When is Income Tax Return filing mandatory?

It is mandatory to file income tax returns in India if any of the below conditions are applicable to you (as per the Income Tax Act) Earn gross annual income more than- Particulars Amount For individuals below 60 years Rs 2.5 Lakhs For individuals above 60 years but below 80 years Rs 3.0 Lakhs For individuals above 80 years Rs 5.0 Lakhs Earn income other than salary like house property, etc. Want to claim income tax refund from the department. Earn from or have invested in foreign assets.
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Common mistakes while filing Income tax return?

Some of the commonly observed tax return filing mistakes - Not reporting all the sources of incomeFailing to report income from sources such as - interest savings account, interest on Fixed Deposits (FDs). Further, upon change of job, the individual should make sure that he reports the income earned through his previous employer as well.Also, any income earned by a minor through investments is also taxable In case you have made investments in your children’s name, keep this in mind while filing your taxes.Not paying tax on house propertyFew people assume that there is no income from multiple residential properties and thus there is no tax payable. However, if you own more than one house, you are liable to pay a certain amount as tax, even if you have not…
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What is Income tax return (ITR)?

An income tax return (ITR) is a form which you need to fill and submit it electroncially thru the tax Department website. In this form details of your income and taxes is to be given. The income tax return forms are in various formats viz ITR-1, ITR-2 etc. Each form depicts a separate category of Income tax payers. The tax returns must be filed every year and must be filed on or before the due date.
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What is Form 16?

Form 16 is a TDS certificate issued by an employer to his employee when TDS is deducted by the employer. The employer deducts this tax on behalf of the Government and after deducting deposits the tax to the Government. The employer is then required to give a certificate to the employee giving the details of tax deducted. This certificate is called the Form No. 16 or just Form 16. If no TDS has been deducted then, the employer may not a Form 16.
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What is Income tax?

There are 2 types of taxes in India – Direct tax and Indirect tax. Direct tax is a tax that is calculated and paid directly on your Income. Income tax is a direct tax. Direct Tax is proportional to the income of the person. Indirect tax is a tax that is indirectly charged to you on purchase of goods or use of service Goods and Services Tax (GST) is an important and significant Indirect Tax. Everyone who earns income above a certain amount is subject to income tax. Your income could be from salary, interest income from savings, income from mutual funds, sale of property or business or professional income. Income tax rates are pre-decided at the start of the year in the Union Budget (in the Parliament of India).…
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