Revenue tax is payable to the government agency, the Income Tax Department of India. Two forms of income tax – direct tax and indirect tax, are paid by IT. When direct tax is levied, companies tend to file an income tax return directly to the IT Department. While the tax is collected by an individual on behalf of another party and paid by it to the IT Department in the case of indirect taxes.
The return of revenue tax is a form in which the assessee reports his/her salary information and income tax information with respect to the department of income tax. ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7 are separate types. You do not carry those damages if you file a late return.
The Revenue Tax Act of 1961 and the Revenue Tax Regulations of 1962 oblige people at the end of every fiscal year to file returns with the Income Tax Department. These returns should be sent before the due date specified. A specific portion of the Assessees is subject to each income tax return form. The income tax department of India processes only certain forms received by competent assessees. Therefore it is important to know the correct type of each case. Revenue Tax Return Forms depend on the Assessee source of income requirements and the assessee type.
The direct tax scheme is common in the state and implemented institutions, Individuals, Hindu Undivided Family (HUFs), Body of Individuals (BOI) Association of Citizens (AOP), Corporations, Firms, Businesses and Companies. At the end of each assessment year these companies have to register their taxable revenue with the IT department in a tax return form.
Though, income tax varies for individuals, HUFs, AOPs, BOIs, businesses and organisations. Similarly, the tax is often levied differently to Indian residents and international income. Indian people must provide the whole corpus of their taxes from India and abroad, while foreigners are not taxed on their income from India alone.
Revenues and volumes of non-company companies are stacked according to varying revenue and currency values.
Revenue heads are – wage revenues, income from other sources, capital gains, income from companies and businesses and income from household real estate. The related bodies/entities should list their earnings from various sources under the relevant heads for a financial year when filing an income tax return.
The income tax rate available to multiple income volumes is – 5%, 20%, 30%. Capital gains, though are levied at separate tax rates.
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Return of income will be filed either in hard copy at the local office of the Income-tax Department or can be electronically filed at www.incometaxindiaefiling.gov.in
In case of queries on e-filing of return, the taxpayer can contact us at +91-9873-705-725
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