Income Tax Return
Income Tax Return (ITR) is a form which a person is supposed to submit to the Income Tax Department of India. It contains information about the person’s income and the taxes to be paid on it during the year. Information filed in ITR should pertain to a particular financial year, i.e. starting on 1st April and ending on 31st March of the next year.
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Income Tax Notice
An income tax notice is a written communication sent by the Income Tax Department to a taxpayer alerting an issue with his tax account. The notice can be sent for different reasons like filing/ non-filing his/ her income tax return, for the purpose of making the assessment or to ask the certain details etc.
Income Tax Refund
A tax refund is a reimbursement to a taxpayer for any excess amount paid to the federal government or a state government. While taxpayers tend to look at a refund as a bonus or a stroke of luck, it often represents what is essentially an interest-free loan that the taxpayer made to the government.
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Income Tax Accessment
Income tax assessment is the process of collecting and reviewing the information filed by assessees in their income tax returns. At the end of each financial year, all persons and entities required to file an income tax return by self-computing the amount of income earned and pay the tax due.
