What Is Income Tax Return

You Must Have Heard About Income Tax Return. But If You Have Any Kind Of Question Or Confusion Related To your Income Tax Return, Then Do Not Worry, We Will Clear Your Confusion Now. All Detailed Information About Income Tax.

manishtech12.blogspot.com

What Is Income Tax

Its Very Simple Answer Is That The Tax Which Is Levied On Our Income Is Called Use Income Tax. And The Income That We Earned In 1 Year I.E. In 1 Financial Year And In Simple Language, We Can Say That The Tax That I Earned From 1.4.2022 To 31.3.2023 Is Taxed On Us. Use Income Tax. And The Return We Have To File For Filing This Tax Is Called Use Income Tax Return.

Who Can Fill Income Tax Return

Anyone Can File Income Tax Return, There doesn’t need to Be A Business To File an Income Tax Return. Yes, I Should Have My Own Company. But Every Person Who Makes Some Kind Of Income. Be It Any Kind Of Job Worker. Yes, Be Self Employed Again. For Example, Every Indian Who Has A Doctor, Engineer, Accountant, Teacher, Advocate, Shopkeeper, Police, and Dairy Farm Can File Income Tax Return.

Documents & Information For Income Tax Return

If You Have To File Income Tax Return. You Must Have Some Kind Of Firm. Yes, Your Firm Should Be Registered In GST, There Should Be Purchase, and There Should Be Sale If Nothing Like That. This Document Is Mandatory For Income Tax Returns.

This All Documents Mandatory:-
1. Income Source- That is, you should have any such work. From which you get your income. For example even if you

2. PAN Card- The first document you should have in the document is a mandatory PAN card

3. Bank Diary- The details of the entire financial year of whichever bank you have an account with also have to be given for filing income tax returns.

4. Photo- 1 photo is also needed.

5. Detail of Property- The details of how much property you own have also been given in the income tax return, for example, whether you have a plot or a house in your name or you have a personal car, its details and value or how much cash balance you have How much is the bank balance, all these details have to be given.

6. Detail of Liability- The details of how much money you are asking or from whom you have taken a loan in the current, are also there in the income tax return.

Income Tax Liability

See, It Is Not That whoever Files Income Tax Return Will Have To Pay Tax. Many People Think So And Are Afraid To File Income Tax Returns. Only He Has To Pay The Tax. Aati Ho Under Whose Income Tax Liability. Or In More Simple Language, We Can Say That If Someone Works More Than The Limit Set By The Government, Then Only The Tax Has To Be Paid On The Income. Now A Person Works for Only 120000 Rupees A Year.

That Is, Rs 10000 A Month, Now He Will Think Why Should I Fill The Main Income Tax Return? Yes, Why Should I Pay Tax To The Government, I Don't Even Have That Much Income. Income Tax Return Can Be Filed. No Need To Pay Any Tax Use. Unless His Income Comes Under The Tax Limit.

According To The Government, Their Earnings Are More Than 5,00,000 A Year. To Use The Income Tax Return You Have To File. Many People Have Bought Property In Their Name To Save Tax. And Expensive Vehicles Are Also Taken. Like BMW Or Audi Etc. There Is Also A Legal Way To Save Tax On Income.

Installment

S.No	Due Date	Advance Tax Payable
1.	Before 15 June 2022	15%
2.	Before 15 September 2022	45%
3.	Before 15 December 2022	75%
4.	Before 15 March 2022	100%

      

Benefits Of Filling Income Tax Return

1. Your Income Is Government Verified Income. For Example, A Banker Asks You How Much You Earn Annually. And You Will Say That Rs 200000 Is According To You But It Will Prove This Fact If You Have Filed Income Tax Return. That Is, In A Way, It Can Be Said That Income Tax Return Is A Certificate To Verify The Income Earned By You.

2. You Need Any Type Of Loan. So First Of All The Banks Ask For Income Tax Return, That Is, If You Have A Plan In The Future That You Have To Take A Loan, Then You Must Have An Income Tax Return.

Conclusion:-

Friends, we hope you enjoyed our post. So give your feedback in the comments. if you have a question or suggestion. So you can ask through ideas. Thanks for staying with Manish Tech!