A Tax Return is a form(s) that are filed with the tax authority that helps reporting expenses, Income and other relevant tax information. Basically, tax returns enable taxpayers to assess their Tax Liability, pay Taxes and request refunds in case of overpaid.
In India, just like in several other countries, tax returns are filed annually by businesses and individuals to report their incomes, such as wages, dividends, interest, Capital gains and other profits.
Types of Tax Forms in India
As mentioned above, the Income Tax Return is the form wherein an assessee files information regarding the income and taxes to the income tax Department. In India, there are seven forms in total, targeting different taxpayers. Below-mentioned is the gist of these forms.
This one is for residents who have a total income from:
For those who file their tax returns later than the allotted date, the government has kept certain penalties, such as:
₹5,000 if filed after 31st August but before or on 31st December of an assessment year
₹10,000 if filed after 31st December but before or on 31st March of the assessment year
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