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ITR

Income Tax Return may be defined as a document providing the tax collector information about the taxpayer’s tax liability. Taxpayers who are earning more than 5 lakhs taxable income is mandatory for E-filing of income tax return. Income tax is basically a percentage of income that is paid to the government. All taxes are levied which is based on the passing of a law and the Income Tax Act, 1961 governs the provisions for our income tax.You can easily file your Income Tax Return within a day.

Taxes may be collected by the government in 3 ways:
  • Advance tax and self- assessment tax.
  • Taxes Deducted at Source.
  • Taxes Collected.
Benefits Of Income Tax Return :
  • Filing of income tax return in India is not an uncomplicated task.
  • Filing of income tax return of preceding years is also available.
  • Filing of Income tax return helps to create a strong financial background.
  • Filing of Income tax return saves your money, as non filing of returns attracts a penalty with minimum Rs. 5,000 and interest under section 234A.
  • Submitting income tax returns of past three years even if it is a NIL return to banks or financial institutions for smooth processing of Loans like housing, education, vehicle etc.