Provident fund is already deducted by most of the employers on which tax won’t be deducted in case you come under the income tax slabs. However understanding the EPF can help you to reduce tax liabilities and save more taxes.
An income tax return is a type of form that contains information about different types of / her made expenses, investments, and other legal information for government working employees.
The Income Tax department gives a choice of seven forms when a person is filing their tax returns at the end of a financial year. One of the simpler ones is ITR-1 (Sahaj), which is applicable for a large number of small and medium taxpayers. Sahaj is required to be filled by people who have an income up to Rs 50 lakh and who receive income from salary, one house property/other sources such as interest etc. Learn about the requirements and process of filing an ITR in this Business Today Visual Story.