This law states that a person's residency status determines whether he will be taxed. Every person who possesses taxable income, whether an individual, Hindu Undivided Family (HUF), a company, firm, LLP, an association of individuals, a body of individuals, a local authority, etc. Tax laws in India are drafted by the Government.

A taxpayer is liable for a penalty if he or she fails to meet the deadline. A person's income can come from a salary, from a business, from a house, or from dividends, capital gains, interest, or any other source.Įach person or business must file a tax return by a specified date. Individuals or businesses that earn income during a fiscal year are required to file an income tax return, per the income tax laws. Taxes that were overpaid by an individual during a year will be refunded by the Income Tax Department. Tax liabilities are calculated based on the income of taxpayers. The Income Tax Return or the ITR is the form that comprises the entire information about your income and requires you to file the tax to the income tax department. Ways to download the ITR-V (Income Tax Returns-Verification).How can you check the ITR status electronically?.Which ITR is applicable to you for filing?.This is a subject that intrigues most of us, and therefore, we have compiled all the important information regarding the ITR in this article. It is therefore imperative that you file your Income Tax Return (ITR) annually.

Individuals, associations, firms, LLPs, all pay income tax in accordance with the Income Tax laws. As per Income tax rules and regulations in India, all Indian citizens have to pay tax to the Indian Government.

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