Filing income tax return Online
- same day Process
- 100% Online, Safe & Secure Registration
- 150+ Happy Clients
- ISO Certified
Fill up the Form
Income tax is a charge imposed by the government on the income earned by individuals or businesses during a financial year.
Under the Income Tax Act, anyone earning taxable income in India—whether a resident or non-resident—is required to file Income Tax Returns. Currently, as per the new tax regime, income tax is applicable if an individual's total income exceeds Rs. 3 lakh in a financial year
Under existing rules of the IT Act, any individual/business with income irrespective of the amount earned is liable to file income tax returns. But, currently tax on income is payable only if the net taxable income for a fiscal exceeds Rs. 2.5 lakh.
Giving the good news to tax payers, the Finance Minister stated, “There will be no income tax payable upto income of Rs. 12 lakh (i.e. average income of Rs.1 lakh per month other than special rate income such as capital gains) under the new regime.
Documents Required for Trademark Registration
Compile and carefully study the documents to be referred to when filing your ITR, like bank statement / passbook, interest certificates, receipts to claim exemptions or deductions, Form 16, Form 26AS (Annual Information Statement), investment proofs, etc.
How income tax works
Income tax is a direct tax, meaning it is paid directly by the individual or entity to the government. In many countries, the system operates on a “pay-as-you-earn” basis, where employers and other payers deduct tax at the source (TDS) before the income is disbursed.
The process generally involves these steps:
- Determine gross total income: The taxpayer adds up all income from various sources during a financial year. Common income categories include:
- Salaries: Includes basic pay, allowances, and perquisites.
- House Property: Rental income from owned property.
- Business or Profession: Profits from any self-owned business or professional practice.
- Capital Gains: Profits from selling assets like stocks, real estate, or mutual funds.
- Other Sources: Miscellaneous income such as interest from savings accounts, lottery winnings, and dividends.
- Calculate net taxable income: From the gross total income, the taxpayer can subtract eligible deductions and exemptions as per the country’s tax laws.
- Compute tax liability: The taxpayer’s net taxable income is then taxed according to a set of pre-defined income tax slabs or rates.
- File an income tax return (ITR): Taxpayers are required to file an annual return to declare their income and tax liability to the government