Income Tax E – Filing | Upload Income Tax E – Filing
Income Tax E – Filing has made it easier for individuals to simply file for returns from their personal computers or even smartphones. Tax simply means electronically filing of Income Tax Return online. Before E-filing Income tax return came into the picture. Taxpayers had to send a hard copy of the documents with all the necessary forms to the Income Tax Department or go to their office.
Now, E-filing Income Tax Return has made it way easier and it’s free, no need to buy forms or go to the offices of the Income Tax Department and wait in lines. Just keep all the documents with you and fill in the details correctly.
If you are finding it difficult to understand all the instructions or have to do too many filings then you can always get help at Trutax. A lot of individual taxpayers have confusion regarding Assessment Year and Financial Year. Financial Year is simply the period from 1st April to 31st March.
This period is constant and all the budget and tax return changes are implemented from the first day of the financial year. On the other hand, the assessment year is the year for the assessment on the year in which the individual earned the income.
Example: Ramesh earned Rs. 5 lakhs from 1st April 2018 to March 31st, 2019.
He earned the money in the financial year 2018-19. The assessment year for the same will be 2019-20.
The next question that comes to mind is: How much tax should I pay?
So, the Income Tax Department website has all the information on how much tax you are required to pay. Basically, the income earned in the financial year is subjected to tax payment. There are different rules for Senior Citizens and Very Senior Citizens.
Apart from that for an individual taxpayer, the income tax has to pay according to the total annual income. Currently, individuals with an annual income of Rs 2.5 lakhs or lower are not required to pay taxes. But they should file a zero-return filing.
The annual tax-free amount is changed to Rs. 5 lakhs from 2.5 lakhs which will be implemented from the next financial year. The tax rate will be similar to before apart from that.
Income Tax E – Filing also has many advantages. The application status for your ITR application can be easily tracked online. You will get notifications through the mail on your registered e-mail ID.