How to file IT Returns?-Who has to file IT returns?

Filing IT returns

Income Tax is the direct tax paid to government of India for the income that is earned by an individual with in a financial year. There is a maximum permissible limit on income that is not taxable but if a person has total income from many sources that exceeds the limit, he will have to pay income tax to the government and he shall also file the income tax returns. People who have to file income tax returns are those who occupy immovable property of a specified area, who possess a vehicle, who goes on foreign travel, who has a telephone, who has a credit card and who is a member of some or the other club.

There are different slabs for filing income tax returns. This totally depends on the total income earned by the person and the exemptions he is going to get on his income. Usually the last date for filing Income tax returns in a year for people who has income only through salary is 31^st July.

Income tax returns have to be submitted along with all the necessary documents in the income tax office or they can also do so at the special counters that are set up. The details of the special counters can be obtained from the website of Income Tax Department website. The person filing the IT returns have to remember that he has to mention his Permanent Account Number for filing the returns.

Different forms are available for filing the income tax returns and the applicant should choose the form depending on his status and the nature of income. It is also possible to file income tax returns online.