Compute your total income from various sources and calculate the tax liability based on the applicable income tax slabs. Take into account any deductions or exemptions available under various sections of the Income Tax Act
If you miss the deadline for filing ITR (usually July 31 for most individuals), a late filing fee may be applicable. Image Courtesy: iStock
Income tax filing refers to the process of revealing one's income, deductions, and taxes paid to the government for a specific financial year. It is a mandatory requirement for those entities whose income exceeds the minimum taxable threshold (as specified by the Income Tax Act, 1961). The income tax filing process is overseen by the Central Board of Direct Taxes (CBDT), which is a part of the Department of Revenue under the Ministry of Finance, Government of India.
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