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Income Tax Return in India Income Tax Return in India India is a one of the fastest growing economies of the world and requires lot of funding for meeting its infrastructure development, defense  and other social development requirement. Direct taxes and indirect taxes are major sources of revenue of Indian Government and Income Tax Return in India is one of the means through which collection of direct taxes are monitored by the government for meeting its various development requirement.   Who are required to File Income Tax Return in India?   As per the domestic law in India, every person who has taxable income in excess of basic exemption limits are required to file Income Tax Return in India. Also, the present basic exemption limit is Rs.2.5 lac. Further, besides aforesaid income criteria, certain people are also required to file their Income Tax Return in India although their income has not exceeded the basic exemption limit as mentioned above like...

  INCOME TAX RETURN IN INDIA The financial year 2021-22 is coming to an end now and every assessee needs to prepare and file their Income Tax Return in India on or before the due dates prescribed under the Income Tax Act.   In this write up, we have provided some of the important things which should be kept in mind for the purpose of filing Income Tax Return.   Things to be kept in mind for purpose of ITR Filing   Following things shall be kept in mind at the time of ITR filing for FY 2021-22     1)       Ensure you have done your investments eligible for deduction before 31 st March As per the provisions of the Income Tax Act, every assessee is entitled to deduction upto Rs.1.5 lac for making investments in specified schemes on or before the end of the financial year. Some of the investments which are eligible for deductions are like investment in LIC, mutual funds, PF, PPF, children education, NSC etc....

  NRI Tax Return In FY 2020-21, approx. 5.89 Crore Income Tax Return has been filed in India. This includes both Income tax returns of Residents as well as NRI tax return . Income tax or direct taxes are the backbone of any country. The government of any country depends on direct tax or income tax collection for meeting the demand of huge population relating to health, infrastructure, education, defence, roads and other needs. Similarly, income tax collection is major source of revenue for Indian government as well. Indian government expects the Indian residents and citizens to pay their taxes and file their Income Tax Return on time to the government. However, this expectation is not only with Indian Residents but also with the Non Resident Indians or NRIs. Accordingly, any person whether Residents or Non Residents have to pay their taxes and file their tax returns in India in case his/her income is more than the minimum threshold prescribed. NRI Tax Return Filing - D...