How to e-file your income tax returns?

An income tax is a tax imposed on individuals or entities that varies with income or profits of taxpayer.An income tax is a tax levied by the government on the income you earn.This income can be in the form of your salary,any consulting or project work that you do or a business you carry out.You are required to pay tax on the sum of all income earned by you through a financial year.

Income tax rate changes as per different income levels.These income tax levels are called tax slabs under which the minium tax required to be paid is zero and the maximum is 30%.As your income increases, the amount of tax you have to pay also increases.This is the basic idea behind income tax.

Income tax return is a declaration you file regarding your income and financial transactions undertaken during the tax year.Income earned between 1 April 2016 and 31 March 2017, the income tax return has to be filed between 1 April 2017 and 31 March 2018.

The first step to file income tax returns is to gather the required documents.

• Form 16 if you are a salaried employee.
• Details of other income that you have earned.
• Details of income earned from investments.
• Details of tax-saving deductions you wish to claim.
• Profit and loss statement if you run a business.

To file your income tax returns, you will also need to have PAN and Aadhaar.The government has made it mandatory to have Aadhaar to file income tax return from 1 july,2017.

You need all of these document to fill in the income tax return form, but the documents do not have to be submitted along with the income tax return.You might need to furnish the documents if they are asked for by the tax department at a later date.

The following are the ITR form used to file income tax returns:

ITR-1:One page form for those who have income up to Rs 50 lakh and income from one house property.

ITR-2:Applicable for those who have income from salary,house properties as well as income from capital gains,partnership firms,foreign assets etc.

ITR-3:Applicable for those who have income from business or profession.

These are the primarily used used ITR forms.There are other ITR forms as well that are required to be used for anyone with complicated sources of income.

For detailed information about ITR forms,check it out: http://www.trutax.in/charts/which-itr-to-file

To e-file income tax returns: http://www.trutax.in/upload-form-16