Income tax filing is a mandatory annual task for every eligible citizen in India. It is the process of reporting your annual income and tax liability to the government, and paying any due taxes for the previous financial year. The deadline for filing income tax returns in India is usually July 31st, but it may be extended in certain cases.
To file your income tax return in India, you need to gather all relevant documents such as your Form 16, salary slips, bank statements, and investment proofs. You can file your returns online through the government’s e-filing portal or offline by submitting a physical copy of your returns to the nearest income tax office.
Filing your income tax returns in a timely and accurate manner is not only a legal requirement but also helps you to avoid any penalties or legal consequences. Additionally, it helps you to establish a good credit score and maintain financial discipline.
If you are unsure about the process of filing your income tax returns or have any queries regarding your tax liability, it is advisable to consult a professional tax consultant or a Chartered accountant (Auditor) for assistance.