Income Tax Return Filling

Simply put, Income Tax refers to the direct tax paid on income, to the government, withina given financial year (April-March). When the total income of a person from all sources of income exceeds the maximum amountpermissible which is not chargeable to income-tax by the government, then that person is liable to file the Income Tax Return. Section 139(1) of the Income Tax Act was amended a fewyears back with a view to bring a larger number of persons in the tax net. Now if any personsatisfies any one of the following six conditions:,

> owns a vehicle
> occupies a specified floor area of an immovable property
> incurs expenditure for himself or for any other person on foreign-travel
> subscribes to a telephone
> subscribes to a Credit Card
> is a Club member