Income Tax Return : Tax Exemption
Income Tax Return is an important part of Income Tax. It is the way by which an assessee process for paying his tax to Income Tax Department. As per the provisions of Income Tax Act, 1961, filing of Income Tax return is a legal obligation of every Individual whose income exceeds the maximum limit of non-taxable income for the full financial year i.e. from 01 April to March 31 of the following year, for example for the year 2010-2011 (which is also called the Assessment Year) the period is 01 April 2010 to 31 March 2011. In case of salaried class assessee the information about the income in the particular financial year supported with the form 16 (the certificate for tax deducted at source), which is issued by the employer at the end of the financial year.
What is In cometax Return ?
"Income Tax Return" is a term which is often used when we talk about income tax. It is a way by which we pay this tax. When total annual income of a person, including all sources, is more than maximum unchargeable limitation ( At present it is Rs. 1,50,000/-) then that person is liable to pay income tax.
Under section 139(1) of the Income Tax Act, there are additional six conditions, which forces a person to file his income tax return. These condition are:-
Owner of a Motor vehicle
Owner of immovable property
Person who does foreign-travel
Subscribers of a telephone
Holder of a credit card
Incurs expenses on himself
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