Income tax return filing

Income tax return

Income tax is tax levied on the income of a person by the Government of India as per the provisions contained in the Income Tax Act 1961. It is levied on income earned during the year starting from 1 April and ending 31st March.

Tax is a central element to the revenue generation system of the Indian government. Among the multitude of taxes present in the system, income tax is the one that deals with the taxation of the earning of every individual, firm or organization in a financial year.

What is Income Tax Return?

Income Tax Return is a proof that you have paid your income tax. It contains details about your annual income and the amount of tax you have paid. Every year, Indian citizens who earn taxable income have to file Income Tax Return (ITR). Filing ITR will help you in getting a refund in case you pay more tax than what you are required to pay. If you fail to file your ITR, you might have to pay penalty or face legal consequences.

 To Prepare and Submit ITR Online, please follow the below steps

  • Login to e-Filingwebsite with User ID, Password, Date of Birth /Date of Incorporation and Captcha.
  • Go to e-Fileand click on “Prepare and Submit ITR Online”.
  • Only ITR – 1 and 4S can be filled online.
  • Select the Income Tax Return Form ITR 1/ITR 4S and the Assessment Year.
  • Fill in the details and click the “Submit”

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