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What is Income Tax?

Income Tax refers to the tax levied by the government for financing its various operations. It is counted on an annual basis, of the income earned in the previous year, also called the Assessment Year. In simple language previous year (Assessment year) is the financial year in which the income is earned with profit. The earnings earned in the course of this previous year is charged to tax in the assessment year. The charge of Income Tax in India is executed according to the provisions made under the Income Tax Act. Income Tax additionally works as an economic stabilizer that aids in distributing wealth among people equally.

According to India tax laws earnings from the following resources is deemed taxable:
  • Salaries
  • Earnings from property
  • Profits of enterprise or professions
  • Capital gains
  • Income from other sources

Every individual is liable to pay tax in India, if his/her profits is greater than the income notified by means of the government.

The persons that are liable to pay Income Tax are: -

  • 1 An individual.
  • 2 A Hindu Undivided family(HUF).
  • 3 An organization.
  • 4 A firm
  • 5 An association of people (AOP) or a body of individuals (BOI).
  • 6 A Local Authority.
  • 7 Artificial juridical folks.

One can make the payment of Income tax to the government by either cash or cheque in any distinctive bank department .

What is Income tax return?

Income tax return is a statement proof that you have paid your income tax to the government, which contains all the details about your annual income and the amount of tax you have paid. Every year India citizens who earn taxable income have to file Income Tax Return, which will help you to get a refund in case you have paid more tax than what you were supposed to pay.

Failing in filing the ITR can let you to face legal consequences. But the question raised, who is required to file an Income Tax Return. Any person whose income exceed more than the basic exemption limit is required to file an Income tax Return. The basic exemption limit at present is Rs. 2,50,000 for the people under 60 years, Rs. 3,00,000 for the people between the age bracket of 60-80 years and Rs. 5,00,000 for the people of more than 80 years.

How to file Income tax returns?

One can file an Income tax return physically and electronically. It is important to have the PAN in order to file an the income tax return. For e-filing one can download the government utility from the official website of income tax in excel format. Complete all the required information, pay the tax dues and generate the XML. After generating XML, once can upload it on a government portal by logging into their account and after uploading the xml download the acknowledgment in ITR-V. This can be verified using EVC code or can be couriered to CPC Bangalore for the further process. You can simply choose Tax Home for filing return and upload it directly to the government portal.

We are one of the largest business solution providers in India that offer the best services for income tax filing and more. We are here to help you file income tax returns easily. Just Consult us get the best advice from our experienced advisors.

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