Income Tax Returns
An income tax return is a formwhere taxpayers have to declare their taxable incomes from all sources,eligible deductions, and tax payments if any. This is called ITR FilingProcedure.
If you have paid more taxes than“payable”, you are entitled to Income tax refund. If the reverse is the case,you should pay remaining amount before filing your Income tax return. Cases,where more taxes have been paid beforehand, are TDS or Advance Tax paid by you.In such a scenario, you should show correct incomes and taxes in your TaxReturns.
Income tax return forms rangefrom ITR 1 to ITR 7, used for different types of income and different types ofentities. Depending on the type of forms, there are various disclosurerequirements.
Filing ITR in India is completelyonline and paperless. There is no need for you to submit physical return at thelocal income tax offices. All documents, wherever necessary need to besubmitted online. Income tax return is to be filed for a particular FinancialYear (i.e. April to March) irrespective of Accounting Year adopted by you.
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