individual.

With the e-filing system, It is very easy and simple to file income tax returns. You can easily file Income Tax returns from you office or home at any time.

Understanding the GST Returns

For updating their invoices Indian businesses and taxpayers file certain returns with Indian Government.  In these returns, all transactions are sync to each other. Between sellers and buyers, there are no unattended transactions. Its tale starts form gst return filing GSTR-1.  Whole data is collected in GSTN where it can be accessed by all users at any time.