What is Income Tax return in India?

The term income tax refers to a type of tax that governments impose on income generated by businesses and individuals under their jurisdiction. By law, taxpayers must file an income tax return each year to determine their tax obligations.

How Income-Tax department work?

Income tax is a type of tax that the central government levies on income earned in a fiscal year by individuals and businesses.

What if not payed Income tax?

1. If a taxpayer does not meet the ITR due date, their returns will be processed late and the refund amount, if any, will be released late.

2. A late filing fee will apply for filing your returns after the due date under section 234F. The penalty can be up to Rs 10,000 if the assessed person files the declaration after the due date. For a small taxpayer, whose income is less than Rs 5 lakh, the penalty will be Rs 1,000 if the RTI is filed after the expiration of the deadline.

3. In addition, a delay in filing the RTI also requires paying interest. According to Section 234A of the Income Tax Act, a taxpayer will have to pay penal interest of 1 percent per month on the amount of unpaid tax until the date of payment of taxes.

4. If someone voluntarily does not pay tax even after receiving notice u / s 142 and 148 of the Income Tax Act, then he / she may face u / s lawsuit 276CC of the Act.

5. Losses cannot be carried forward to adjust them with profits / gains in future years.

However, if your income is below the taxable limit, you won’t have to pay it even if you file after the deadline. Currently, the basic exemption limit for residents under the age of 60 is Rs 2.5 lakh. For people between 60 and 80 years old, income up to Rs 3 lakh is tax exempt. For super seniors, that is to say aged 80 and over, the basic exemption limit can go up to Rs 5 lakh.

What is the Income-tax slabs?

New Tax Slab rateExisting Tax slab rate
Income from 2.5 lakh to 5 lakh5%Income from 2.5 lakh to 5 lakh5%
Income from 5 lakh to 7.5 lakh10%Income from 5 lakh to 10 lakh20%
Income from 7.5 lakh to 10 lakh15%Income above 10 lakh30%
Income from 10 lakh to 12.5 lakh20%
Income from 12.5 lakh to 15 lakh25%
Income above 15 lakh30%

Who control department of Income tax?

The Income Tax Department (also known as the IT Department or ITD) is a government agency responsible for collecting direct taxes from the Indian government. It reports to the Revenue Department of the Ministry of Finance. [5] The Department of Income Taxes is headed by the apex body Central Board of Direct Taxes (CBDT)

How to declare income tax for a retired person?

When you receive a certain amount of money as a pension from your employer, that amount of money becomes your salary after retirement and therefore becomes taxable under the provisions of the Income Tax Act 1961.Retirees must complete an ITR-1 form is also known as the Sahaj form and applies to people who receive income up to Rs.50 lakh.

Is it mandatory to file a zero-income tax return?

If your total income does not exceed the ceiling for the basic exemption, it is not mandatory to file a tax return. But in some circumstances filing an RTI is mandatory even if you earn less than Rs. 2.5 Lakhs such as

Take loans

Visa processing

Buying high life coverage

How to check the status of the income tax return?

Log into the e-Filing website with a username, password, date of birth / date of incorporation and captcha.

Go to My Account and click on “Refund / Request Status”.

The details given below would be displayed.

The year of evaluation


Reason (for refund failure if applicable)

Payment method is displayed.

The taxpayer can now view the refund / request status.





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