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.
Copy of PAN Card
Copy of Aadhaar Card
Form-16
Previous Year IT Return if any
Income Sources ( i.e. Income from House Rent, Captial Gain etc)
Deduction if any
RS: 780/-
Income tax is a tax charged on the annual income of an individual, businesses, or other entities during a financial year in India. This tax is an essential source of revenue for the government and plays a crucial role in funding public services, infrastructure, and welfare programs across the country.The Income Tax Act of 1961 serves as the primary legislation governing the taxation system in India. It provides detailed rules and regulations on how income tax should be calculated, assessed, and collected. The Act outlines the various tax rates, deductions, and exemptions available to taxpayers, ensuring that the tax burden is fair and progressive.To stay compliant with tax laws, all taxpayers in India are required to submit an Income Tax Return (ITR) each year. This return must be filed by the prescribed due date, and it helps report an individual’s or business’s income, calculate taxes owed, and claim any refunds if applicable.
