The ITR form is generally selected on the basis of the income of the taxpayer, the amount of income and also the category of the taxpayers that they belong to. Income tax is a direct tax which the government levies from the income of the citizen. The income is not the money that you earn in the face of the salary but also includes house property, profits, gains and also capital bonuses. The ITR is done in the form of the basis of calculating a person’s income tax which also states the status of the person. Taxes on some of the components can be deducted. The Income Tax ReturnsIncome Tax Returns or the ITR is the form of tax which can be generally used by the taxpayers allowing them to file for information about which the income earned and also learn about the tax which is applicable with the income tax department. The ITR can be selectedDepending on the source of income of the taxpayers, the amount of money that the payer earns and also the category they belong to. These determine the form of ITR these taxpayers has to pay. The departmentAs of today there are about 7 forms namely ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, ITR 7. These are set on the basis of the income earned as well as the needs of the taxpayers which can be specified according to the due date. About the 7 formsITR 1 is to be payed by individuals who have income just as their salaries, one house and also some other sources. The total income has to come up to Rs 50 lakh when you calculate the income form various sources. Check out here to know more about 7 forms. There are penalties as wellThere are many penalties which can easily be applicable when the ITR is not filed and the amount is not payed before the due date. This amount varies on the basis of the income and also delay. Other types of tax you are payingThere are many ways these department link your income. There has been many new rules regarding the dividends to the person who receives more than 10 lakhs which can be payed in the form of additional tax. The tax needs to be payed as soon as possible not just when the tax is due and it does not matter the TDS which is deducted on your income. The interest you earn on savings bank also needs to be balanced and declared to the income tax returns. This income is easily calculated from the bank statement.
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