A Return of Income is a pre-designed form which enables you to disclose your a total income and the tax payable by you, in accordance with the provisions of the Income-tax Act, 1961 and the related rules. It is commonly referred to as an Income Tax Return.
Filing a Tax Return
As per the law, if your total income exceeds the basic exemption limits, you must to file a return of income. However, the exemption limits are only for individuals and Hindu Undivided Families (HUF). These do not apply to companies and firms.
Due Date for Filing
For salaried individuals, the due date is 31st July of the assessment year. As an example, for the financial year ended 31st March, 2008, the due date for filing return for individuals will be 31stJuly, 2008.
Remember: 31st July is not the day on which you must file your income tax return. It is the last day available to file your return without being charged interest on your tax due. You should try to complete the filing process well before the due date. Filing your return online (e-filing) is a great way to speed up the process.
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