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It is your legal obligation. The taxes you pay on your income will work towards betterment of our nation.
For professionals and business organizations, Income tax returns are a must to become eligible to secure certain tenders.
Income-tax returns are annexure less. Hence, there is no need to enclose any document(s) along with the return of income.
Note: However, documents like TDS certificate, balance sheet, Profit & Loss A/c, Capital A/c, proof of investments, etc., documents should be retained and have to be produced before the Assessing Officer whenever he requires us to do so.
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Advance tax needs to be paid by all those who have income other than salary and having tax liability of more than rs. 10,000. When a person has income only from salary then he is not required to pay any Advance Tax as his employer deducts TDS from his payments.
TDS means tax is deducted at the origin of the income. Here, tax is deducted by the payer and is remitted to the Government by the payer on behalf of the payee.
Refund is the amount of difference if any between the tax liability as per the ITR and the TDS deducted from your salary/receipts. You are eligible for claiming a refund from the IT department only when you file the return of income. This is also known as claiming your TDS credits from the government.
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