It is a tax levied by the Government of India on the income of every person. The provisions governing the Income-tax Law are given in the Income-tax Act, 1961.

Follow the steps below to register yourself:

• a) Visit www.incometaxindia.gov.in.
• b) Select the user type
• c) Enter your required details
• d) Fill the mandotry details:
• e) You will be required to verify your registration to complete the process.

ITR return forms are not required to attach any document (like proof of investment, TDS certificates, etc.) along with the return of income. However, these documents should be retained by the taxpayer and should be produced before the tax authorities when demanded in situations like assessment, inquiry, etc.

As per income tax laws, ITR must be mandatorily filed if a resident individual's total income during the financial year exceeds the basic exemption limit.

The rates of Income-tax and corporate taxes are available in the Finance Act passed by the Parliament every year.

An individual taxpayer, who is resident of India for income tax purpose, is entitled to claim tax rebate up to Rs. 12,500 against his tax liability if your income does not exceed ₹5 lakh.

W.e.f. Assessment year 2019-20, the standard deduction is allowed while computing income chargeable under the head salaries. It is available to all class of employees irrespective of the nature of employer. The Finance Act, 2019 has increased the maximum amount of standard deduction from Rs. 40,000 to Rs. 50,000.

Form 16/ 16A is the certificate of deduction of tax at source and issued on deduction of tax by the employer on behalf of the employees. These certificates provide details of TDS / TCS for various transactions between deductor and deductee. It is mandatory to issue these certificates to Taxpayers.

Every assessee who has filed his/her ITR is entitled to revise it under section 139(5) to provide correct information to the tax department.

Yes, even if you don't have Form 16, there are several documents such as salary slips, Form 26As etc. you can use as a reference to file your income tax return (ITR).

A penalty may be imposed u/s 271F and interest will be charged at the rate of 1% per month on your tax liability. Other consequences may also be there as per Income Tax Act, 1961.

The last step in filing your income tax return (ITR) is to verify it.

• a) Generating EVC via Net-banking
• b) Generating EVC via bank account
• c) Verifying tax-returns through demat account
• d) Generating EVC through your bank ATM
• e) Sending signed ITR-V/Acknowledgement receipt

Form 26AS is a consolidated annual tax statement that shows the details of tax deducted at source, tax collected at source, advance tax paid by the assessee along with self-assessment tax.The form also shows details of sale/purchase of immovable property, mutual funds, cash deposits or withdrawal from savings account etc.