Want to file your income tax return online? Here?s the first step

Posted by CAONWEB Live on April 3rd, 2019

Online Income Tax Return Filing:

By online income tax return filing, you furnish information about your total income during the financial year and tax payable on that income in applicable income tax return form. There are two options for online income tax return filing, either you can do it yourself or take help of professionals. For individuals who want to file their income tax return themselves, the process of online income tax return filing can appear somewhat complex at first. Knowing which income tax slab you fall under, and what your tax liabilities are, is the first step to file your income tax return online.

The Income Tax Act mandates that every person with an income in India is liable to pay income tax. For working individuals, this income includes the salary they draw or the profit they make from their business, in addition to other sources of income such as interest from savings or fixed deposits, rent earned from a property, and income from the sale of capital assets such as stocks, mutual funds, property etc.

Income Tax Return for NRI:

If your status is ‘resident,’ your global income is taxable in India, but if your status is ‘NRI,’ your income which is earned or accrued in India is taxable in India. Salary received in India or salary for service provided in India, income from a house property situated in India, capital gains on transfer of asset situated in India, interest income from fixed deposits or savings bank account are all examples of income earned or accrued in India.

Whether you are a resident or NRI, if your income exceeds the basic exemption limit i.e. Rs2, 50, 000 then you are required to file an income tax return in India in applicable income tax return form. There is a relaxation in this income limit for senior citizens i.e. Rs.3, 00,000 for senior citizens (more than 60 years old, but less than 80 years old) and Rs.5, 00,000 for super-senior citizens (more than 80 years old). Therefore, the income tax return for NRI is mandatory if his income exceeds the basic exemption limit.

Once you know how much your income from different sources is, you can identify the tax bracket in which you fall. And, once you know the rate at which your income is taxed, you can proceed to calculate your tax liabilities using the income tax department’s tax calculator tool. And, then file your income tax return in applicable income tax return forms. There are different types of Income Tax return forms ranging from ITR-1 to ITR-7 based on the source of income of a person.

For any queries relating online income tax return filing, applicable income tax return form, you can contact professionals through CAONWEB providing services of income tax return filing for residents. And, they are also providing services of filing of income tax return for NRI.