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About Income Tax Return
Income Tax Return is the form in which assessee files information about his Income and tax thereon to Income Tax Department. Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7. These forms need to be submitted electronically.
Income Tax is Direct Tax and governed by the provisions of Income Tax Act’1961. Body which defines the Income Tax Formats is CBDT i.e. Central Board of Direct Taxes.
We at TaxMistri have a team of CAs/CSs/Tax Experts who takes care of all the needs of assesse.
Our end to end online execution system provides assesse a hassle free functionality and our team of intellectuals provides best in class services and advice to our partners customers for their growth and betterment.
Previous Year may be defined as the year for which the Income Tax is assessed. Previous Year is also termed as financial year to which the income relates on which Tax is to be discharged via Income Tax Return.
Assessment year may be defined as a year in which the income tax of the previous year is to be assessed. It is a period of twelve months starting from April I of every year and ending on March 31 of the next year.
For ex: Ram earns salary for the period Apr-2019 to Mar-2020 @ 50,000/month. Ram Gross Total Income is INR 600,000 for Previous Year 2019-2020 (year for which Tax is to be assessed) and Assessment Year is 2020-2021 (year in which Tax is to be assessed and Income Tax Return is to be filed)