Income Tax
What Is An Income Tax Return (ITR)?
An Income Tax Return (ITR) is a formal statement filed with the Income Tax Department of India, detailing an individual’s or entity’s income and tax obligations for a particular financial year (April 1st to March 31st). The ITR form records various sources of income, deductions, and exemptions to calculate the taxable income and the corresponding tax liability.
Who Needs To File An ITR?
ITR Required To File If Your Annual Income Exceeds Certain Limits Set By The Income Tax Department Of India. These Limits Vary Depending On Your Age And Filing Status. Here’s A Quick Breakdown:
- Basic Exemption Limit:For Individuals Below 60 Years Old, The Basic Exemption Limit Is Rs. 2.5 Lakhs. This Means If Your Total Income For The Financial Year Is Rs. 2.5 Lakhs Or Less, You Generally Don’t Need To File An ITR.
- Senior Citizens (60 Years And Older But Below 80 Years):The Basic Exemption Limit For Senior Citizens Is Rs. 3 Lakhs.
- Super Senior Citizens (80 Years And Above):The Basic Exemption Limit For Super Senior Citizens Is Rs. 5 Lakhs.
Documents Required For Income Tax Filing
Documents Required
- Copy Of Aadhar & PAN Card
- Form 16 & Payslips (If Salary Income)
- Investment Proofs (For Claiming Deductions)
- Bank Statements For Income Verification
- Financial Statements (If Business Income)
- Capital Gain Report (In Case Of Gain On Stocks)
What Is A TDS Return?
A TDS (Tax Deducted at Source) Return is a quarterly statement filed by individuals or entities who deduct tax from payments made to others. It summarizes the amount deducted and deposited with the government on behalf of recipients like employees, contractors, or others receiving income subject to TDS.
Who Is Required To File TDS Returns?
Entities or individuals who deduct tax at source (TDS) from payments made to others are required to file TDS Returns. This includes:
- Employers: Who deduct TDS from salaries paid to employees.
- Businesses: Who deduct TDS from payments to contractors, professionals, or vendors.
- Banks and Financial Institutions: Who deduct TDS on interest payments, dividends, etc.
- Government Agencies: Who deduct TDS on various payments.
- Any Person or Entity: Who is required under the Income Tax Act to deduct TDS.
Documents Required For Income Tax Filing
Documents Required
To File TDS Returns Electronically, You’ll Need To Have The Following Documents In Order:
- Valid TAN (Tax Deduction And Collection Account Number)
- PAN Of Deductor & Deductee
- TDS Challan DetailsDetails Of Deductees:
