If a taxpayer fails to abide by the deadline, he or she has to pay a penalty. Tax returns have to be filed by an individual or a business before a specified date. The income could be in the form of a salary, business profits, income from house property or earned through dividends, capital gains, interests or other sources. In case the return shows that excess tax has been paid during a year, then the individual will be eligible to receive a income tax refund from the Income Tax Department.Īs per the income tax laws, the return must be filed every year by an individual or business that earns any income during a financial year. The tax liability of a taxpayer is calculated based on his or her income. HDFC Life Guaranteed Income Insurance PlanĪn Income tax return (ITR) is a form used to file information about your income and tax to the Income Tax Department.
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