What is Income Tax Returns?
Dear Friends, Welcome back after a short break. I hope you got some insight about this financial world from my previous posts. Today I will take you through a journey which will help you to stay on the right side of Law. Yes, Income Tax department is keeping a serious vigil on each and every individual to stop any kind of mishandling of money. So it is our duty to file our Income tax returns on time to avoid any kind of issues in future. First and Foremost, What is Income Tax Return ? The simplest answer is: For a financial year, providing all information about the total income from all sources and the tax paid on those to the Income Tax department. If your total income in FY 2015-16 is more than ₹ 2.5 lakh you must file a tax return . Do remember that this income is before allowing deductions . You must file a tax return if your gross income exceeds ₹ 2.5 lakh, whether or not you have any tax payable. It is compulsory to file your return electronically if your incom