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A number of airlines, both in the Public and Private sectors,
operate on various air routes in India and offer a variety
of services to travellers through competitive quality standards
and attractive schemes from time to time. Indian Airlines
and Air India are the two Public Sector Air Carriers in the
Country that are preferred by many due to their vast
flight network and extensive coverage on domestic and international
flight circuits. |
File Income Tax Return
Simply put, Income Tax refers to the direct tax paid on income,
to the government, within a given financial year (April-March).
When the total income of a person from all sources of income
exceeds the maximum amount permissible which is not chargeable
to income-tax by the government, then that person is liable
to file the Income Tax Return. Section 139(1) of the Income
Tax Act was amended a few years back with a view to bring
a larger number of persons in the tax net. Now if any person
satisfies any one of the following six conditions:
- owns a vehicle
- occupies a specified floor area of an immovable property
- incurs expenditure for himself or for any other person
on foreign-travel
- subscribes to a telephone
- subscribes to a Credit Card
- is a Club member
then he/she is required to file an Income Tax Return.
The slabs to file Income Tax Returns vary, depending upon
the total income earned during a year and the various exemptions
for which the individual/entity is eligible for. In the case
of an assessee earning income primarily from salary, the due
date for filing the Income Tax Return is normally 30th June
of the assessment year, unless extended by the Income Tax
Department.
Individuals can file their Income Tax Returns by filling the
requisite forms ITR 1, ITR 2, ITR 3 or ITR 4.
ITR 1 (Normal Font) |
For Individuals having
Income from Salary/ Pension/ family pension &
Interest |
ITR 1 (Large Font) |
ITR 2 |
For Individuals and HUFs not having
Income from Business or Profession |
ITR 3 |
For Individuals/HUFs being partners
in firms and not carrying out business or profession
under any proprietorship |
ITR 4 |
For individuals & HUFs having
income from a proprietary business or profession
|
Acknowledgement |
ITR Acknowledgement Form |
|
The return form, along with copies of necessary supporting documents,
has to be filed at the appropriate income tax office or special
counters set up for this purpose, the details of which are available
on the Income Tax Department website. It is also mandatory to
quote the Permanent Account Number (PAN) while filing the return.
Under Electronic Furnising of Return of Income Scheme, 2004,
eligible assessees can file their returns of income electronically
through persons authorised to act as e-return intermediaries.
The intermediaries digitises the data of such returns and transmit
the same electronically to the e-filing server of the Income
Tax Department under the digital signatures. |
