Any person earning Rs. 2.5 lakh or more in a financial year has to file income tax return for that particular financial year. ITR filing is also mandatory for those who wants to get back the TDS.
What is Income Tax
Income Tax is a type of tax which is imposed on all the citizens of India and non citizens of India who are earning in India or earingn from India or earing through India. Normally it is belived that income tax is paid by rich people and corporates but it is not true, In India tax payment liablity is defined by the income range of the individual, even a middle class person who has many dependants has to pay tax even if his salary is not enough to feed the dependents, if his salary is above a prescribed limit then he has to pay tax on his income.
What is Income Tax Return
An income tax return (ITR) is a form that taxpayers file with the income tax authorities or revenue authorities to report their income, expenses, deductions, financials, and other relevant details for tax payment purpose or for TDS refund purpose. Every Individual or Business has to choose form ITR 1 to ITR 6 for filing purpose.
Benfits of filing Income Tax Return
By filing ITR you can take back you TDS money from the income tax department as a refund if there is no or less tax liablity compared to TDS money. Apart from TDS refund your ITR filing can help you to take foreign countries visa, taking home loan or business loan, buying properties or gifting properties and many more.
How to file Income Tax Return
If you want to file your income tax return then you can file it by yourself by taking the help of internet. You just have to visit here https://www.incometax.gov.in/iec/foportal/ and have to file your income details through online mode and if don't want to file income tax return by yourself then you can take help of an expert on this, normally Chartered Accountants are the expert of Income tax but other professionals are also income tax expert such as LLB, Company Secretary, Cost Accountants and Other professionals having experiance in this such as semi qualified CAs and CA firm employees etc.
Income Tax Return filing through Moneyseth
Now suppos you don't want to file income tax return by yourself because lack of knowledge or less time then you can take our help in income tax return filing. We are a group of finance professionals which includes CAs, MBAs, Semi Qulaified CAs and other Finance professionals having practical knowledge in this field by contacting us on here 7003419137.
