One can file IT returns when there is a mismatch between the tax amount paid and the actual payable amount. When the amount paid is higher than the actual payable amount, then you can file for a refund.
The understanding of income tax is one of the essential financial knowledge that every one of us should be familiar with, but people start taking a step towards knowing income tax only when it is necessary for them and some of you might as well have landed here for the same reason.
Income Tax is considered to be one of the hardest things to understand what with 300 sections, subsections, case laws, clauses, sub clauses and many more. Unless you are at tax personnel, this information is sure to leave you at your wit’s end. However, ignorance is not considered to be bliss in this case and there are some basics that you should know about regarding your taxes.
The Indian Government levies different types of taxes on individuals for managing and developing different social welfare schemes and activities. These taxes can be divided into two broad categories- Direct Tax and Indirect Tax.
Individuals and corporations both pay the tax to the IT department directly. Individual taxpayers can also take advantage of several tax exemptions under the IT Act.
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