INCOME TAX RETURN

Income tax return is a tax form submitted to the Income Tax Department by an assesse. It contains detailed income an assesse that he had earned throughout the year (starting from 1st April ending 31st March) and also the tax liability that is born by the taxpayer.

Income tax return must be filled in India by any Assesse whose gross total income (before deductions) exceeds 250000 annually. This income may be gained through mainly five heads of income.

I.e. Income from salary

Income from Business or Profession

Income from Capital gains

Income from House property

Income from Other sources

Date for filling income tax return in India F.Y 2016-2017 (A.Y 2017-18) is 5 August 2017 for Individuals and 30th September for Businesses.

 

TDS REFUND

TDS refers to Tax Deducted at Source. It refers to an income, which is given to an assesse after deducting the amount of tax liability that is to be imposed on that particular income. This tax is managed by the Central Board of Direct Tax (CBDT) which is a part of department of revenue managed by the India Revenue Service (IRS).

If an assesses gross total income does not exceed 250000 annually but still tax is deducted at the time of receiving any such income, the assesse is eligible to file Income tax return in order to obtain the TDS refund.

In order to file Income tax return for getting refunds an assesse must have a PAN card as per the rules of IT Act 1961.