Then this file had to upload online for filing Income Tax returns. The assessee needs to fill all details of the income that results in the generation of the XML file.
Previously, ITR Utility works in the form of an excel file. With the help of this software, you can do a free download and all services are also free which is carried out through this.
ITR Utility Software introduces by the Income Tax Department, which helps a taxpayer to file ITR easily.Įvery year, the Income Tax Department releases an updated version of the ITR Utility software for online filing of Income Tax Return.
One can file income tax returns through an offline channel. One can file Income tax Return online or. There are various ways for filing of income tax return with the income tax department, stated as under: It also includes details of the computation of tax based on the annual income and the amount of tax that assessee has paid.Įvery year individuals, Hindu Undivided Family, Companies, Firms, Sole Proprietors, or any other who earn taxable income are required to file Income Tax Return as a proof to state that they have paid all the due income tax. Income Tax Return contains information about the annual income of the assessee. It is the document which acts as a proof stating that the assessee has paid all the due income tax. Filing an Income Tax Return means the individual has paid the Income Tax that is computed on its earnings. Payment of Income Tax completes when Income Tax Assessee files an ITR. Charging Income Tax and collection of the same is an important aspect of the Income Tax Department. Income is charged by the Government of India as the revenue generated from the tax collected is the main source of funds for the government for carrying out the development activities throughout the country. Income Tax applies to the income earned by an individual or a body corporate in a specific financial year.
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