Things You Must Know About Income Tax Filing in India

In India, most of the people avoid filing their income tax returns. Some of them file their return only if they expect to get a refund from the Internal Revenue Service (IRS).  Few of them stays away from filing their returns thinking about the complication and lengthy process. There are some who are not even aware of the fact that put them in the taxable bracket.

Income Tax Filing: Who is it for?

In the India, the income tax filing is significant for taxpayers broadly falling under the following categories: 

• An individual who has no other income apart from Salary/ Pension and Interest.
• An individual who has income under particular heads but not business /profession income.
• An individual who is partner in a partnership firm .
• An individual who has income from business/profession.
• A Firms, AOP,BOI, Local Authority.
• A Company.
• A Trust.
• Only FBT Return.

Even if the law does not require you to but you should file your tax returns and facilitate the following five things: 

• Administer the accumulation of taxes
• Assure a regular income to the government
• Lightens the burden of one-time tax payment and instead spreads the whole tax over several months making it easier for the tax-payer
• Implement a suitable mode of tax payment to the payer
• Advance the reach of income tax accumulation without the Income Tax Department having to do all of it by itself.

There are few things that you need to keep in mind:

According to your circumstances, make sure that you fill the right forms. The easiest way to understand is to know the category that you fall under. In specific circumstances, you may require other income tax forms. Generally there are restriction with the forms, you need to identify which form to use for your particular circumstances.

You can fill out the forms either on paper and courier it or  file them electronically. The Income Tax Department has a website where you can file your taxes after obtaining a PIN number by providing few details of yours.

As  the laws keeps on changing with time. you should keep yourself updated with those changes. To make sure that you do not miss any kind of opportunity in order to save money and time, if possible consult a professional. Income tax filing can become very simple with a little help. 

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