the Qs
the Qs

I am new to ITR and have no idea what this even means. Please help me understand how it works.

Tax
Tax icon
So let’s break this word and try to understand. Income tax is the tax that every resident in the country pays to its government from the income that they make. And return is nothing but a form. It is the form that you submit to the government declaring the amount of tax that you owe to the government. So ITR is nothing but an income tax form. So it is filed at the end of the year. The last date for filing ITR for an individual is 31st July. Here you basically declare all your previous year’s income and pay tax on it. There are different types of ITRs present based on the type of income. You can find the list here : ITR Form Applicable to ITR-1 / Sahaj Individual, HUF (Residents) ITR-2 Individual, HUF ITR-3 Individual, HUF, partner in a Firm ITR-4 Individual, HUF, Firm
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the Qs

I am new to ITR and have no idea what this even means. Please help me understand how it works.

So let’s break this word and try to understand. Income tax is the tax that every resident in the country pays to its government from the income that they make. And return is nothing but a form. It is the form that you submit to the government declaring the amount of tax that you owe to the government. So ITR is nothing but an income tax form. So it is filed at the end of the year. The last date for filing ITR for an individual is 31st July. Here you basically declare all your previous year’s income and pay tax on it. There are different types of ITRs present based on the type of income. You can find the list here : ITR Form Applicable to ITR-1 / Sahaj Individual, HUF (Residents) ITR-2 Individual, HUF ITR-3 Individual, HUF, partner in a Firm ITR-4 Individual, HUF, Firm
Rectangle 5937

Wait..would you like to get more like this?

Join 12,000+ readers who receive our insights decoding Personal Finance twice a week, so you can make the most out of your money.
No Spam. Only Finance
No Spam. Only Finance

Recent Posts

Why IRDAI bars ULIPs from being advertised as investment product

ULIPs combine insurance and investment, but hidden charges significantly lower returns compared to mutual funds. Understand IRDAI’s new restrictions on promoting ULIPs as investment products.

Tax rates of G20 Countries and India’s Global Standing.

Exploring the highest and lowest income tax rates across G20 countries and discovering how different nations tax their citizens, with India's highest rate at 30%.

Index Funds

Index funds make investing easy by tracking a market index, helping your money grow steadily. They offer lower fees and built-in diversification, providing a simple way to build long-term wealth.

Can you explain the major changes in capital gains taxation from the Budget 2024? I’m trying to figure out how these updates will impact my investments.

How much emergency fund should I have, and where to save it? Should I keep it in a separate account or invest?

Honestly, on the conservative side, one should have at least 12 months worth of living expenses as emergency savings and you cannot just create this once and forget about it.…

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Why join Dime's Tax Strategy Masterclass?

Comprehensive

Practical

Case Studies

This isn’t a normal masterclass. You will get a comprehensive hands-on experience of various “Tax Strategies” with our proven case-study based approach.

Get access to in-house built powerful Old vs. New Tax regime calculator, tax handouts, and more.
Thousands have benefited you can too!
Enroll Now

2000+ People have already saved Taxes