Tax Saving Tips 2019: These 9 points can help you to save your taxes

Filing of Income Tax Return || What is ITR? || Who should file ITR?

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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 …

Filing of Income Tax Return

Every individual having income exceeding rupees 5 lacs is obliged to file his ITR electronically. Likewise any ITR where any refund is claimed is to be filed electronically. However ITR having taxable income less than rupees 5 lacs may also …