Tradeviser Person

Income Tax Compliances
Starting at INR 499 onwards

Income Tax

Any citizen, be it resident or not, who earns or gets an income in India is subject to income tax. The Government of India has levied the tax on the income of a person as per the provisions contained in the Income Tax Act 1961. The income earned during the year from 1st April to 31st March is subjected to Income Tax. Income Tax Return (ITR) is a proof of the citizen’s tax payment. It contains details about your annual income and the amount of tax you have paid. Any Indian Citizen whose income comes under the tax bracket is required to file Income Tax Returns (ITR). Filing an Income Tax Return (ITR) helps you to claim the refund for the excess of the amount paid as Income Tax by the Income Taxpayer. Failing to file Income Tax Return (ITR) leads to a heavy penalty and face legal consequences.