How can I file ITR 1 for the financial year 2020 2021 Tax is some amount short?
Income Tax Act 1961
Income Tax Act, 1961 passed by Parliament in the 1961 after 12th year of the Republic of India.
This Act may be called the Income Tax Act, 1961
It extended to the whole of India
Save as otherwise provided in this Act it shall come into force on the 1st day of April, 1962
Objective of Income Tax Act,1961
Government has certain right and responsibility upon citizen of India. Government need to build better infrastructures across in country so that people can travel easily from one place to others by road, Rail, Airline etc. . . . Government also need to give better administration and defence from enemy to citizen so that social peace can be maintain. These thing need money so government levy a tax on citizen of India.
Charge of Income Tax (Section-4)
Where any Central Act enacts that income tax shall be charges for any assessment year at any rate or rates, income-tax at that rate or those rates shall be charges for that year in accordance with and in respect of the total income of the previous year of every person.
Scope of total income (Section -5)
Subject to the provision of this act, the total income of nay previous year of a person who is a resident includes all income from whatever source derived which
- Is received or is deemed to be received in India in such year by or on behalf of such person, or
- Accrues or arises or is deemed to accrue or arise to him in India during such year; or
- Accrues or arises to him outside India during such year.
Heads of income (Section-14)
Save as otherwise provided by this Act, all income shall for the purposes of charge of income tax and computation of total income be classified under the following heads of income-
- Income from house property
- Profit and gains from business or profession
- Capital gains
- Income from other source
After computation of total income tax payable
less: TDS deducted at source
Less: Advance tax paid during the relevant year
less: Self assessment tax paid
If any amount is short after it we need to pay through challan no 280
than only we can file iTR.