Everything You Need To Know About Income Tax Return
Income tax is a levy imposed by the Government of India on individuals and entities, who earn income from taxable sources within or outside India. An individual who earns income from other sources, such as salary or business incomes, is also liable to pay taxes. Indian citizens also have to pay taxes on foreign income. The Income Tax Department charges taxes on different categories of income, such as salary income, business and investment income, capital gains and more.
What is Income Tax Return?
Income tax return is a document which discloses the income earned by an individual in a financial year. It is mandatory for all individuals to file their income tax returns, who are liable to pay tax under Indian Income Tax Act. The due date for filing income tax returns is 31st July, following the end of a financial year.
Income from a variety of sources—salary, business profits, sales of property and houses, dividends or capital gains, interest on investments—can be taxed by the government. The Income-tax Department refunds money to taxpayers if they've paid too much in taxes for a given year.
Is Filing ITR Compulsory?
The short answer is yes, it is compulsory to file your income tax return (ITR) if you are an Indian citizen and you have earned income from any source. If you are a resident in India and have earned any taxable income during the assessment year, then it is mandatory for you to file taxes.
If you are a Non Resident Indian (NRI), then there are specific rules that apply to individuals who are not resident in India. These rules and procedures vary depending on whether the individual has been in India during the tax year or not.
Doing your taxes can be quite tricky, especially if you haven't done them before or if this is your first time doing it alone. You may also find some of the terms used in the process confusing at first such as TDS or TCS etc.
But don't worry because RTS Professional Study is here to help! Let us guide you through each step so that filing your taxes becomes easier than ever before!We offer the best income tax course online. The income tax course we offer is unlike anything else out there. We've spent years developing our system, which combines in-depth instruction with practical application exercises that make learning fun and easy.
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