Income tax filing for salaried individuals refers to the process of declaring your income, deductions, and tax liabilities to the Income Tax Department. In India, salaried individuals are required to file an Income Tax Return (ITR) if their income exceeds the basic exemption limit set by the government. This process helps individuals fulfill their legal obligations while also enabling them to claim refunds, tax benefits, and deductions.
Professional
780
As a professional in India, whether you are a doctor, lawyer, engineer, architect, consultant, or freelancer, it’s crucial to understand your responsibilities when it comes to income tax filing. Income tax filing is an essential process that ensures you comply with the Indian Income Tax Act, avoid penalties, and potentially claim refunds or deductions.
Self Employed
800
Income Tax Filing refers to the process of declaring your business income, calculating your tax liability, and submitting your tax return to the Income Tax Department. Self-employed individuals, including freelancers and business owners, must file their taxes under the Income Tax Act. Unlike salaried individuals, self-employed people need to calculate their income and pay taxes based on their earnings, which can include business income, freelance income, or professional fees.
HUF
1000
A Hindu Undivided Family (HUF) is a unique legal and tax concept recognized under Indian law, primarily governed by the Hindu Succession Act, 1956 and the Income Tax Act, 1961. It refers to a family structure where the family members (who are Hindus, Buddhists, Jains, or Sikhs) live together, share common ancestral property, and are treated as a single taxable entity for the purpose of income tax.
