Overview

Taxes levied on the earnings of companies and individuals are referred to Income Tax. Earnings subject to income taxes can come from diverse sources, including wages, salaries, dividends, interest, royalties, rents, gambling winnings, and product sales.

Returns

It is a form used to file information about your income and tax to the Income Tax Department. The tax liability of a taxpayer is calculated based on his or her income. In case return shows that excess tax has been paid during the year, then the Individual will be eligible to receive a Income Tax Refund from the Income Tax Department.

Eligiblity criteria for income tax returns

• Exemption limit for an Individual is Rs. 250000.
• Gross total income (before allowing any deduction u/s 80C to 80U) exceeds Rs. 5 Lacs in Financial year.
• Company or a Firm irrespective of whether you have income or loss during financial year.
• Want to claim Income Tax Refund.
• Want to carry forward a loss under head of income.
• It is mandatory if you are a Resident individual and have an asset or financial interest in a entity located outside of India. (Not applicable to NRIs or RNORs)
• Resident and signing authority in a foreign account. (Not applicable to NRIs or RNORs)
• Foreign company taking treaty benefit on a transaction in India.
• Proof of return filling may also be at the time of applying for a LOAN or a VISA.