Why Filing Income Tax Return (ITR) is Important?

For the beginner it’s very important to understand what income tax return is so it is a tax imposed by the Government of India on any individual or group of individual or artificial bodies who earns income in India there is no limit or boundaries to earn income, no matter persons who earn income in India is residential or non-residential, all the income no matter by which you income like income from salary, income from house property, income from profession, income from business or profession, income from capital gains or any other sources all are considered as income, it doesn’t matter which source you are used to earn you need to have to maintain records of earning or proof of earning, and the income that is earn in the twelve months that is called Financial Year in the period from 1^st April to 31^st March. All the income earned in financial year is taken into a account for purposes of calculating income tax.  This tax is levied on the strength of an Act called Income Tax Act which was passed by the Parliament of India. And you need to files your return for the income earned in the previous financial year that is called Assessment year. If your yearly income is less than one lakh rupees, you do not need to pay any income tax. For the co-operatives societies, companies or firms, they have to pay tax on their entire income and for the senior citizens its one lakh ninety thousand and for women its one lakh forty thousand annually income to pay tax. And to know how much income tax you have to pay, parliament of India passed finance bill or we can say budget every year which provide the rate of income tax.

More Info about Filing your Income Tax Return in Indore:

To file your return for the income earned in Assessment year, you can take professional help to files your returns or you can deposit the Challan along with the money that is available in income tax department and banks. Now a day you can easily file your ITR online and pay your taxes without going to the government offices. This will help you saving your time a lot. Moreover we are also providing services to submit your Income Tax Return in Indore, Madhya Pradesh on time without any kind of tensions.