Income Tax Return (ITR)

ITR filing is an annual event applicable for all types of taxpayers whether it is a company, LLP or Individual. The income is taxed differently based on the type of taxpayer. It is a process by which a person or entity reports their income, deductions, and taxes paid to the government within a specific financial year. It's a key aspect of one’s financial responsibilities and is mandated by the tax laws. The process helps in legal income documentation and facilitates the computation of tax liabilities.

Taxable Income: Income tax is calculated on the taxable income. The taxable income is calculated by subtracting the allowed deductions and exemptions from the total income.

Income Tax Slabs: The Indian income tax system has different income tax slabs for different income levels. The income tax rate varies from 0% to 30%, depending on the income level.

Advance Tax: Advance tax is the tax that you need to pay in advance if your tax liability for the year is more than Rs. 10,000. It's paid in four installments throughout the year.

TDS (Tax Deducted at Source): TDS is a system in which the payer deducts tax from the payment made to the payee and deposits it with the government. TDS is applicable to various types of payments, such as salary, rent, commission, Contractual and Professional Income etc.

Filing Income Tax Returns: Every taxpayer needs to file an income tax return at the end of the financial year. The due date for filing the return is usually July 31st and October 31st of the assessment year. Filing returns on time can avoid penalties and interest charges.