What is income tax?
Income tax is a form of investment into the state, federal and local governments. Paying taxes means contributing to the common good - helping finance everything from roads and schools to national defense. Income taxes are calculated based on an individual or business' earnings for a specific year.
How to file income tax return online?
The first step is to register on the Income Tax India e-filing portal, or log in if you have previously registered. After logging in, fill out the relevant forms providing evidence of investment such as salary slips, interest certificates from banks and investment statements along with other details such as PAN numbers and Aadhar IDs for verification. Finally, submit your investment documents to complete your e-filing submission!
Why income tax return filing is important?
By filing timely returns one helps ensure they are financially organized and remain in compliance with relevant laws which mitigates any risks of being audited by an enforcement agency. The time taken to file an income tax return is thus beneficial as it offers valuable insight into one's finances and positions individuals to take advantage of prospective benefits under relevant laws or regulations.