What is the Income Tax?

Income Tax is the financial charge levied on the citizens and demanded by the Government on different types of income. Income Taxes are the most important modes of income for the Government, which are utilised for the welfare of the common people of the nation.

The Income Tax Act was implemented in 1961 under the Central Government of India to levy and collect revenue from the common people to maintain an economical balance in the various sections of the society.

Why do you have to file Income Tax Returns?

For an Indian resident or an NRI, it is mandatory to file an Income Tax return when the total Indian income exceeds Rts.2.5 lakh.

Even if this is not the case, it is really important to file or e-file income tax return in order to avoid any kind of dispute or tax penalty from the end of the Income Tax Department. IT documents are needed at the time of availing any loan or moving abroad to evaluate your financial health.

Documents needed to file Income Tax Returns

- Basic information like PAN, Aadhar Card, and current residential address.
-Bank Account Details about the incomes for the financial year.

- Income proofs like current salary details, income from investments (like FDs, savings bank account) etc.
- Deductions claimed under Section 80.
- Tax payment information such as TDS Certificates and advance tax payments.

Due Date for Taxpayer

What happens if I delay in ITR filing?

There is no relaxation if a taxpayer faces late filing of returns in such cases penalty would be levied on:

• Delay in Filing: Interest imposed u/c 234 Income Tax Interest where a penalty is levied 1 % on the outstanding tax amount and must be paid from the first day after the due date of filing the return until the date of the actual filing of the return.
• Refunds could Delay: If you are likely to get a refund from the government for excess in payment. Then you must file the returns before the due date.

How can we help you?

Every taxpayer needs to understand the same and implement them while filing ITR to avoid deadline. Online Legal India ™ helps you to file ITR online with ultimate expert guidance from the team of skilled tax experts. You can enjoy the tax benefits and Deductions on any kind of house property, at a very nominal price and without any hassle.