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Last day to file Income Tax Return, here is how you can do it on your own

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Shefali kohli
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Last day to file Income Tax Return, here is how you can do it on your own
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To measure the growth and prosperity of any country, there are several yardsticks, one of which is how many people in that country file Income Tax Return (ITR). Read below to find out how to file an income tax return. Paying income tax provides resources to the government to take growth measures for the nation, from infrastructure to energy, social welfare to subsidies. This is a matter of pride for an individual if he or she is an income taxpayer and files the ITR in time.
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How to file Income Tax Return?
Kalidas in Raghuvansham said, "It was only for the good of his subjects that he collected taxes from them, just as Sun draws moisture from Earth to give it back a thousand-fold". Article 265 of the Constitution of India provides that "no tax shall be levied or collected except by the authority of law, therefore the Income-Tax Act, 1961 was enacted to provide for the levy and collection of tax on income earned by a person". For the filing of ITRs, one can register with the Income Tax website i.e., eportal.incometax.gov.in Through PAN (Permanent Account Number). The main consideration should be given on residential status, person, the scope of income, tax tear i.e., previous year between 1st April to 31st March and. As per Income Tax Act, every person, whose total income exceeds the maximum 26AS amount (Annual Statement) not chargeable to tax, shall be chargeable to tax at the rate or rates prescribed in the Finance Act. The Income Tax Act defines the term "person" u/s 2(31) includes an individual, and Hindu Undivided Family (HUF), a company, a firm (including LLP), an Association of Person (AOP) or a Body of Individual (BOI); a local authority, and every other artificial juridical person. Section 2(24) defines the word "income" as including not only those things which this definition explicitly declares but also all such things as the word signifies according to its natural import. Income-Tax-Return-4 Primarily, there are five parts in ITR in which we must provide the given information: Part A: General Information about the Tax Individual. It contains, PAN, Name, Date of Birth, Aadhar No. Mobile No., Email Address, Address, section under which Return is going to be filed whether on or before the due date ; Belated ; Revised , Nature of Employment etc. Part B: Gross Total Income that comes from various sources on the Return Forms like Salary, Income from House Property, Income from Business, or Profession, Capital Gain, Income from other sources Part C: Deductions and Taxable Total Income this contains various deductions under Chapter VI A of the Income Tax Act. Like 80C: Deduction in respect of Life Insurance Premium, Annuity, Contributions to Provident Fund (PF), Tuition Fees etc. The deduction limit is Rs 1.5 lakh together with section 80CCC and section 80CCD (1). Part D: Computation of Tax Payable the Tax on Income, Health and Education Cess, Rebate u/s 87A and the Interest u/s 234A, 234B and 234C of the Income Tax Act is auto-calculated by the Income Tax Software whether filing online or offline or through any other software available in the market. Part E: Other Information includes details of Bank Accounts with IFSC code and Account Number and has the person done any of the followings, during the previous year, -- (i) hold, as beneficial owner, beneficiary or otherwise, any asset (including financial interest in any entity) located outside India; or (ii) have signing authority in any account located outside India; or (iii) have income from any source outside India Income-Tax-Return-3  And lastly the- Verification After completing the ITR form, we proceed for online verification in which the software checks and correlates the information provided by us. If there is any discrepancy, an error will be displayed and we would have to rectify it to proceed to the next level i.e., e-verification. One can verify one's returns online(e-verification) Also Read: DA, DR increased by 3% for Central govt staff, pensioners After E-verification now, one can download the ITR and Acknowledgement copy for the record. If Return is not E-verified then take a print of ITR Receipt, sign it at specified place and send it to the CPC Bangalore within 120 Days of the filing of the ITR. -PTC News-
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