ONLINE TAX RETURN FILING

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ONLINE TAX RETURN FILING

All those who earn income from any source, are supposed to pay taxes on their income and file the details of their income and tax paid, once a year. The taxes are necessary for the government to work. Since the government has no income of its own, it relies upon people to pay tax so that the same can be used for development work in the country. This process of filing the details is called as Tax Return filing, which is a statement of your income details, savings made and taxes paid.

In India, there are different types of return which are filed, depending upon the type of income. One type of return is filed by individuals who are salaried and does not require any audit. Another is for companies or a working partner or a firm or individuals requiring audit. The last type is the one (company or individual) who is required to furnish details in the form 3CEB u/s 92E.For all these different categories, different forms have been made available. ITR-1 is for individual who earns through salary/ pension, through one house property and trough other sources. ITR-2 is for individuals or HUF (Hindu Undivided Family) whose earnings are from salary/ pension, house property (more than one), capital gains (short term and long term) or through other sources. ITR-3 is for individuals or HUF who are registered as partners in a firm. However, this does not apply to proprietors of a firm. Gains income through profit in a business or profession and interest, salary, bonus, commission, remuneration as partner in a firm are considered as income under this. ITR-4 is applicable for individuals of HUF who have income from business or profession under presumptive income scheme.

Earlier the tax return was filed manually. However, with the growth of digital technology and easy access to ICT to all, government of India encourages people to file their tax return online for speedy compliance and processing of refund, if any.

The services for filing return is available on the www.incometaxindiaefiling.gov.in, where with very minimal effort, one can file the income tax return. There are many agencies which also helps you in filing the income tax return.