Income Tax Return Free Filing
The Tax is a revenue generation which is conducted and function by the Indian Government in two ways, either in the direct or indirect, which every individual in the country, either resident or non- resident is supposed to pay, mandatorily. The direct tax is the value you pay directly to the Government and in the indirect tax you have to pay the value by other means for the goods and the services you make use of, like the restaurants, electronic goods, apparels, VAT, movie tickets, etc. this is passed to the government.
Income Tax Return is the proof that you have paid the tax of income; it is a document that contains the details regarding the tax you have paid, like the details of your income you earn annually, the amount of tax you have to pay, and, the tax you have paid.
The people of India, those are supposed to pay the tax, have to file the Income Tax Return in which you get the benefit of refund if you have paid the more amount of tax than you are needed to pay and in case, you do not file the Income Tax Return on time then you have to pay the fine as the penalty.
Paying the Income Tax Return is mandatory to the people or citizen of the country to pay the Govt. both the in the direct and the indirect way based on some conditions and terms, that are applied by the Government, those are:
- If the total or annual income use to be of citizens under age less than sixty use to be of amount 2, 50,000 and for the citizens’ age between sixty and less than eighty to be of amount 3,00,000. For the Indian citizens’ age above eighty, it is Rs 5, 00,000.
- Regardless of the profit and loss, the firm or any organizations have to pay the Income Tax.
- For the Tax refund, the need for Income Tax Return is compulso
- If the citizen of India, residing here have any sort of property in another country.
- If being the citizen of India you are representing or signing the authority in any other country.
- When an individual receives the amount as an income from the asset that is held under any trusts regarding any social, religious, cultural, or for the healthcare and life sciences purpose etc.
- If the individual is applying either for the visa or for the purpose of lone.
5 Head of Income and their nature that are covered
- Income from salary: In this head, the income from the salary and from the pensions is covered.
- Income from asset or property: in this the income coming from the rent is considered.
- Income from the Capital gains in this the income from the savings like shares, mutual fund, are included.
- Income from the other sources: In the income from other sources the income coming from the fixed deposit and savings account interest are included.
Filing Income Tax Return Online
Things Needed for the Income Tax Return Filing
- Form 16
- Copy of previous year’s return
- Bank statements
- Online ITR Filing, in today’s world, online system has changed the whole scenario of wasting the days while standing in the life outside of the government offices. You can file your income tax return online easily without getting into much trouble efficiently. Tradenfill helps you in this.
- Electronically verify your income tax return.
- Get the refund online on your Income Tax.