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How to fill out indian income tax return

How to fill out Indian income tax return?

1. First, gather all the necessary documents such as PAN card, Form 16, bank statements, and investment proofs.
2. Start by filling out your personal details such as name, address, and PAN number on the first page of the income tax return form.
3. Provide your salary details including the employer's name, address, and TDS deducted as mentioned in your Form 16.
4. Calculate your total income by summing up your salary, income from house property, capital gains, and any other sources of income.
5. Deduct applicable deductions such as HRA, EPF, and medical insurance premiums to arrive at your taxable income.
6. Determine your tax liability by referring to the income tax slab rates and compute the tax payable.
7. Declare any exemptions or deductions such as home loan interest, donations, or medical expenses under the appropriate sections.
8. Fill out details of any foreign assets and income, if applicable.
9. Provide details of any taxes already paid such as advance tax or self-assessment tax.
10. Finally, sign and verify the income tax return form and submit it to the appropriate income tax department.

Who needs Indian income tax return?

1. Individuals who have earned taxable income exceeding the basic exemption limit are required to file income tax returns in India.
2. Non-resident Indians (NRIs) who have earned income in India or have Indian investments are also obligated to file income tax returns.
3. Every company or firm, irrespective of profit or loss, needs to file income tax returns.
4. Trusts, partnerships, and associations are also required to file income tax returns.

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What is indian income tax return?

Indian income tax return is a form filed by individuals or entities to report their income earned during the financial year and calculate the tax liability.

Who is required to file indian income tax return?

Individuals, Hindu Undivided Families (HUFs), companies, and other entities whose income exceeds the specified threshold as per Income Tax Act are required to file Indian income tax return.

How to fill out indian income tax return?

Indian income tax return can be filled out online or offline by providing details of income, deductions, investments, and tax payments. It is important to verify the information before submission.

What is the purpose of indian income tax return?

The purpose of Indian income tax return is to declare the income earned, claim deductions, pay the tax liability, and provide information to the tax authorities for assessment.

What information must be reported on indian income tax return?

Income from salary, house property, capital gains, business or profession, and other sources, along with deductions under various sections of the Income Tax Act, must be reported on the Indian income tax return.