Income Tax Return File Benefit Read Report
Income Tax Return is the form in when assessee files information about his Income and tax thereon to Income Tax Department. Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7. When you file a belated return, you are not allowed to carry forward certain losses.
The Income Tax Act, 1961, and the Income Tax Rules, 1962, obligates citizens to file returns with the Income Tax Department at the end of every financial year. These returns should be filed before the specified due date. Every Income Tax Return Form is applicable to a certain section of the Assessees. Only those Forms which are filed by the eligible Assessees are processed by the Income Tax Department of India. It is therefore imperative to know which particular form is appropriate in each case. Income Tax Return Forms vary depending on the criteria of the source of income of the Assessee and the category of the Assessee.
Individuals who fulfil any one of the following conditions should by law file their Income Tax Returns during a financial year:
Possesses a valid Credit
Pays for foreign travel, either for himself or another individual
Is the member of a Club where entrance fees charged is twenty five thousand or more
Occupies a particular floor area of an immovable piece of property
Is the owner of a vehicle