Income Tax return in India is mandatory to be filed under the Income Tax Act for certain scenarios. The taxpayer shall file income tax return for reporting his/her income for the financial year, to claim refunds, visa processing, for carrying forward losses, address proof, etc. The taxpayer need to file their taxable income to the IT department in the form of income tax return. Income Tax Return should be filed on or before its deadline to avoid any penalty or interest on late filing.
Tax structures, in India, are decided by both the Union as well as State Governments. The government imposes a tax on a taxable income of all persons who fall under the category of Income Tax and Income Tax Rules. Taxes in India are classified into two broad categories: a) Direct Tax, & b) Indirect tax. Income Tax return in India is important for the economic development of a country as the revenue collected used to fund government expenditure and boost the economic growth.
Earning individuals need to file Income Tax return in India for every financial year on specified due date. The applicable income tax rates across different volumes of income are – 5%, 20%, 30%. However capital gains are taxed under separate tax rates. There are different types of income tax return forms depending on the taxpayer's income and category such as: ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7. However, one should be cautious before choosing income tax return form to file. Therefore, to reduce the chances of error, taxmaazra provide you Income Tax return services user friendly online portal.
Taxmaazra is trustable online portal giving Income tax return services. Our team gives their best to provide quality professional service and guidance. Our goal is to apply strategic thinking and practical approach to provide easy and hassle-free services to our clients.