Income tax is a tax charged on the annual income of an individual or business earned in a financial year. The Income Tax system in India is governed by The Income Tax Act, 1961, which lays out the rules and regulations for income tax calculation, assessment, and collection. All taxpayers are mandated to submit an Income Tax Return (ITR) every year by respective due dates as per the law to report their income and claim a tax refund if applicable. An income tax return can be filed online or offline on the Income Tax Department's official website or through verified third-party websites.
The Indian Income Tax system also includes various deductions and exemptions that can be used to lower the tax liability for a given financial year.
The Income Tax Act, 1961 is the primary law governing the collection, computation, and administration of income tax in India. The act lays down all the rules and regulations as well as the rights and responsibilities of taxpayers. It also underlines the Income Tax Department's role in the collection of tax and tax returns.
The Income Tax Act, 1961 includes various sections and sub-sections, like Section 80C, Section 80D, Section 80G, Section 10(10D), and several others highlighting the exemptions, deductions, as well as limits to help taxpayers reduce their taxable income and compute their tax liabilities accurately.
The ITR is a document that all taxpayers are required to file with the Income Tax Department of India. It consists of details on the income earned during a financial year and the taxes owed to the government. It is mandatory to submit the tax return each year under Section 139 of The Income Tax Act, 1961. Failure to file the return on time can result in a late fees under Section 234F of The Income Tax Act, 1961.
There are two ways to file a tax return in India - offline or online.
Life insurance plans qualify for tax benefits subject to conditions prescribed under Section 80C* of The Income Tax Act, 1961. The premiums paid towards the life insurance plan can be claimed as deductions with a maximum of up to ₹ 1.5 lakh in a financial year. Additionally, the death benefit is exempt from tax subject to the conditions prescribed under Section 10(10D)*.
If the life insurance policy offers a critical illness benefit, taxpayers can also claim a tax deduction under Section 80D* of The Income Tax Act, 1961. The maximum limit is up to ₹ 1 lakh under this section, depending on the age of the insured and the number of policies taken for self, spouse, dependent children, or parents.
📖 INTRODUCTION WITH INCOME TAXFILINGINDIA.GOV.IN PORTAL EXPLANATION
📖 ITR FILING AND TALLY &📖 #128214; FINALISATION
📖 ITR 1
📖 ITR 2
📖 ITR 3
📖 ITR 4
📖 ITR 5
📖 ITR 6 & 7 OVERVIEW
📖 ASSESMENT PROCEDURE RECTIFICATION AND NOTICE
📖 TDS RATES & DEPRICIATION RATES
📖 FORM 2GAS
📖 LOSS SET OFF CARRY/ FORWARD
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