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Individual Income Tax Filing

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Individual Income Tax Filing

Income Tax Return, or ITR, is an annual online activity that every responsible Indian citizen must complete; it maintains a record of your income and the taxes you are obligated to pay during the year.
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  • Government formulates India’s Income Tax Laws. The government taxes the taxable income of all individuals, Hindu Undivided Families (HUFs), corporations, firms, LLPs, associations of persons, bodies of individuals, local authorities, and other artificial juridical persons. According to these laws, a person’s tax liability is dependent on his residency status. Every person who qualifies as an Indian resident is required to pay tax on his or her worldwide income. Each fiscal year, taxpayers must adhere to specific filing requirements when submitting their Income Tax Returns (ITRs).
  • The Income-tax return (ITR) is a form used to provide the Income Tax Department with information regarding your income and taxes. A taxpayer’s tax liability is computed based on his or her income. The individual will be eligible for a tax refund from the Income Tax Department if the return indicates that excess tax has been paid during the year.
  • In accordance with the income tax laws, a return must be filed annually by any individual or business earning income during a fiscal year. The source of the income could be a salary, business profits, rental income, dividends, capital gains, or other sources.

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