Income tax return filing is a scheduled process of every taxpayer and has to be filed every year. The income tax return filing is also a mandatory process to be followed for multiple reasons including financial and record maintenance while beneficial for the future loan perspective. It is to be noted that due date for filing the Income Tax Return by Assesse is 30th September 2020 for all the Audit cases and for the Non Audit cases the due date is 31st July 2020. Due date of filing of Income Tax Return by assessee who are required to to furnish Report under section 92E is 30th November 2020. Read more at: https://www.taxgyata.com/income-tax-act-1961/

Income Tax is calculated as the product of tax rate times the taxable income of the taxpayer wherein the tax rate may increase as the taxable income increases. The tax rate can vary as per the type of taxpayer as well depending on their age and income. However, the government has different provisions wherein credits are provided to taxpayers in the form of refund when they file their Income Tax Return in order to reduce the burden of tax. Read More at: https://www.taxgyata.com/category/income-tax/