We live in a developing country of 1.25 billion population. Considering growth and development of individuals who are the integral part of the country, our government charge taxes in different forms. So it is our foremost duty to serve our nation responsibly.
Today we will discuss a complex but essential part of the income tax in simple term. There are 3W’s to consider as a tax payers.
- Why – Why do we need to fill numerous IT Return Forms, which look more complex from the individual perspective, so we rush to our CAs, when ITR deadline comes near. Government has divided ITR forms as per the individual’s earning sources,a categorization to ease the process of return.
- Which – Which form is required for individual or company can be understood from the infographics provided below, which makes it easy to understand. It categorize based on the earning sources of the tax payers. So that we can choose right option for us.
- What? – Generally forms include the basic detail of the individual/company, its bank account details, amount of money earned from different sources (salary, other income, rent etc.) and foremost important is its investment details. Further details regarding investments we will discuss in our upcoming blog posts, in which we will talk about rebate in the paying the taxes.
So here are the links of the different format of the ITR forms as well as the infographics to better understand.
Hope this post would be helpful understand the complex forms of the income tax in very easy and simple terms. Please feel free to comment on the blog, your likes/dislikes are going to make it interesting.
Financial Freedom Enthusiast
Spend 6 years in learning Stocks & Mutual funds Investment. A traveler from soul, finance is passion, Investment is hobby.