Income tax is a tax paid to the central government on personal income. According to Income Tax Act 1961, every person who is an assessee [an Assessee is a person by whom any tax or any other sum of money (eg. interest, penalty, fine, etc) is payable under the Income Tax Act] and whose total income exceeds the maximum exemption limit shall be chargeable to the income tax at the rate prescribed in the Finance Act.
Section 139(1) of the Income Tax Act has been revised w.e.f 1/8/1998 with the view to make it obligatory upon any person to file return if he/she satisfies any one of the six conditions:
- Is the owner or the lessee (the user of equipment or property being leased/rented out for a time period) of a Motor vehicle
- Occupies specified floor area of an immovable property
- Incurs expenditure for himself or any other person on foreign-travel
- Subscribes to a telephone
- Is a holder of the credit card, not being an 'add-on' card, issued by any bank or institution
- Is a member of a club where the entrance fee charged is Rs.25,000/-or more then he is required to file a return.
Filing of Income Tax Returns (ITR) is a legal obligation of every person whose total income for the previous year has exceeded the maximum amount that is not chargeable for income tax under the provisions of the I.T. Act, 1961. To file your Income Tax returns, you need to submit ITRs. There are different ITRs to file your income returns, depending on your profession/business/property.
Individuals having Income from Salary / Pension / Family Pension & Interest may use the ITR Form 1 to furnish their returns for the assessment year 2008 - 09:
- Income Tax Return Form 1 (Normal Font)
- Income Tax Return Form 1 (Large Font)
- ITR Acknowledgement Form
New ITR Forms of other categories (Individuals/HUFs, firms, AOPs, BOIs, Fringe Benefits, etc.)
Click here to calculate your Income Tax online.
House Property is regarded as a source of income for Income-tax purposes. Income from house property is one of the heads of income under the Income tax Act. In ordinary parlance, your income from house property will presuppose that you have a house from which you are deriving income in the form of rent.
- Income Tax Return Form 2 for Individuals and HUFs not having Income from Business or Profession.
Click here to know more about Property Tax in India.
Permanent Account Number (PAN)
PAN is an all India, unique number of 10 characters allotted by the Income Tax Department. It is permanent for your life, and will not change with change of your address or station, or change of your Assessing Officer, etc. A PAN number is essential for filing returns. For this, you need to apply for a PAN card if you don't already have one. You can avail a PAN card by downloading Form 49A and submitting it in the nearest PAN facilitation centre, or by filling an online form.
Click here to download Form 49A .
Click here to submit Form 49A online.
Check PAN status online.
E-Return
Income Tax Department has launched the Electronic Furnishing of Return of Income Scheme, under which eligible assesses can file their returns of income electronically through persons authorised to act as e-return intermediaries. The intermediaries will digitise the data of such returns, and transmit the same electronically to the e-filing server of Income Tax Department under their digital signatures. An eligible person opting to file his return of income under this Scheme shall approach and give his consent to any one of the e-intermediaries to act as his agent for the purpose of furnishing his e-return for the relevant assessment year.
Know more about E-filing of Income Tax Returns.
Tax Rebate
To makes things easier for you, you must be well aware of the various methods of tax rebates provided by the government. You can invest in various ways at the beginning of any financial year, so that the amount of net tax to be paid by you is comparatively reduced or Nil at the time of filing your returns. Some of the common tax-saving instruments include General Provident Fund (GPF), NSC/NSS, Public Provident Fund (PPF), Life Insurance Premium, Employee's Provident Fund Scheme, etc.
To know more about tax rebate as provided by the Income Tax Department, click here.
Click here to know how rebate on Income Tax is calculated.
Citizens can file their taxes by submitting ITR forms along with your PAN card. Besides this, there are various online services for payment of taxes online provided by the Income Tax Department. Besides this, the National Securities Depository Limited (NSDL) on behalf of Income Tax Department of India (ITD), also provides online services like:
To avail the above-mentioned services, click here.
Apart from the NSDL, the UTI Technology Services also provides online services like:
- Application for PAN card online
- AO Search Details
- Search for PAN card Application Centre
- Search for PAN card details online
To avail the above-mentioned services, click here.
Know more about UTI Technology Services.
