August 31, the last day to file income tax returns, is almost here. Watch our video for a step-by-step guide to help you file your tax returns online.
Income tax return is basically a self-assessment and income validation tool – a review of taxes paid and income accrued during the year. According to IT Act 1961, ITR should be filed annually. By filing ITR, you are registering your proof of income with the income tax department and thereby authenticating it.
When are you required to file Income Tax Returns?
Anyone whose gross total income exceeds two lakh fifty thousand rupees for a given assessment year is required to file an IT return.
Filing your tax returns before the prescribed deadline has many advantages. And you can file tax returns yourself directly with the income-tax department. There are two ways of doing this—you can file physically or online on www.incometaxindiaefiling.gov.in.