An income tax return is filed by an assessee to inform the Income Tax Department about the details of the taxes paid and the income received.
Income tax is a direct tax that has been implied on the citizens of India. It is a tax that has been imposed on the people who generate income while doing business or profession inside the country. Such people who are generating any type of income are required to pay a certain amount of tax to the Government of India and a return of the taxes paid is filed through the Income tax Return.
How to file Income Tax Return | इनकम टैक्स रिटर्न कैसे फाइल करें
Every year the salaried and the non-business class people are required to file a return of their income in the month of June and July. In this return, the individual is required to provide the details of his income and deductions and exemptions and finally pay the self-assessed income tax through his income tax return.
The income tax return is a type of self-assessment done by the individual on his earnings after allowing certain deductions which is applicable from person to person depending upon his profession.
How to Login to Income Tax
Any individual can login into his income tax account using his PAN number and his password. In case the individual has not created a password then he can create one using his PAN Card details and fill in certain other details like the details of his bank account, his address, and a few other details.
Individuals, who already have the login credentials, can log in by visiting the official website of the Income Tax Department https://eportal.incometax.gov.in/
After logging in to one’s individual income tax account any individual can see the details of his previously filed returns, previously filed forms, the details of proceedings under progress against him, and all other details related to income tax which are available online to date. After logging into an individual’s income tax account one can also file the income tax return using different forms as applicable to oneself.
Income tax is a very important part of the Indian economy. It helps in bringing down the cost of living and increasing the standard of living for all citizens. Income tax returns are filed by individuals, companies, or any other entity that earns income in India. The government also makes some provisions for non-residents who earn income in India but do not have any business here. These provisions include investing overseas funds into equity shares etc., which are known as offshore investment schemes (OIS).
Income Tax Slab
The individual is required to pay income tax as per the tax slabs which are available on the website of the income tax department. The tax slabs keep on changing as per the decision of the central government. In the present tax slabs scenario, there are two conditions for paying income tax for the individuals
In the first case person with 5 lakhs or less of total income is required to pay no tax.
In the second scenario, persons with more than 5 lacs of income through salary are required to pay their income tax as per the tax slabs mentioned below
0 to 2.5 lakhs zero tax
2.5 lakhs to 5 lakh 5%
5 lakh to 10 lakh 20%
and 10 lakh and above 30% of tax.
If you are earning more than 2.5 lakhs, then it is mandatory to file income tax returns. You have to file your income tax return even if you don’t have any income or have only a little bit of money coming in.
In this way, the tax is calculated for a salaried person who is having a salary of more than 5 lakhs in the year under consideration.
Income tax refund status
Income tax refund status is a very important thing that is being looked after by many individuals after they have successfully filed their return income. After the filing of the income tax return, the department assesses the return thoroughly which is done at the central processing center in Bengaluru. When the processing of the return is completed then in case an extra tax has been paid to the government, the refund is generated and the amount of the refund is transferred to the individual taxpayer through an intimation notice which is called notice under section 143 subsection 1 and the amount in question is refunded back to the assessee into his bank account by the central processing Central Bengaluru. The details of the refund status can be checked after login into the e-filing portal of the income tax department. The refund status can also be checked on the NSDL website if the refund has been paid out by the nsdl on an order from the income tax department.
In case of any query or help, you can contact the Income Tax department at their helpline number. The department will provide you with all the necessary information on how to file income tax returns online and offline.