Income Tax Return

A tax return is a document filed with a taxing authority that reports income, expenses, and other relevant financial information. On tax returns, taxpayers calculate their tax liability, schedule tax payments, or request refunds for the overpayment of taxes. In most places, tax returns must be filed annually

When it is mandatory to file the return of income?

It is mandatory to file a return of income for a company and a firm. However, individuals, HUF, AOP, BOI are mandatorily required to file a return of income if the income exceeds the basic exemption limit of Rs 2.5 lakhs. This limit is different for senior citizens and super senior citizens.

Can I file a return of income even if my income is below taxable limits?

Yes, you can file a return of income voluntarily even if your income is less than basic exemption limit

What documents are to be enclosed along with the return of income?

There is no need to enclose any documents with the return of income. However, one should retain the documents to produce before any competent authority as and when required in the future.

Should I disclose all my income in the return even if it is exempt?

Yes. Income from every source including exempt income must be disclosed. The same can be shown under Schedule EI.

31 January	31 March	31 July	Oct – Nov
Deadline to submit your investment proofs	Deadline to make investments under Section 80C	Last date to file your tax return	Time to verify your tax return

Head of Income	Nature of Income covered
Income from Salary	Income from salary and pension are covered under here
Income from Other Sources	Income from savings bank account interest, fixed deposits, winning KBC is falling under this head of income as per income tax law.
Income from House Property	This is rental income mostly. (Renting of Housing property as well as commercial property)
Income from Capital Gains	Income from the sale of a capital asset such as mutual funds, shares, Immovable property, and likewise items.
Income from Business and Profession	This is when you are self-employed, work as a freelancer or contractor, or you run a business. Life insurance agents, chartered accountants, doctors, and lawyers who have their practice, tuition teachers and well other manufacturer and trader retailer or wholesaler.