Income Tax Return

Income tax is a form of Direct Tax where the assesses pays the tax on his / her annual income earned during the previous year directly to the government.

Individuals and organizations must file tax returns for each financial year to determine if they are eligible for a refund on tax paid or if they owe the government any tax.

Previous Year:

The financial year in which the assesses earns any kind of income. e.g. Year 2017-18.

Assessment Year:

The year in which the income of previous year is charged to tax, which is year after previous year. e.g. If year 2017-18 is previous year then, Assessment Year will be 2018-19.

In the meanwhile, keep the following documents/ Information ready -