FILE YOUR INCOME TAX RETURN WITHIN TIME!
Income tax return is an annual statement of the income and tax paid thereon based on self-assessment by the taxpayer detailing the gross receipts, expenses & taxes paid. The return of income tax has to be filed within its due date which falls in the next financial year for the income earned during a financial year. The year in which the return is to be filed is known as assessment year and the period for which the tax return is filed is known as the previous year. For example, the if the income earned is within 2017-18, then the period shall be known as the previous year and the assessment year shall be 2018-19
Income Tax Return Filing
The return of Income Tax also known as ITR is a statement of taxable income, a computation as to how the taxable income is calculated and details of the taxes paid by the taxpayer during a specific financial year. The ITR is filed in the assessment year which is subsequent tax period to the period in which income is earned. For the last date (Due Date) of submitting the ITR for individuals is 31st July while for companies it is 30th of September.
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