Income Tax Filing
Every person is liable to pay tax in India if his total income is more than the income notified by the government in the slab rates. Here, the definition of person includes:
- An Individual
- A Hindu Undivided Family (HUF)
- A Company
- A Firm
- An Association of Persons (AOP) or a Body of Individuals (BOI)
- A Local Authority
- Artificial Juridical Persons
Its is mandatory for individuals, NRIs, partnership firms, LLPs, Companies, Trust to file income tax returns each year. Individuals and NRIs are required to file income tax return, if their income exceeds the exemption limit. Partnership firms are required income tax return – irrespective of amount of income or loss. All companies are mandatorily required to file income tax return. Finally, it is mandatory for most types of trust to file income tax every year, while some types of trusts are required to file return of income if its gross total income exceeds the exemption limit.
Income tax return form can be e-filed or manually filed. Income tax returns do not have the ability to accept any attachment while efiling or manually filing. Hence, all relevant documents pertaining to the income tax filing like proof of investment, TDS certificates, pay slip, rent receipt, etc.) must be retained by the taxpayer and should be readily available if requested by tax authorities during assessment, inquiry, etc.
Efilingworld is the largest business services platform in India, offering a variety of services like company registration, trademark registration, GST registration, income tax filing and more. Efiingworld can help you file income tax returns. Get a free consultation for income tax filing through Efilingworld by scheduling an appointment with an Efilingworld Advisor.