It is the government that frames the income tax laws of India. A tax is imposed on the taxable income of every individual by the government who happens to be individuals, companies, LLP, firms, local authorities, a body of individuals, Hindu Undivided Families, and so on. According to these regulations, the levy of tax on an individual will depend on his residential status. It is imperative for every person qualifying as an Indian resident to pay tax on global income. Taxpayers need to abide by certain regulations each financial year while filing their IT returns.

What exactly is an income tax return?

An ITR or income tax return happens to be a form used for filing information regarding your income as well as the tax to the IT department. The taxpayer’s tax liability will be calculated depending on their income. If the return depicts that the taxpayer has paid excess tax during a year, then he will be entitled to receive an IT refund from the IT department.

According to the IT laws, the return must be filed each year by a business or individual generating any income during each financial year. This income might be in the form of business profits, salary, income from house property, capital gains, as well as interests.

It will be imperative to file tax returns by a business or a person before the scheduled date. In case the taxpayer does not succeed in sticking to the deadline, then he has to pay a fine.

How is it possible to file an income tax return online?

It is possible to submit an IT return from the comfort of your residence provided you have a stable Internet connection. E-filing, which makes use of the pre-approved tax-preparation application by the IT department, has made this possible. An increasing number of taxpayers are filing their IT returns online.

1. Obtaining a refund

You have to furnish your income tax return for the financial year for processing the refund in case the authorities have directed the tax on the payment that has been made to you and you’d like to claim the refund of that amount.

2. Verification proof

Your eligibility will be determined by using your yearly income while applying for a loan. An income tax return form along with the particulars of your earnings will provide the borrower with a proper picture of your earlier income, thus lending trustworthiness to the application made by you. In the same manner, the visa applications will also need income proofs for which IT returns will be the most accepted document.

3. Income proof

While purchasing a term plan, the insurer might need your income tax return to figure out the compensatory amount that has to be funded to your nominees in case there is any disability or death. The income tax return will be considered to be proof of income for this purpose.

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