Salaried Tax Return
Income Tax Return (ITR) filing is necessary for salaried persons. It should be filed even by those whose annual income is below the taxable limit. Sameer Mittal, Managing Partner, told FE Online: “The importance of filing of income tax return cannot be more emphasized in today’s time. Though the filing of income tax return is mandatory for the individuals whose income exceeds the threshold provided, but yet its preferable that the individual not falling in the above bracket to file their ITR.” Mittal said that filing ITR not just helps salaried persons in establishing themselves as honest taxpayers but also helps them in availing loans, travelling abroad and acting as a proof of income required, claiming refund etc.
ITR Filing has several benefits. The Income Tax department says on its website: “Filing of return is your duty and earns for you the dignity of consciously contributing to the development of the nation. Apart from this, your income-tax returns validate your credit worthiness before financial institutions and make it possible for you to access many financial benefits such as bank credits, etc.” In contrast, not filing the ITR inspite of having taxable income can make you liable for penalty and prosecution provisions of the Income Tax Act
It is a tax charge by the government of India on the income of every person. It is categorized as direct and indirect tax returns.
Under the rules of the IT ACT, individuals, a business person with whatever amount they earned is liable to file income tax returns. However, tax on income is payable if income exceeds 2.5 lakh yearly. There are a few categories that fall under taxation is, salaried employees, Self-employed, companies and corporate firms, Local authorities.
There is a website named (http://www.tin-nsdl.com) this provides online services and anyone can check their status by click on the challan status inquiry.
Generally, agriculture income is not falling under tax brackets but, if you have any other income source apart from agriculture which is taxable.
Under the Income-Tax Act, it is mandatory to maintain proof of your earnings, you can easily fill your returns and get the benefit of it.
An exempt income is not charged for any tax. Incomes that would be charged for tax called taxable income.