Income tax planning

Individuals whose total income during the previous year exceeds the maximum amount not chargeable to tax should file their ITR or income tax returns, according to Section 139 (1) of the Income Tax Act, 1961 of India. The process of these individuals filing their income tax forms online is known as e-filing. As a taxpayer, you have the option of seeking professional assistance or filing your returns yourself by registering on the IRS website or other relevant websites. While the deadline for filing tax returns is July 31st each year, the government may grant a grace period of 15-30 days…