Income tax should be filed by every responsible Indian citizen. With current technology, it is easy to file your income tax online. It is a fast and accurate process that does not require any time limit.
In India, e-filing income tax returns involves filing ITR forms through the official website. This is a critical task because the Income Tax Department has various forms titled ITR 1 through ITR 7. Each form has a distinct function and belongs to a specific category.
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The government has provided options to refund your excess tax amount when you file your IT return. This will be credited directly to the specific bank account through an ECS. Make sure to file the bank details with utmost care.
As per the Income tax Act, you should file an income tax return in India if your total income exceeds ₹2.5 lakh in the given financial year.