Benefits of Income Tax Return Filing
Income Tax: The term Income tax refers to a type of tax that is levied by Union Government of India on the income of its citizens. Income tax is the major source of revenue for Union Government. They are using these funds for public welfare in various manner. Income Tax Return: By law, income tax payers are legally obligated to file their income tax returns annually to determine their tax liability. Income Tax Return comprises the all details of assessee, their sources of income, deductions, exemptions, advance tax paid, Tax Deducted at Source etc. There are various types of income tax returns for various types of people based on their source(s) of income. Now a days income tax return should be filed only through online. Recently, Union Government had launched a new income tax portal named https://www.incometax.gov.in/ Filing of Income Tax Return is mandatory in following cases: 1. The basi