Know More about ITR (Income Tax Return)

Income Tax Return (ITR)

A person whose income exceeds maximum taxable limit (i.e. Rs 2,50,000) is required to submit ITR before the due date. Individual running their own business, getting salary or working as freelancers are required to file tax return on or before 31^st July.

Who are eligible to file ITR?

One is required to fill Income Tax Return, if total Income exceeds from                      Rs. 2,50,000. Total income is calculated by adding up income from all the source. And this 2,50,000 is the gross income without any deductions. Non-filing of income tax return can turn into some penalties by IT department.

 

First Calculate your Total Income

Total Income of a person is the sum of the following:

•         Income from housing property.
•         Income from Salaries.
•         Income through Capital gains.
•         Other sources.

Source	Elucidation
Income From Housing Property	Salary, HRA and other allowances.
Income From Salary	Income from the house that you have rented. In case, if you have taken loan then the loss can be adjusted against incomes from other heads.
Income through Capital Gains	Income from the sale of a capital asset, i.e. mutual funds etc.
Other Sources	Fixed deposits, family pension or gifts received.

Still having problem in calculating your income for a financial year? Then consult your CA (Chartered Accountant) or you can also contact EtaxAdvisor for Income Tax Return related problems. Contact EtaxAdvisor at contact@etaxadvisor.com.