Know your income tax

WHAT IS INCOME TAX RETURN? Income Tax Return includes various forms prescribed by Income Tax Department, Government of India, for declaring its total income earned during the year ended 31st March.

What is ITR?

First, let us understand what filing ITR means. When you file your Income Tax Return, it is a proof that you have an income for which you have paid tax. According to the Income Tax Act, 1961, you have to …

Who should file ITR?

Any individual who has income should file Income Tax Return. Currently, if you are below the age of 60 and have an income up to Rs.2.50 lacs, you are exempt from tax. Any income above Rs.2.50 lacs is taxable. And you have …