All about Filing Income Tax Returns

Every individual or corporation is subjected to pay Income Tax as it is their contribution to their society. For this purpose they fill out a form, generally known as income tax form and pay a percentage of their taxable income to the government of India. When you fill a form for IT returns, you need to fill out the information regarding the salary you earn. IT returns can be of two types, one is Individual, where you have to personally file the income return according to your earned salary. Another form is professional, where the amount of tax is automatically deducted by the remuneration of a person.

Now when everything is computerized, you can also fill the Income tax forms online. Most of the states’ Governments have made it easy for the people to fill the form via internet and submit their IT returns. So, when you are filing an IT return, it is necessary to know which sort of filing you require. The form numbers can vary from ITR one to ITR eight or from 1040 A to 1049 EZ. These numbers are associated with the kind of income of the individual. Such as form 1040 EZ is for those couple, who want to file joint IT returns but the condition is they should not have any kids.

The basic requirement of filing the form online is to enter the PIN number, which you can get from the website after filling the information, such as your name, date of birth, NTN number and previous tax return information. You need to make sure to fill your Income tax form correctly as incase of any misinterpretation you would be subjected for action. You would be caught, if you have made any calculation mistake. If you had done any mistake in your return form or forget to mention any income than you have to file the amended return.

Source:- Makemyreturns.com

This entry was posted in Business, Income Tax and tagged , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s